I need opinion and explanation of a CA to remedy a subcontract disagreement which was not well defined.
The main contractor (a Non India company with 100% subsidiary in India solely for the purpose of this project) has asked for a royalty/commission of 5.5%, to which the subcontractor had agreed - with TDS respective to their scope. However, this statement "TDS respective to their scope" has created some problem in definition. As per the main contractor - the Billing/Payment matrix should look like the attachment. But to the subcontractor, whose reply is attached, feels otherwise.
All amount will be retained in India - none will be repatriated abroad, and the subsidiary will function like any other Indian company undertaking projects.
I need the following from you:
- A revised payment matrix showing what is requested by subcontractor, particularly what will be retained by main contractor (us) for every payment received from client/iocl.
please CREATE 2 scenarios in excel format for both existing payment matrix and what is requested by subcontractor IF (a) MC will utilize this entire amount left in bank to pay off other contractors and service providers, equipment rental providers (with GST), or (b) it will retain 1% as profit to show some retention/carry forward to next balance sheet.
- The IT GST/GST TDS/BOCW in both these scenarios - what will be refunded by Indian authorities, etc.
here are the two files: [login to view URL]
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