GST on Retainership contract employment - What will be the tax charged to me by the company, will it be a TDS of 10%?

Hi,

My ex-employer is offering me a job again as a consultant for 2 years on a retainer ship contract with fixed monthly remuneration and also a yearly variable component based on performance. Since I am 59 years old, I am not being offered the job as a regular employee as I have crossed the retirement age.

My questions are:

1) What will be the tax charged to me by the company, will it be a TDS of 10%?
2) Is GST applicable in this case? If yes, who will pay the GST, my company or myself, and what will be the percentage of GST if applicable?
3) Can I claim the TDS during my ITR process, and am I eligible for filing returns under Section 44ADA?

Thanks and Regards,
RSR

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Dear RSR62,

Q1) What will be the tax charged to me by the company, will it be a TDS of 10%?
Ans-1) The TDS will be as per the package slab.

Q2) Is GST applicable in this case? If yes, who will pay the GST, my company or myself, and what will be the percentage of GST if applicable?
Ans-2) Businesses and individuals are exempt from GST if their annual aggregate turnover is less than a specific amount, i.e., businesses/individuals with an annual aggregate turnover of less than Rs. 20 lakhs were allowed GST exemption. You should discuss with the HR if your payment package is less than the exempted limit.

Q3) Can I claim the TDS during my ITR process, and am I eligible for filing a return under Section 44ADA?
Ans3) You can claim back the TDS upon filing the return; the excess deducted, if any, will be returned by the IT department.

Regards