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  1. cleartax.in › s › tds-under-goods-and-service-taxTax Deducted at Source (TDS) under Goods and Service Tax

    Aug 1, 2024 · What is TDS under GST? Tax Deducted at Source (TDS) is one of the ways to collect tax based on certain percentages on the amount payable by the receiver on goods/services. The collected tax is a revenue for the government. The provision pertaining to TDS under GST is given under Section 51 of the CGST Act to be read with CGST Rule 66.

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  3. taxguru.in › goods-and-service-tax › understandingUnderstanding TDS under GST: A Comprehensive Guide - Tax Guru

    Dec 18, 2023 · Introduction: Tax Deducted at Source (TDS) is a crucial aspect of the Goods and Services Tax (GST) framework, falling under the purview of Indirect Tax. In this article, we delve into the provisions of TDS as per Section 51 of the GST Act, shedding light on key aspects such as applicability, rates, persons liable to deduct TDS, and the procedural intricacies involved.

  4. taxguru.in › goods-and-service-tax › tds-gstTDS under GST - Tax Guru

    • Meaning of TDS
    • Why TDS Under GST?
    • Who Is Liable to Deduct TDS Under GST?
    • When to Deduct TDS Under Gst?’
    • Rate of TDS Under GST
    • Procedural Obligations For Deductor in Respect of TDS Under GST
    • Date of Applicability of TDS Provision

    Tax deducted at source is a system wherein specified person responsible for making certain specified payments (i.e deductor) is liable to deduct a certain percentage of tax before making payment in full to the receiver (i.e deductee). This amount of TDS deducted is deposited to the government by the deductor and the deductee is allowed Tax Credit o...

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    The concept of TDS has been incorporated under GST with the intent to bring high value transactions under control. Although, TDS under GST has no effect on tax revenue of Government,the underlying aim is to enhance the control and prevent tax evasion.The provisions regarding TDS under GST are governed by section 51 of the CGST Act,2017.

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    A department or an establishment of the Central Government or State Government
    Local authority; or
    Governmental agencies; or
    Such persons or category of persons as may be notified by the Government.

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    The abovementioned persons will be liable to deduct TDS from the payment made to supplier for any supply ,be it supply of goods or supply of services when the total value of supply under a ‘Contract’ exceeds Rs 2,50,000.00. However, such value has to be taken excluding the amount of IGST, CGST, SGST,UTGST or any Cess indicated in the invoice. It is...

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    TDS at the rate of 1% has to be deducted under both CGST & SGST Act. Hence ,the effective rate of TDS is 2% on the value of supply.

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    (i) Registration of Deductor for TDS under GST

    As per section 24 of the CGST Act, persons liable to deduct Tax at Source under section 51 of the Act, are mandatorily required to be registered, irrespective of their turnover and whether they are separately registered or not. Such person can obtain registration using his Tax Deduction Account Number(TAN) issued under the Income Tax Act,1961 by filling up the form GST REG-07.

    (ii) Deposit of TDS under GST

    The deductor is liable to deposit such TDS to the credit of Central Government till the 10thday of the succeeding month in which tax has been deducted.

    (iii) Return Filing by Tax Dedctor under GST Law

    The deductor is also liable to furnish TDS return till 10thday of the succeeding month in which tax has been deducted in the form GSTR-7 indicating the name of the supplier,his GSTIN,Contract Value,TDS deducted etc.Such TDS will be credited to Electronic Cash Ledger of the Supplier and he can credit of such TDS for payment of tax or any other liability.

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    TDS and TCS provisions under GST to be applicable from 1st October 2018 as competent Authorities has suspended Provisions of TDS and TCS till 30.09.2018.Previously, these provisions were applicable from 1st July 2018. How is HRA Exemption calculated?

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  5. cleartax.in › s › tds-and-tcs-under-gstTDS and TCS under GST - ClearTax

    Jul 24, 2024 · TDS and TCS under GST came into effect from 1st October 2018. TDS refers to the tax which is deducted when the buyer of goods or services, such as government departments, makes payments under a business contract. On the other hand, TCS refers to the tax which is collected by the electronic commerce operator when a seller supplies some goods or ...

  6. tax2win.in › guide › tds-under-gstTDS Under Goods and Service Tax (GST) - Guide - Tax2win

    May 27, 2024 · What is TDS in GST? BlogBlogTax Deduction at Source means when a payment is made to a person it is already adjusted for taxes. For eg. if payment of ? 5 lakh has been to, be made but, if the same is liable for TDS under GST, then net amount given to recipient would be ? 5 lakhs – 2%TDS = ? 4.9 lakhs.

  7. www.charteredclub.com › tds-gstComprehensive Guide on TDS on GST @ 2% (with Examples)

    TDS @ 2% is required to be deducted on payment made to the supplier of taxable goods or services of both where the value of such supply under a contract exceeds Rs. 2.5 Lakhs. The provisions of TDS on GST are applicable from 1st Oct 2018 [Notification No. 50/2018 – Central Tax dated 13th Sept 2018]. For the purpose of the computation of the ...

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  9. taxguru.in › understanding-tds-gstUnderstanding on TDS under GST - Tax Guru

    Dec 30, 2021 · TDS under GST is applicable since 1 st October 2018. As per GST Law- Certain categories of registered persons will be require to deduct taxes while making payment to suppliers. Sec 51 of CGST Act deals with TDS on GST. Applicability. If the contract value is more than Rs 2.50 Lakhs, the following class of persons who are registered under GST ...