Tds under gst
This query is : Open
12 April 2017
Rules for deducting TDS and limits for the same are changed or not under GST like for professional fees, training invoices or any other services. Also when Goods & Services are treated alike in GST isn't concept of TDS ambiguous and contradictory.
Guest
Guest
(Expert)
12 April 2017
The section 51 of the GST Act states that liability to deduct the tax at source arises when the payment is made to the supplier or credited to supplier on account of supply of taxable goods or services.The tax deducted at source shall be at the rate of 1%.
12 April 2017
Do u mean to say that now TDS is applicable on both Goods and Service ?
Guest
Guest
(Expert)
12 April 2017
Yes.The section specifically states so.
12 April 2017
It is TDS on GST and not on Income Tax. TDS for Income Tax is a separate issue not connected with GST.
12 April 2017
Yes i am asking for Income Tax only. Please reply accordingly.
12 April 2017
Income Tax is a separate Act altogether and there the TDS will be at applicable rates under various sub sections of section 194 at Amount of Invoice including the GST. There is nothing in income tax act indicating the TDS has been subsumed in GST.
12 April 2017
Please deduct TDS correctly on the Professional Fees etc. Your Payee will get tax credit and refund if excess TDS done. Things are quite streamlined if you deposit TDS on time and file the TDS return correctly.
12 April 2017
Right Sir, but one of the objective of GST was to remove difference between Goods and Service, but as general rule in Service Tax, on all bills more than 30K, and now TDS was their whatever the amount is for Goods; but now their is no difference between Service & Goods in GST so how would these limit apply.
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