Tds
This query is : Resolved
23 January 2019
what is the TDS on HSN code 998719 - Maintenance And Repair Services Of Fabricated Metal Products, Machinery And Equipment ??
23 January 2019
it shall be covered under work contract under section 194C and TDS is required to be deducted at 1% for Individual or HUF and 2 % for other person. It shall be at 20% in case non-pan card holders.
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26 January 2019
As per my understanding @ Rohit asked TDS on GST being "HSN" code marked in his query. If yes, the following may be the solution 1) TDS would be deducted when the total value of supply, under a contract, exceeds Rs. 2.5 lakhs [Section 51(1)]. 2) The deductor under GST would deduct TDS at the rate of 2% [1% CGST & 1% SGST or 2% IGST] from the payment made/credited to the supplier of taxable goods or services. 3) For the purpose of TDS on GST, value of supply would be the amount excluding CGST, SGST, IGST, UTGST and Cess, as indicated in the invoice. On the other hand, If the query is related on TDS under Income-tax, @ Nilesh Gami Explained it clearly.
28 January 2019
Agree with explanation by A. Senthil Subramanian, in addition, tds is required to be deducted by govt establishment, local authorities and govt agencies.
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