ITC on tds deducted in gst
JASKARAN SINGH (430 Points)
27 August 2020
can we claim tds deducted .....its possible to claim tds which is deducted by deductor......
2 Replies
Sagar Patel
(Tax and Business Consultant)
(11611 Points)
Replied 27 August 2020
Yes, TDS is to be deducted at the rate of 2 % on payments made to the supplier of taxable goods and/or services, where the total value of such supply, under an individual contract, exceeds two lakh fifty thousand rupees.
TDS shall be paid within 10 days from the end of the month in which tax is deducted by Deductor to Government.
After Payment of tax by Deductor and filing return by Deductor, GST portal will automatically make GSTR-7A available to the deductee (i.e you) on the basis of GSTR-7 filed.
The deductee(i.e you) can claim credit in your electronic cash ledger of this tax deducted and use it for payments of other taxes.
Thus, for availing GST TDS/TCS deducted by the deductors/collectors all the deductee need to file ‘TDS/TCS credit received’ tab on the portal. The deducted amount will appear in Cash Ledger which can be used for payment of balance amount of tax after setting off with the Input tax credit.
TDS shall be paid within 10 days from the end of the month in which tax is deducted by Deductor to Government.
After Payment of tax by Deductor and filing return by Deductor, GST portal will automatically make GSTR-7A available to the deductee (i.e you) on the basis of GSTR-7 filed.
The deductee(i.e you) can claim credit in your electronic cash ledger of this tax deducted and use it for payments of other taxes.
Thus, for availing GST TDS/TCS deducted by the deductors/collectors all the deductee need to file ‘TDS/TCS credit received’ tab on the portal. The deducted amount will appear in Cash Ledger which can be used for payment of balance amount of tax after setting off with the Input tax credit.
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