provision for tds
Soundhar Venkatesan (Student) (97 Points)
12 November 2018
TDS provisions under section51
Soundhar Venkatesan (Student) (97 Points)
12 November 2018
ANKIT SACHDEVA
(A/c Manager at Pallavi Rajput & Co. (Chartered Accountants))
(244 Points)
Replied 12 November 2018
| Sr. No. | Question | Answer |
| 1 | Relevant Section | Sec. 51 (CGST Act & SGST Act); Sec. 20 (IGST Act). |
| 2 | When to Deduct? | The specified class of person* shall be required to deduct tax at source on the payment made or credited to the supplier. where the total value of supply under a contract exceed Rs.2,50,000/-excluding GST. |
| 3 | Rate at which Deducted? | Intra State: 2% (CGST 1% + SGST 1%) or Inter State: 2% IGST |
| 4 | Form or Return to be Furnished? | Form GSTR – 7. |
| 5 | Due date to file Return? | Within 10th of succeeding month. |
| 6 | Due Date to Deposit TDS Under GST with the Government? | Within 10th of succeeding month in which TDS deducted. |
| 7 | TDS Certificate under GST: | |
| a. | Who is required to issue TDS Certificate? | Deductor (the person who is deducting tax). |
| b. | Form? | Form GSTR-7A |
| c. | Due Date to Issue Certificate? | Within 5 days of crediting the amount to the Government. |
| d. | Late fees if not issued within Time? | Rs.200 per day (Rs.100 CGST + Rs.100 SGST) from the expiry of the 5th day till the certificate is issued. |
| 8 | When TDS not to be Deducted? | When both the place of supplier as well as the place of supply are different from that of the place of recipient. See Example Below **. |
Live class on PF & ESI Enrollment & Returns Filing(with recording)
CAclubindia
