if I sale the goods more 2.5 lac to one party at one time in this case what will be procedure under TDS?
12 Replies
Yogesh Pandey
(144 Points)
Replied 02 May 2018
As per Notification No. 33/2017 Central Tax dated 15th Sept 2017, the following class of persons are required to deduct TDS on GST if the Contract Value is more than Rs. 2.5 Lakhs:-
An authority or board or any other body with 51% or more participation by way of equity or control
Set up by an Act of Parliament or a State Legislature; or
Established by any Govt.,
Society established by the Central Govt. or State Govt. or a Local Authority under the Society Regulations Act, 1860
Public Sector Undertakings
Apart from the above 3 class of persons, no other class of persons have been notified by the Govt. However, the govt has the power to notify such persons or category of persons on which such provisions of TDS under the GST Regime would get applicable.
An authority or board or any other body with 51% or more participation by way of equity or control
Set up by an Act of Parliament or a State Legislature; or
Established by any Govt.,
Society established by the Central Govt. or State Govt. or a Local Authority under the Society Regulations Act, 1860
Public Sector Undertakings
Apart from the above 3 class of persons, no other class of persons have been notified by the Govt. However, the govt has the power to notify such persons or category of persons on which such provisions of TDS under the GST Regime would get applicable.
Yogesh Pandey
(144 Points)
Replied 02 May 2018
are you fallin under the above-mentioned three categories?
Rahul Prajapati
(Student)
(2282 Points)
Replied 02 May 2018
| Originally posted by : Faheem Akram | ||
 |
if I sale the goods more 2.5 lac to one party at one time in this case what will be procedure under TDS? |  |
Hey Faheem,
There is no TDS applicability on sale of Goods.
prasad Nilugal
( GST Practitioner & Accounts )
(14805 Points)
Replied 02 May 2018
I think TDS & TCS in GST is suspended till 30/6/2018 please confrim
Yogesh Pandey
(144 Points)
Replied 02 May 2018
@ rahul_prajapati
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 Lak
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 Lak
Rahul Prajapati
(Student)
(2282 Points)
Replied 02 May 2018
| Originally posted by : Yogesh Pandey | ||
|
@ rahul_prajapati 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 Lak | |
Can you Explain under which Section ?
Yogesh Pandey
(144 Points)
Replied 02 May 2018
@ rahul_ prajapati
Please read section 51 of gst and notification number 33/2017 of central tax.
Please read section 51 of gst and notification number 33/2017 of central tax.
Rahul Prajapati
(Student)
(2282 Points)
Replied 02 May 2018
| Originally posted by : Yogesh Pandey | ||
|
@ rahul_ prajapatiPlease read section 51 of gst and notification number 33/2017 of central tax. | |
Where did Faheem mention that he is asking about GST.
I have given answer as per income tax point of view.
Pankaj Rawat
(GST Practitioner)
(55052 Points)
Replied 02 May 2018
Actually the return form GSTR 7 for TDS (Govt agencies) & GSTR8 for TCS (E-operator)Is not yet started filing on portal , so both liability are suslended.
*But few govt agencies are deducting TDS 2% on the contract value more then 2.5lac
*But few govt agencies are deducting TDS 2% on the contract value more then 2.5lac
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