9 Replies
Giridhar S Karandikar
(Team Lead)
(7548 Points)
Replied 16 May 2019
firms and companies are required to deduct tax even if they are not subjected to tax audit.
however if the payee submits firm 15G/H to the deductor then he's not liable to deduct tax
Padmanathan Kv
(2127 Points)
Replied 16 May 2019
Antrika Sinha
(student)
(315 Points)
Replied 16 May 2019
Who could be liable to deduct TDS under GST law?
- A department or an establishment of the Central Government or State Government; or
- Local authority; or
- Governmental agencies; or
- Such persons or category of persons as may be notified by the Government.
As per the latest Notification dated 13th September 2018, the following entities also need to deduct TDS-
- An authority or a board or any other body which has been set up by Parliament or a State Legislature or by a government, with 51% equity ( control) owned by the government.
- A society established by the Central or any State Government or a Local Authority and the society is registered under the Societies Registration Act, 1860.
- Public sector undertakings.
What is the rate of TDS?
TDS is to be deducted at the rate of 2 percent 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. No deduction of Tax is required when the location of supplier and place of supply is different from the State of the registration of the recipient.
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