TDS on raw meterials purcheses ...?
M RAJAMOGILI (asst accountant) (58 Points)
15 September 2018M RAJAMOGILI (asst accountant) (58 Points)
15 September 2018
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(171745 Points)
Replied 15 September 2018
Central Government vide notification No.50-Central Tax-Dated 13-09-2018 & notification No.51-Central Tax-Dated 13-09-2018 has appointed 1st day of October 2018 as the date on which the provision of Sec 51 (TDS) & Sec 52 (TCS) shall come into force. ....
As per section 51(1) , the following class of person shall be required to deduct tax at source @ 2% ( CGST 1% + SGST 1%) 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:
(a) a department or establishment of the Central Government or State Government; or
(b) local authority; or
(c) Governmental agencies; or
(d) Following categories of person has been notified vide Notification No.33/2017-Central Tax Dated 15th Sept 2017 under clause 51(1)(d)
a. an authority or a board or any other body, –
(i) set up by an Act of Parliament or a State Legislature; or
(ii) established by any Government,
with fifty-one percent or more participation by way of equity or control, to carry out any function;
b. society established by the Central Government or the State Government or a Local Authority under the Societies Registration Act, 1860 (21 of 1860);
c. public sector undertakings .........
So, if you come under the specified trader/catagory........ you will be required to deduct TDS; otherwise not.
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