{"id":6499,"date":"2021-12-16T15:46:43","date_gmt":"2021-12-16T15:46:43","guid":{"rendered":"https:\/\/msassociates.pro\/articles\/?p=6499"},"modified":"2022-09-08T18:23:08","modified_gmt":"2022-09-08T18:23:08","slug":"tds-and-tcs-under-gst","status":"publish","type":"post","link":"https:\/\/www.msassociates.pro\/articles\/tds-and-tcs-under-gst\/","title":{"rendered":"Tds and tcs under gst"},"content":{"rendered":"

TDS under GST law<\/h3>\n

TDS is to be deducted if the total value of individual contract exceeds 2.5 lakhs at the rate of 2 percent on payments made to the supplier of taxable goods and\/or services. No need of 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.<\/p>\n

Due date for TDS payment<\/h3>\n

TDS deducted should be deposited within 10 days from the end of the month in which tax is deducted.<\/p>\n

Liable for TDS Payment<\/h3>\n
    \n
  1. A department or an establishment of the Central Government or State Government<\/li>\n
  2. Local Authority<\/li>\n
  3. Government Agencies<\/li>\n
  4. Persons or category of persons notified by Government.<\/li>\n<\/ol>\n

    Applicate rate of TDS<\/h3>\n

    2% TDS needs to be deducted on payments made to the supplier of taxable goods and\/or services.<\/p>\n

    Form required to file the TDS return<\/h3>\n

    TDS return in form GSTR-7 should be filed within 10 days from the end of the month.<\/p>\n

    Refund of TDS possible under GST<\/h3>\n

    Deductee can claim refund as per the provisions of the GST Act.<\/p>\n

    TCS under GST<\/h3>\n

    TCS is to be collected by e-commerce operator on behalf of the supplier of goods, or services who makes supplies through operator\u2019s online platform. TCS will be charged at percentage on the net taxable supplies.<\/p>\n

    Liable person to collect TCS under GST<\/h3>\n

    E-Commerce platforms are liable to collect TCS. E-Commerce operators have to pay the consideration collected to the vendors after deducting the TCS amount and pay the net amount.<\/p>\n

    Exceptions for TCS under GST<\/h3>\n

    Below are the exceptions to the TCS provisions for the services provided by an e-commerce platform.<\/p>\n

      \n
    1. Unregistered Suppliers (Hotels, housekeeping services and clubs)<\/li>\n
    2. Transportation of passengers.<\/li>\n<\/ol>\n

      Applicable rate under TCS<\/h3>\n

      E-commerce operators should receive payment after deduction of TCS @ 1%.<\/p>\n

      Due date for depositing TCS<\/h3>\n

      TCS collected should be deposited within 10 days from the end of the month in which tax is collected.<\/p>\n

      Form required to file the TDS return<\/h3>\n

      TCS return in form GSTR-8 should be filed within 10 days from the end of the month.<\/p>\n","protected":false},"excerpt":{"rendered":"

      TDS under GST law TDS is to be deducted if the total value of individual contract exceeds 2.5 lakhs at the rate of 2 percent on payments made to the supplier of taxable goods and\/or services. No need of deduction of Tax is required when the location of supplier and place of supply is different […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-6499","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"\nTds and tcs under gst<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.msassociates.pro\/articles\/tds-and-tcs-under-gst\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Tds and tcs under gst\" \/>\n<meta property=\"og:description\" content=\"TDS under GST law TDS is to be deducted if the total value of individual contract exceeds 2.5 lakhs at the rate of 2 percent on payments made to the supplier of taxable goods and\/or services. 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