Goods and Services Tax – GST – By: – Sanjeev Singhal – Dated:- 5-1-2017 – In VAT Law there is provision of TDS in case of work contract in most of the Sates though in Service Tax there is no provision of TDS and TCS . Under Service Tax, it is directly or indirectly being governed by Reverse Tax Mechanism. But GST law has expressly provided the TDS and TCS provision under Section 46 and 56 respectively. Now, I will discuss the provisions . Tax Deducted at Source [ Section – 46 ] Following person will deduct tax at source @ 1% on credit or payment made to supplier of goods and/or services. Department or establishment of Central or State Govt. Local authority Government agencies Such person or category of person as may be notified by the Cent
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eposit the amount to Govt. a/c will have to pay interest u/s 45 Refund to the deductor or deductee, as the case may be , shall be dealt according to Sec.48. No refund can be made, if the amount has been credited to electronic cash ledger of deductee. Collection of Tax at Source [ S.56 ] Every electronic commerce operator not being agent, shall collect 1% of the net value of taxable supplies, where the consideration for such supplies is collected by operator. Net value of taxable supplies means aggregate taxable value of goods or services other than services notified in Section 8[4], made during any month by registered taxable person, reduced by aggregate of taxable supplies return to the supplier during the said month. The amount collected
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