TDS and TCS under revised GST Law
By: – Sanjeev Singhal
Goods and Services Tax – GST
Dated:- 5-1-2017<\/p>\n
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 .
\nTax Deducted at Source [ Section – 46 ]
\n * Following person will deduct tax at source @ 1% on credit or payment made to supplier of goods and\/or services.
\n * Department or establishment of Central or State Govt.
\n * Local authority
\n * Government agencies
\n * <\/p>\n
= = = = = = = =<\/p>\n
Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n dit of TDS deducted in Electronic Cash Ledger . = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n upplier in his valid return or operator in his statement , the same shall be added to the output tax liability of supplier , if the supplies shown by operator is more than the supplier. And supplier shall be liable for interest as well . = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n","protected":false},"excerpt":{"rendered":" TDS and TCS under revised GST LawBy: – Sanjeev SinghalGoods and Services Tax – GSTDated:- 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 … Continue reading “TDS and TCS under revised GST Law”<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-2080","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/posts\/2080","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=2080"}],"version-history":[{"count":0,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/posts\/2080\/revisions"}],"wp:attachment":[{"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=2080"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=2080"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=2080"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
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\n\tIf the deductor fail to deposit the amount to Govt. a\/c will have to pay interest u\/s 45
\n\tRefund 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.
\nCollection of Tax at Source [ S.56 ]
\n * 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.
\n” 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 <\/p>\n
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\nDisclaimer :
\nThe contents of this article are solely for information and knowledge and does not constitute any professional advice or recommendation. Author does not accept any liability for any loss or damage of any kind arising out of this information set out in the article and any action taken based thereon.
\nAbout the Author:
\nAuthor is practicing chartered accountant in Gurgaon and having specialization in Service Tax and Haryana VAT. He can be reached at sanjeev.singhal@skaca.in WWW. skaca.in <\/p>\n
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