Presentation on TDS (Tax Deduction at Source)
GST
Dated:- 10-8-2017
Presentation on TDS (Tax Deduction at Source)
\n=============
\nDocument 1
\nTAX DEDUCTED AT SOURCE
\n[TDS]
\nPROVISIONS UNDER THE
\nGST LAWS
\nGoods and Services Tax
\nGOVERNMENT
\nUNITY
\nOF
\nNAGALAND
\nWHAT IS TDS IN GST ?
\nAs per provisions of Section 51
\nof the GST Law
\nTDS stands for
\n“Tax Deducted at Source”.
\nBASIC CONCEPT
\nAs per the provisions of the GST Law,
\nTDS has to be deducted from the
\npayment made to a supplier against
\nboth intra-state & inter-state supply
\nof taxable goods or services or both.
\nCONDITIONS FOR DEDUCTION OF TDS IN GST:
\n(i) In GST, deduction of TDS has to be made on a payment
\nmade or credited to a supplier of any taxable goods or
\nservices or both where the total contract value of such
\nsupply exceeds Rs. 2.5 Lakhs.
\n(ii) So, once a Work Order\/Purchase Order worth a value
\nexceeding Rs. 2.5 Lakhs is issued by a Govt Dept., all the
\npayments made under such Order will automatically\n<\/p>\n
= = = = = = = =<\/p>\n
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For full text:-Visit the Source <\/a><\/p>\n
\n2. Obtaining GST Registration Number online
\n3. Depositing the deducted TDS.
\n4. Furnishing deduction\/payment details by uploading
\nonline return & issuing certificate of deduction
\nISSUE # 1
\nDEDUCTION OF TDS
\n30
\n9
\n789
\n00
\nO
\n1354
\n18031
\n4
\n1800.5
\n1637.8
\n2721
\nSPE
\nHow is TDS deducted?
\nWho deducts TDS ?
\nThe PERSON
\nRESPONSIBLE for making
\npayment to a SUPPLIER [DDO] is
\ncompulsorily required to make deduction of
\nTDS.
\nRate of deduction for TDS
\n–
\nThere are 3 types of taxes in GST \u2013 IGST, CGST & NGST.
\nThe deduction against intra-state supply will be CGST &
\nNGST, and the deduction against inter-state supply will
\nbe IGST.
\nRate of such deduction is @ 2% [i.e. 1% each on CGST
\n& NGST component] on the payment amount against
\nintra-state supply & @ 2% [as IGST] on the payment
\namount against inter-state supply.
\nISSUE #2
\nOBTAINING
\nTAXO
\nREGISTRATION
\nNUMBER(GSTIN)
\nTAX-
\nAC
\nA
\n00
\nUnder the GST law, all liable Govt agencies
\nwill be required to get registered a<\/p>\n
For full text:-Visit the Source <\/a><\/p>\n
\nWhere to obtain PAN?
\nPAN:
\n\u2022 Applicant may either make an online application through this
\nwebsite or submit physical PAN Application to any TIN-FC or PAN
\ncentre of NSDL.
\nPlease log on https:\/\/www.tin-nsdl.com\/services\/pan\/pan-
\nindex.html
\nOR
\nyou can visit FC centers for TIN & PAN located at Dimapur in below
\nmentioned link https:\/\/www.tin-nsdl.com\/tin-facilities.html
\nWhat is DSC?
\nDSC:
\n\u2022\u00e2\u0161\u00ab Digital Signature Certificates (DSC) are the digital equivalent
\n(that is electronic format) of physical or paper certificates. A
\ndigital certificate can be presented electronically to prove one's
\nidentity, to access information or services on the Internet or to
\nsign certain documents digitally. In India, DSC are issues by
\nauthorized Certifying Authorities.
\n\u2022 The GST Portal accepts only PAN based Class II and III DSC.
\nWhere to obtain DSC?
\n\u2022 Applicant can procure any of the Class 2 or 3 certificates from any
\nof the certifying authorities.
\n\u2022 Tata Co<\/p>\n
For full text:-Visit the Source <\/a><\/p>\n
\ncard\/NEFT-RTGS] [Cheque\/DD through OTC Mode]
\nThe deducted amount is to be deposited in the following
\nmanner:-
\nFor deduction against intra-state supply: 1% each to
\nbe deposited in the CGST & SGST A\/c heads.
\nFor deduction against inter-state supply: entire 2%
\namount to be deposited in the IGST A\/c head.
\nTime limit for depositing TDS
\nHave to pay before Filing of Returns i.e. 10th of next
\nsubsequent month.
\ne.g. tax deducted for JULY has to be deposited before
\n10th AUGUST.
\nInterest payable
\nIf any deductor fails to pay the deducted TDS to the
\nGovernment within the prescribed period, DDO shall
\npay on his own an interest at a rate not exceeding 18%
\nfor the period for which such TDS remains unpaid
\nalong with the amount of tax deducted.
\n8
\n4 5 6
\n123
\nACO
\nON
\nFILING OF TDS
\n1
\n-81.91
\n13.
\n-1465.29
\n1203
\n-661.00
\n-150.00
\n11
\nISSUE #4
\n2706.20
\n1
\n-139 24
\n4.59
\n80.07
\nRETURNS ONLINE
\n3065.07
\n13015.04
\n-35 00
\n434
\n-68.00
\n2706.20
\n141
\n12871.04
\n1<\/p>\n
For full text:-Visit the Source <\/a><\/p>\n
\nthe deductor shall pay a late fee of Rs. 100 per day
\nfrom the day after the expiry of such five day period
\nuntil the failure is rectified.
\n\u00e2\u2013\u00a0 The maximum Late Fee under this instance is Rs.
\n5000\/-.
\nPlease do remember….
\n\u00e2\u2013\u00aa Where a deductor fails to deduct the TDS in GST or
\ndeducts an amount which is less than the amount
\nrequired to be deducted fails to pay the deducted
\namount to the Government, he shall have to pay
\nsuch amount of TDS with Interest along with a
\npenalty.
\n\u00e2\u2013\u00a0\u00e2\u2013\u00aa This penalty amounts to Rs. 10,000\/- or an amount
\nequivalent to the tax not deducted or short
\ndeducted or
\nor
\ndeducted but not paid to the
\nGovernment, whichever is higher.
\nProvision of refund of TDS erroneously deducted or
\ndeducted in excess already deposited in the Govt A\/c
\n\u00e2\u2013\u00a0In GST, any amount of TDS erroneously deducted or
\ndeducted in excess already deposited in the Govt a\/c
\nby the deductor may be refunded to him.
\n\u00e2\u2013\u00a0 However, once such amount is refl<\/p>\n
For full text:-Visit the Source <\/a><\/p>\n