TAX DEDUCTION AT SOURCE UNDER GST
By: – Dr. Sanjiv Agarwal
Goods and Services Tax – GST
Dated:- 16-1-2018<\/p>\n
Section 51 of the CGST Act is relevant in respect of tax deduction at source provisions under GST.
\nTax deducted at source as provided in section 51of the GST Act is a mechanism to track the transaction of supply of goods and\/or services by making the recipient of such supply to deduct a small percentage of amount to be paid to the supplier of such goods and\/or services and deposit the same with the government. The supplier of such cases takes into account the amount so deducted and makes the balance payment of tax to the government.
\nWhen tax would be deducted at source
\nAs per section 51 of the GST Act, the tax at sou<\/p>\n
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Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n be notified by the Central or State Governments on the recommendation of GST Council. = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n of following month. In case deductor fails to deposit the amount of tax deducted by this date, he will be liable to pay besides such tax to be deposited, an interest at the rate to be prescribed for the period starting from the due date of deposit till the final date of deposit of amount. = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n","protected":false},"excerpt":{"rendered":" TAX DEDUCTION AT SOURCE UNDER GSTBy: – Dr. Sanjiv Agarwal Goods and Services Tax – GSTDated:- 16-1-2018 Section 51 of the CGST Act is relevant in respect of tax deduction at source provisions under GST. Tax deducted at source as provided in section 51of the GST Act is a mechanism to track the transaction of … Continue reading “TAX DEDUCTION AT SOURCE UNDER GST”<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-9866","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/posts\/9866","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=9866"}],"version-history":[{"count":0,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/posts\/9866\/revisions"}],"wp:attachment":[{"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=9866"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=9866"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=9866"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
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\nDeposit of TDS
\nThe amount of tax deducted would be required to be deposited to the credit of appropriate Government(Central Government for CGST and IGST, State Government for SGST) account within a period of 10 days after the end of month in which such deduction was made.
\nCredit of TDS
\nThe deductee (taxable person from whose payments tax has been deducted) will take the credit of TDS deducted from his payments on the basis of certificate to be issued by deductor.
\nThe deductee will claim the credit in his electronic cash ledger, the claim of which will be matched with the return of the deductor filed for the said period.
\nTDS Certificate
\nThe certific<\/p>\n
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\nRefund of TDS
\nFor any excess or erroneous deposit of TDS, refund can be sought by deductor or deductee under the relevant provisions of GST law. However, In case the amount of TDS deducted and deposited has been credited to the electronics cash ledger of deductee, no refund will be allowed to deductor.
\nDeferment of TDS provisions
\nThe applicability of TDS provisions has been deferred for implementation till 31st March, 2018.
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