Benefit of TDS to deductee under GST

Late fee, interest and penalty for late filing of TDS Returns in GST

 

Benefit of TDS to deductee and TDS certificate

With the deduction of tax and submission of return in FORM GSTR 7 the amount deducted would be available in FORM GSTR 2A/4A of the registered deductee and the same would be credited in his electronic cash ledger. The deductee would be able to utilize this amount for discharging his tax liabilities.

 

Late fee, interest and penalty

Provision for late fees for late filing of TDS Returns in GST

The provision of late Fees in respect of TDS in the GST is a two layered provision.

If the deductor fails to furnish the return in FORM GSTR-7 (under Section 39(3)) by the due date (i.e. within 10 days of the month succeeding the month in which deduction was made) he shall pay a late fee of Rs. 100/- per day under CGST Act & SGST/UTGST Act separately during which such failure continues subject to a maximum amount of Rs. 5000/- each under CGST Act & SGST/UTGST Act.

If any deductor fails to furnish the certificate of TDS deduction to the deductee [i.e. the supplier] within 5 days of crediting the amount so deducted to the Government (i.e. furnishing return in FORM GSTR7), the deductor shall pay a late fee of Rs. 100/- per day under CGST Act & SGST/UTGST Act separately from the day after the expiry of five-day period until the failure is rectified, subject to a maximum amount of Rs.5000/- each under CGST Act & SGST/UTGST Act.

 

 

Learn Exports Imports Free, Click here

Click here to know GST rate of your goods or service

Import General Manifest (IGM)

Importance of Bill of Lading

Is Airway bill a documents of title?

Is Customs House Agents (CHA ) required to be appointed mandatory?

 Is DP terms of payment safe in export business?

Is Letter of Credit LC safe for an Importer?

 Is ON BOARD CERTIFICATE required for LC negotiation

What is VACIS exam in US import customs clearance

When can an exporter release bill of lading from shipping company?

When does exporter get EP copy of shipping bill after customs clearance

How to export from India to Georgia?

How to Import to Fiji?

How to import to India from Fiji?

How to export from India to Fiji?

How to export from Fiji?

4 Conditions when applying for refund of Input Tax Credit (ITC) under GST

Difference between types of goods and services and types of GST

4 types of Goods and Services in India for GST rate

Difference between IGST on International goods and IGST on domestic goods.

How is IGST calculated under Imports?

How is IGST rate on imports treated?

GST and e-Commerce Business, FAQ

Definition of E-Commerce under GST

TDS under GST, Frequently Asked Questions

Does Interest attract on GST Tax payment delay?

Term Foreign Non-resident Taxable Person under GST

Term Foreign-exchange reserves under GST

Meaning of foreign diplomatic mission

Fast-moving consumer goods (FMCG) under GST

Meaning of term final return under GST


Discussion Forum

You can also share your thoughts about this article.
Any one can answer on question posted by Readers