TDS utilization and accounting under GST system in India

pay GST? 

GST on short supplied goods and services by nature

Goods and services exempted to pay GST

How does comprehensive policy of ECGC work for exporters?

Top 137 Airline names and their websites worldwide

Toxic Substances control Act (TSCA) certification

Transferability of Bill of Lading

Transhipment - A redefinition

Travelers to India under import duty exemption, Frequently Asked Questions Part 2

Triangular export

Triangular shipment

Types of Insurance Documents.

How to make DA mode of payment safe

How to make delay in delivery of Shipment?

How to minimize import cargo clearance time? An open logic proposal to WTO

How to obtain a duplicate BL, if original bill of lading lost.

How to obtain GSP - Certificate of Origin?

How to obtain Phyto sanitary certificate. What is phytosanitary certification

How to obtain waiver on detention/ demurrage on imported goods/container from Shipping company/CFS

TYPES OF MARINE INSURANCE POLICIES

Unclean Bill of Lading/Claused bill of lading/foul bill of lading/Dirty Bill of Lading

USDA hold by US customs for import cargo



TDS utilization and accounting under GST system in India

TDS utilization and accounting under GST system in IndiaHow to define TDS under GST system? Where is TDS shown in e-ledger of tax payer?

The full form of TDS is Tax Deducted at Source.

Government, Government undertakings and other notified entities making contractual payments in excess of Rs. 10 Lakhs to suppliers. While making such payment, the concerned Government/authority shall deduct 1% of the total payable amount and remit it into the appropriate GST account.

Instructions to those deduct TDS under GST system in India?

Any amount shown as TDS will be reflected in the GST electronic cash ledger of the concerned GST supplier. Such GST supplier can utilize this amount towards discharging his liability towards tax, interest fees and any other amount.

How is deducted TDS accounted for such TDS?

TDS accounted can be used in the following ways:

The person or firm who deducts TDS has to mandatorily be registered under section 19 read with Schedule III of MGL.

The person or firm who deducts TDS need to remit such TDS collected by the 10th day of the month succeeding the month in which TDS was collected and reported in GSTR 7.

The amount deposited as TDS will be reflected in the electronic cash ledger of the supplier.

They need to issue certificate of such TDS to the deductee within 5 days of deducting TDS failing which fees of Rs. 100 per day subject to maximum of Rs. 5000/- will be payable by such deductor.

Here, the details of TDS under GST tax system is explained. If you would like to comment more about Tax Deducted at Source under GST tax payment, please opine below:

 

Click here to know GST rate on Goods and Services

GST Exemption list of goods and services

Find HSN number or Service tariff code for GST

GST registration guidelines

Indian GST Laws

How to export your goods?

Centralized GST registration of services permitted in India?

Retired from business ownership. Fresh GST registration in India?

GST Registration for Job workers in India

GST registration mechanism in India

Pre-registration of credit card necessary for GST payment in India

Is GST Registration required for a Job worker in India?

We have applied for GST registration, but not obtained registration certificate. Can we claim ITC in India?

Date of GST registration and date of eligibility to claim ITC 

Procedures to claim Input Tax Credit under GST in India 

When to file first Return of GST tax in India? 

GST Tax returns filing – Who, How and When? 

How is time of supply accounted under GST Tax Calculation 

Valuation of GST under special cases 

Valuation of GST Taxable supply 

When to pay GST for supply of services? 

When to


Discussion Forum

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