Set up GST TDS Scenario: GST TDS on payment to a vendor transaction Goods and Services Tax (GST) Tax Deducted at Source (TDS) is deducted on specific percentages of the amount that is paid or payable by the buyer of goods and services. The buyer, a government company, enters i...
Automatic Reflection of TDS Once the deductor files the return, the TDS shall be reflected automatically in the electronic cash ledger of deductee. The deductee can claim credit of this tax deducted and use it for payments of other taxes. ...
TDS should not be calculated on GST amount, in some cases where payment terms is set as 100% advance, full order value has to be paid as advance payment. In such cases, amount paid to vendor will be inclusive of GST and if TDS has to deducted while paying amount to vendor, then...
Tax deducted at source introduced in GST is a mechanism to track the transaction of supply of goods or services. Let's check when & who is liable to deduct TDS Under GST.
under section 52 of the CGST Act shall remain suspended till June 30.In the meantime, the modalities of linking state and central governments accounting system with GSTN will be worked out so that seamless credit is available to the registered traders whose tax is deducted or collected at ...
TDS (Tax Deducted at Source) is a mechanism under Goods… Read More Taxation & Notifications What Is a GST Clearance Certificate – How to Apply & Download It? January 9, 2025 6 Mins Read What Is a GST Clearance Certificate? The GST Clearance Certificate… Read More Taxation & Notificati...
Notification on TDS Reporting by Scrap Dealers: An advisory under Notification No. 25/2024-CT has been issued regarding the reporting of TDS deducted by scrap dealers during October 2024. Jurisdictional Notification for GSTAT State Benches: Notification F. No. A-50050/99/2024-GSTAT-DOR outlines ...
IN_GST_TDS deducted in Payment if it is not deducted in Invoice, IN_GST_ Separate Nos. Series for posted Reverse Charge Invoices for Registered Vendors Released on 28 Mar 2018 Important Notice to Customers We recommend that you contact the Microsoft...
The GST Act, passed in Parliament on March 29, 2017, came into effect on July 1, 2017. The journey of the GST regime has been revolutionary, featuring significant changes like the introduction of e-way bills, e-invoicing, GSTR forms, and the digitization of audits, etc. As we step ...
Here is the detailed article on TDS & TCS under the GST law – a complete guide to understand the latest provisions & implementation of the same.