For the purpose of TDS deduction, the value of the supply must be taken as the amount, excluding tax (GST), that is indicated on the invoice. Therefore, TDS must not be deducted on the CGST, State GST (SGST), or Integrated GST (IGST) component of the invoice. ...
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. ...
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.
WCT is based on the contracts for labor, work, or service, and not for the sale of goods; although goods are used to fulfill the contract. For example, when a contractor constructs a building, the buyer pays for the cost of the building, which includes the building material, labor, and...
of taxable goods and/or services, notified by the Central or a State Government on the recommendations of the Council, where the total value of such supply, under a contract, exceeds rupees ten lakh. Explanation. – For the purpose of deduction of tax specified above, the value of supply ...
Hence, the TDS is deductable when only a contract/single purchase order exceeds Rs.2,50,000/-. In simple words, no TDS will be attracted of the value for the supply of goods and services or both, under the contract is up to Rs.2,50,000/-. Below is the explanation with an example...
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Carriage of goods & passengers by a mode other than railways Broadcasting and telecasting services Supply of labour for works contract Exceptions for TDS on contractor payments under section 194C No TDS will be deducted on contractor payments when the amount paid does not exceed Rs 30,000 in a...
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