to buy goods and/or services where the total value of the taxable supply that is under contract, excluding GST, exceeds 2,50,000 Indian rupees (INR 2,50,000). The buyer can deduct GST TDS from the payment that is made or credited to the supplier of taxable goods and/or services...
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. ...
As per GST Act, the refund to the deductor or the deductee, as the case may be, arising on account of excess or erroneous deduction shall be dealt with in accordance with the provisions of section 38: Provided that no refund to deductor shall be granted if the amount deducted has been...
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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.
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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For example, when a contractor constructs a building, the buyer pays for the cost of the building, which includes the building material, labor, and other services. No contract exists for the supply of the building material. The WCT tax applies only to the building and not for the materials...
To put it very simply, inflation means a rise in the price of goods and services and consequently, it also means a fall in the purchasing power of money. While inflation is generally looked down upon, some economists opine that a low level of inflation at around 2% can be beneficial as ...