TDS On GST CASES WHERE TDS ON GST IS NOT REQUIRED TO BE DEDUCTED TDS on GST is only required to be deducted where the payment made or credited to the supplier is done by the above mentioned category of persons. There are certain exceptions to this and in the following cases, TDS would not be deducted even if the payment is made by the above mentioned persons: 1. Contract Value does not exceed Rs. 2.5 Lakhs
If the Contract Value does not exceed Rs. 2.5 Lakhs, No TDS is required to be deducted.
Eg 1: Mr. Karan Batra enters into a contract of Rs. 2 Lakhs with a Public Sector Undertaking to provide Income Tax Advisory. He also enters into a contract worth Rs. 1.5 Lakhs to provide GST Advisory. In the above mentioned example – the total value of services provided is Rs. 3.5 Lakhs which is more than Rs. 2.5 Lakhs. However, in this case, the provisions of TDS on GST would not be applicable as the value of each contract is less than Rs. 2.5 Lakhs. Eg 2: Mr. Karan Batra enters into a single contract to provide services worth Rs. 3 Lakhs. He receives Rs. 1.5 Lakhs as advance on 1st Oct 2018 and the balance Rs. 1.5 Lakhs on 1st May 2019. The provisions of TDS on GST will get applicable as the contract value is more than Rs. 2.5 Lakhs.
Therefore, while determining the applicability of TDS on GST - it is the individual contract value which would be considered irrespective of the total no. of contracts. 2. Location of Recipient is different from Location of Supplier and Place of Supply
TDS on GST would not be applicable if the Location of Recipient is different from the Location of Supplier and the Place of Supply This can be explained with the help of an example. For eg: Delhi Govt. enters into a contract worth Rs. 5 Lakhs with Radisson Haryana to rent space for the purpose of conducting an event in their hotel. In this case, Radisson hotel will levy Haryana SGST and CGST.
• Place of Supply – Haryana • Location of Supplier – Haryana • Location of Recipient Delhi The provisions of TDS would not apply in this case irrespective of the contract value as the Place of Supply and Location of Supplier is different from the Location of Recipient. Eg 2: A vendor registered in Karnataka provides services to the Maharashtra Govt worth Rs. 3 Lakhs. In this case, IGST would be levied. • Place of Supply - Maharashtra • Location of Supplier - Karnataka • Location of Recipient Maharashtra
The provisions of TDS will apply in this case.
Therefore, while determining the applicability of TDS on GST, it is very important to determine the place of supply. The rules for determination of place of supply are mentioned here with examples:- Rules for Determination of Place of Supply under GST Norms DEPOSIT OF GST TDS AND TDS CERTIFICATE The amount of TDS deducted should be deposited with the govt by the deductor by the 10th of the next month in Form GSTR 7 through the online portal gst.gov.in. The deductor would be liable to pay interest if the tax deducted is not deposited within the prescribed time limit as mentioned above. A TDS Certificate would also be required to be issued by the deductor (the person who is deducting the tax i.e. the recipient) in GSTR 7A to the deductee (the supplier whose payment is being deducted) within 5 days of depositing the TDS with the Govt.
If the TDS Certificate is not issued within 5 days from the date of deposit with the Govt., the deductor would be liable to pay late fees of Rs. 100/ day. However, the late fees levied should not be more than Rs. 5,000. The TDS so deducted would also be visible to the suppliers in Form GSTR 2A and the supplier can include and avail the same in GSTR 2. The supplier can take this amount as credit in his electronic cash register and use the same for payment of tax or any other liability. Visit http://www.jvvco.in/services.html for accounting and law related services like chartered accountant in vapi, top ca firms in vapi, financial planning and advisory services in vapi, auditing services in vapi, service tax return filing services in vapi, financial planner in vapi, company law service in vapi, Business Restructuring Services in vapi, asset valuation service in vapi,income tax consultants in vapi.
TDS On GST
TDS On GST CASES WHERE TDS ON GST IS NOT REQUIRED TO BE DEDUCTED TDS on GST is only required to be deducted where the payment made or credited to the ...
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