Is TDS applicable on license fees?

No TDS on License Fee paid for mere use of Copyrighted Article: ITAT [Read Order]

What is LFR recovery in petrol pump?

He added Oil companies also charges LFR (Licence Fee Recovery) from the petroleum traders at ’47 per 1,000 litre on petrol and ’40 per 1,000 litre on diesel. The this should be charged as a fixed payment and not on volumes.

What’s LFR?

LFR. Laughing for Real (Internet slang)

What is the treatment for LFR Credit & Sslf in petroleum product supplier in GST?

What is the treatment for LFR Credit & SSLF in Petroleum Product Supplier in GST? – Quora. LFR will be debited not credited. It’s simple. Oil company sell fuel to you ( vat item) and simultaneously create a invoice ( gst) for LFR.

Is GST applicable on TDS?

TDS @ 2\% is required to be deducted on payment made to the supplier of taxable goods or services of both where the value of such supply under a contract exceeds Rs. 2.5 Lakhs. The provisions of TDS on GST are applicable from 1st Oct 2018 [Notification No. 50/2018 – Central Tax dated 13th Sept 2018].

What is the GST TDs applicable on advance payment?

GST TDS is also applicable on part payments and advances payable to the suppliers. Applicability arises when the value of the contract exceeds the limit mentioned i.e. Rs. 2,50,000. But, the TDS rate should be applied on the amount payable to the vendor as advance or part payment.

Is TDs applicable on the purchase of petrol?

On petrol, Excise and VAT would be charged and on Licence fee.. GST. All these seems to be part of cost of petrol product they purchase. If my understanding is correct, then no TDS would be applicable CA. Pramod Jain

What is the GST and TDs on LFR?

Gst @ 28\% is charged by govt oil companies and @18\% charged by reliance. Dealer should not credit of said gst as the product on which LFR is charged is under VAT. TDS @ 2\% for B site and @ 10\% on A site on LFR is to be deducted and deposited to govt, a claim of TDS amount is to be raised on oil company along with form 16A.

What is TDs deduction for suppliers?

The central or state government may mandate the following enterprises to deduct TDS at the rate of 2\% (1\% SGST +1\% CGST) from the payment made or credited to a supplier for the taxable supplies of value greater than Rs. 2.5 lakh. The limit of Rs. 2.5 lakh is for a single contract and not for aggregate value in a month or year.