What is the TDS on GST?
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What is the TDS on GST?
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 meant by TCS in GST?
while TCS. refers to tax which is collected by the electronic commerce. operator when a supplier supplies some goods or services. through its portal and the payment for that supply is. collected by the electronic commerce operator.
What is difference between TDS and GST?
GST is a type of indirect tax to be paid to deductor whereas TDS is a type of direct tax to be levied upon deductee. GST has to be paid whether the deductee made a profit or loss whereas TDS is only to be paid when there is a sustainable profit in the business transaction.
Is TCS calculated on GST?
In case of Inter-State Sales, IGST will be calculated with TCS as per the Income Tax Act, 1961….Create a sales invoice.
| Component | Amount |
|---|---|
| CGST | 900 |
| SGST | 900 |
| TCS | 100 |
How is TDS calculated on GST?
TDS Under GST With Example
- TDS to be calculated on the base (taxable value) = Rs. 1,00,000/-
- TDS rate in GST = 1\% (CGST) and 1\% (SGST)
- Calculation to be made excluding the tax amount (Rs. 1,28,000 (-) Rs. 28,000)
- In the given example TDS calculation would work out to be.
Is TDS and TCS Number same?
TDS is the tax which is deducted on a payment made by a company to an individual, in case the amount exceeds a certain limit. TCS is the tax which is collected by sellers while selling something to buyers. TDS is applicable only on payments that exceed a certain amount.
What is TCS in invoice?
Tax collected at source (TCS) is the tax payable by a seller which he collects from the buyer at the time of sale. Section 206C of the Income-tax act governs the goods on which the seller has to collect tax from the purchasers.
Who can deduct TCS?
What is Tax Collected at Source? TCS full form is Tax Collected at Source. This TCS tax is payable by the seller who collects in turn from the lessee or buyer. The goods are as specified under section 206C of the Income Tax Act, 1961.
How can I file TDS and TCS return in GST?
Steps to file ‘TDS and TCS credit received’ on GST portal
- Step 1: Login toGST portal.
- Step 2: Go to ‘Services’ > ‘Returns’ > ‘Returns Dashboard’
- Step 3: Select the return period of GSTR-3B being filed and proceed to ‘TDS/TCS credit received’ tile.