sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
Latest Expert Exchange
« GST - Goods and Services Tax »
 Delhi HC allows Manual Filing of GSTR-3B
 Firm registered in dead woman’s name booked for GST fraud
 Composition scheme biz need not file purchase details while filing GST quarterly returns
 Companies rush to match input tax credit with vendor returns
 Mechanism of Audit by Tax Authorities under GST Laws
 GST policy on e-commerce may make life difficult for cab startups
 GST cheer for government as states’ shortfall drops
 Lower GST mop-up to upset India’s fiscal math
 Imposition of calamity tax with GST not advisable
  Finance ministry notifies annual tax return forms for businesses registered under GST
 Govt may introduce New GST Return to check Transitional Claims

TDS/TCS provisions under GST to come into effect from October 1
September, 14th 2018

The government has notified October 1 as the date for implementing the tax deducted at source (TDS) and tax collected at source (TCSNSE 1.05 %) provisions under GST law. As per the Central GST (CGST) Act, the notified entities are required to collect TDS at 1 per cent on payments to goods or services suppliers in excess of Rs 2.5 lakh. Also, states will levy 1 per cent TDS under state laws.

E-commerce companies will now be required to collect up to 1 per cent TCS while making any payment to suppliers under the Goods and Services Tax (GST).

States too can levy up to 1 per cent TCS under State GST (SGST) law.

EY Tax Partner Abhishek Jain said, "The e-commerce companies for TCS and various PSUs/ Government Companies for TDS would need to quickly gear up their ERP systems to comply with these provisions from 1st October. With audit report as well being notified, the industry would now really need to buckle up, especially given the short time frame."

AMRG & Associates Partner Rajat Mohan said the government has notified operation of TDS provisions on payments made by government agencies and TCS provisions for specified e-commerce operators effective October 1, 2018.

"These twin provisions are expected to further deepen the penetration of tax authorities in the economy, and it is likely to carve out widespread tax evasion of not only indirect taxes but also direct taxes," Mohan said.

The GST, which subsumed over a dozen local taxes, was rolled out from July 1, 2017. However, to make it simpler for businesses in the initial months of rollout, TDS/TCS provisions of GST laws were kept in abeyance till June 30. Later on, it was deferred till September 30, 2018.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2018 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
SEO Services SEO LLC e-boost Search Engine Optimization Services Internet Marketing Services Website Placement Services On-site Webs

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions