{"id":694,"date":"2018-10-06T19:18:32","date_gmt":"2018-10-06T13:48:32","guid":{"rendered":"http:\/\/laqshya.in\/blog\/?p=694"},"modified":"2018-10-06T19:18:32","modified_gmt":"2018-10-06T13:48:32","slug":"gst-tds-at-a-glance","status":"publish","type":"post","link":"https:\/\/laqshya.in\/blog\/gst-tds-at-a-glance\/","title":{"rendered":"GST TDS : At a glance"},"content":{"rendered":"\n\n
<\/div>\n\n

GST TDS : At a glance<\/h2>\n

Section – 51 of CGST Act Effective Date: 01.10.2018<\/h4>\n

What Section Says:<\/strong><\/h4>\n

Persons notified vide Notification No. 33\/2017 – Central Tax, shall be liable to deduct tax @1% under CGST and 1% under SGST from the payment made or credited to the supplier of taxable goods or services or both if the total value of such supply, under a contract, EXCEEDS TWO LAKH AND FIFTY THOUSAND RUPEES (Rs. 2,50,000).<\/p>\n

Notified persons 33\/2017:<\/strong><\/h4>\n

(a) an authority or a board or any other body, –<\/p>\n

(i) set up by an Act of Parliament or a State Legislature; or
\n(ii) established by any Government, with fifty-one percent or more participation by way of equity or control, to carry out any function;<\/p>\n

(b) Society established by the Central Government or the State Government or a Local Authority under the Societies Registration Act, 1860 (21 of 1860);
\n(c) Public Sector Undertakings<\/p>\n

Registration Requirements:<\/strong><\/h4>\n

The person mentioned in above notification have to take separate Registration (REG 7) under GST Act as TDS Deductor.<\/p>\n

Time limit to deposit tax<\/strong><\/h4>\n

GST TDS Deductor shall deposit tax within ten days after the end of the month in which such deduction is made.<\/p>\n

Rate of interest in case of default in deposit<\/p>\n

Rate of interest: interest needs to be paid @18% p.a. in case of default in payment of tax deducted.<\/p>\n

Particulars & time of issuance of Certificate of deduction of tax:<\/strong><\/h4>\n

GST TDS Deductor shall issue certificate within five days of crediting the amount so deducted to the Government with the following particulars:<\/p>\n

i. the contract value,
\nii. rate of deduction,
\niii. amount deducted,
\niv. amount paid to the Government
\nv. Other particulars as may be prescribed.<\/p>\n

Late fees for non-issue of certificates as mentioned above:<\/strong><\/h4>\n

100\/- rupees per day, maximum five thousand rupees. Late fees applicable from the day after the expiry of such five days period until the failure is rectified.<\/p>\n

RETURNS TO BE FILED BY DEDUCTOR (GSTR 7):<\/strong><\/h4>\n

The person deducting tax is required to file a TDS return in form GSTR-7 within 10 days from the end of the month.<\/p>\n

Note: When GSTIN of the unregistered supplier is not available, their name can be mentioned.<\/p>\n

\u2013END OF ARTICLE\u2013<\/h4>\n

Laqshya Institute of Skills Training ( www.laqshya.in )<\/strong> is one of the pioneer institute providing quality practical training in the field of IT & Non-IT Sector. Our specialised training programs are most suitable for Fresher Students (Internship Programs) as well as for Working Professionals (Practical Training Programs).
\nFollowing are our Contact Details for Enquiry & Visit :<\/p>\n

Helpline : 8976789830 | 8080480427 | 022-28114695
\nWeb: www.laqshya.in | Email: info@laqshya.in<\/h4>\n

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GST TDS : At a glance Section – 51 of CGST Act Effective Date: 01.10.2018 What Section Says: Persons notified vide Notification No. 33\/2017 – Central Tax, shall be liable to deduct tax @1% under CGST and 1% under SGST from the payment made or credited to the supplier of taxable goods or services or […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[3],"tags":[],"class_list":["post-694","post","type-post","status-publish","format-standard","hentry","category-latest-updates-on-taxation"],"acf":[],"yoast_head":"\nGST TDS : At a glance - Laqshya Institute<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/laqshya.in\/blog\/gst-tds-at-a-glance\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"GST TDS : At a glance - 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