1. What is TDS?
Tax deducted at source (TDS) is
one in all the ways that to gather tax supported sure percentages on the amount
collectable by the receiver on goods/services. The collected tax could be a
revenue for the government.
2. Who can be liable to deduct TDS under GST law?
1.
A department or an establishment of the
Central Government or State Government; or
2. Local
authority; or
3. Governmental
agencies; or
4. Such
persons or category of persons as may be notified by the Government.
As per the most recent
Notification dated 13th Sep 2018, the following entities also need to deduct
TDS-
1.
An authority or a board or any other body which
has been set up by Parliament or a State Legislature or by a government, with
51% equity ( control) owned by the government.
2.
A society established by the Central or any
State Government or a Local Authority and the society is registered under the
Societies Registration Act, 1860.
1.
3.Public sector undertakings.
3. Once can the liability to deduct TDS be attracted?
What is the rate of TDS?
TDS is to be deducted at the
speed of two % on payments created to the provider of taxable goods and/or
services, where the total value of such supply, under an individual contract,
exceeds two lakh fifty thousand rupees.
AIAT Pvt. Ltd
Add:- 15 Bhande Plot, Umred Road Nagpur.
Email:- info@aiatindia.com
Cont:- 9604121000
No comments:
Post a Comment