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TDS and TCS under revised GST Law

Goods and Services Tax - GST - By: - Sanjeev Singhal - Dated:- 5-1-2017 - In VAT Law there is provision of TDS in case of work contract in most of the Sates though in Service Tax there is no provision of TDS and TCS . Under Service Tax, it is directly or indirectly being governed by Reverse Tax Mechanism. But GST law has expressly provided the TDS and TCS provision under Section 46 and 56 respectively. Now, I will discuss the provisions . Tax Deducted at Source [ Section - 46 ] Following person .....

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all be deposited in Govt. a/c within 10 days from the end of the month in which it is deducted. The Deductor shall issue certificate to the deductee mentioning the contract value, rate and amount deducted and paid. The Deductor will issue the above certificate within five days of depositing the tax so deducted otherwise pay the late fees of ₹ 100 per day subject to maximum of ₹ 5000. The Deductee shall take credit of TDS deducted in Electronic Cash Ledger . If the deductor fail to de .....

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gregate taxable value of goods or services other than services notified in Section 8[4], made during any month by registered taxable person, reduced by aggregate of taxable supplies return to the supplier during the said month. The amount collected above shall be deposited in Govt. a/c within 10 days from the end of the month in which it is deducted. Every operator shall furnish electronic statement containing the detail of outward supplies of goods and services including the return of supplies .....

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