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TDS & TCS provision in GST W.e.f 1 Oct 2018

Goods and Services Tax - GST - By: - Sandeep Rawat - Dated:- 3-10-2018 Last Replied Date:- 4-10-2018 - TDS & TCS provision in GST wef 1 Oct 2018 Deduction, registration, compliance, challenges The GST law requires TDS to be deducted by certain specified Government bodies/ PSUs, where the total value of supply, under a contract, exceeds ₹ 2,50,000. After the GST regime gained momentum, the government decided to introduce TDS and TCS provisions. The GST law requires TDS to be deducted by .....

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amongst the industry. The challenges would range from initial hiccups to long-lasting impact on the business of companies. Some noticeable challenges with this implementation are outlined below. *Transitioning to TDS:* The priority for the deductors at this stage is smooth transition considering the additional compliance and legal requirements to deduct tax. This has resulted in businesses analyzing the trigger point for deduction of tax. One key issue is whether TDS provisions apply to supplie .....

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e deducted on inter-State supplies (irrespective of the location of supplier/ place of supply/ location of recipient). Although the understanding in the FAQ seems to be incorrect, the Department is yet to clarify this position or make the relevant changes to the law. Till then, it remains unclear whether TDS is to be deducted on inter-State supplies. *TDS on inter-unit transactions:* The transactions between two registrations of a same company (even without any consideration) are taxable under G .....

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r the tax is to be deducted for all supplies under one contract, where the contract value exceeds 2.5 lakh, or the value qua each supply is to be considered irrespective of the contract value. In absence of clarification, the provision could have serious ramifications. *Deduction of exempt supplies?* As per the legal provisions, TDS is to be deducted from payments made or credited for taxable goods or services or both. Taxable supplies have been defined as supply of good or services or both levi .....

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nd have been a concern for companies. *Compulsory registration for deductors:* Persons who are required to deduct tax are required to obtain registration (whether or not registered separately). The provision does not address the situation where a person is operating through multiple places of business in one State. It remains unanswered whether such a person would require separate registration for each place of business to comply with the compulsory registration provision or a single registratio .....

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