The document outlines the procedures for tax deduction at source (TDS) under the Goods and Services Tax (GST) in India, including that certain government agencies and departments must deduct a 1% tax when making purchases over Rs. 2.5 lakh, and that the deducted taxes must be paid to the central or state government and filed in monthly returns by the 10th of the following month along with certificates provided to suppliers. Non-compliance with TDS requirements, such as failure to deduct, file returns, or pay deducted taxes can result in financial penalties.
(52)levy of exemption from tax ppt hari master pieceHariMasterpiece
The document discusses various aspects of the Goods and Services Tax (GST) in India such as:
1) Exemption from tax can be granted by the proper officer to registered taxable persons with an aggregate turnover of up to Rs. 1.5 crores, by permitting payment of an amount not less than 1% of turnover in lieu of tax payable.
2) The Central/State Government can grant exemption from tax, absolutely or conditionally, on any goods or services if satisfied it is in public interest.
3) The Central/State Government may insert an explanation within 1 year of issuing a notification/order to clarify its scope, if considered necessary.
The document provides an overview of key concepts and provisions under the Goods and Services Tax (GST) law in India, including:
1. GST subsumes many indirect taxes and was introduced through a constitutional amendment to empower both the central and state governments to collect taxes.
2. A dual GST model is implemented to respect India's federal structure where both central and state governments collect taxes.
3. Key concepts covered include registration requirements, meaning and scope of supply, time and place of supply rules, valuation methods, input tax credit provisions, return filing requirements and transitional provisions.
4. The composition scheme provides an option for small taxpayers to pay a simplified tax at a concessional rate without
The document discusses provisions related to tax deducted at source (TDS) under the Goods and Services Tax (GST) in India. It explains that TDS is applicable when supplies exceed Rs. 2.5 lakhs and the rate is 2% for inter-state and 1% each for CGST and SGST for intra-state supplies. It also discusses when TDS is not required, filing of GSTR-7 returns, issue of TDS certificates, and penalties for non-compliance.
GST-TDS-Presentation management and leadershippoonamshinde64
1. GST law mandates tax deduction at source (TDS) for certain transactions.
2. Specified persons including government departments and public sector undertakings must deduct TDS if making payments exceeding Rs. 2.5 lakhs to suppliers for goods or services.
3. The deducted TDS amount must be deposited in the government account by the 10th of the next month and details filed in GSTR-7 return along with issuing GSTR-7A certificates to suppliers. Non-compliance can attract penalties including 18% interest.
This is about the understanding of the provisions applicable in GST. This Presentation talks about the complete practical understanding. There is a series of presentation available but for now we are providing our first PPT free of cost.
this presentation consists of the information abou TDS ans TCS and their implications under GST. It also includes the differnce between both the terms.
#Comprehensive Guide on TDS Under GST# By SN PanigrahiSN Panigrahi, PMP
#Comprehensive Guide on TDS Under GST# By SN Panigrahi,
Essenpee Business Solutions,
Tax Deducted at Source, GST,
Government or Local Authorities,
PSU Contracts,
This document provides an overview of the Goods and Service Tax (GST) system that will be implemented in India. It states that GST is a destination-based tax on the consumption of goods and services. It will replace many existing taxes levied by the central and state governments. The document outlines the key features of GST, including what will be taxed, the types of GST (CGST, SGST, IGST), invoice requirements, input tax credit rules, registration requirements, and transitional provisions for existing taxpayers. It concludes by listing several actions businesses need to take to prepare for GST implementation, such as classifying items and updating vendor/customer information.
(52)levy of exemption from tax ppt hari master pieceHariMasterpiece
The document discusses various aspects of the Goods and Services Tax (GST) in India such as:
1) Exemption from tax can be granted by the proper officer to registered taxable persons with an aggregate turnover of up to Rs. 1.5 crores, by permitting payment of an amount not less than 1% of turnover in lieu of tax payable.
2) The Central/State Government can grant exemption from tax, absolutely or conditionally, on any goods or services if satisfied it is in public interest.
3) The Central/State Government may insert an explanation within 1 year of issuing a notification/order to clarify its scope, if considered necessary.
The document provides an overview of key concepts and provisions under the Goods and Services Tax (GST) law in India, including:
1. GST subsumes many indirect taxes and was introduced through a constitutional amendment to empower both the central and state governments to collect taxes.
2. A dual GST model is implemented to respect India's federal structure where both central and state governments collect taxes.
3. Key concepts covered include registration requirements, meaning and scope of supply, time and place of supply rules, valuation methods, input tax credit provisions, return filing requirements and transitional provisions.
4. The composition scheme provides an option for small taxpayers to pay a simplified tax at a concessional rate without
The document discusses provisions related to tax deducted at source (TDS) under the Goods and Services Tax (GST) in India. It explains that TDS is applicable when supplies exceed Rs. 2.5 lakhs and the rate is 2% for inter-state and 1% each for CGST and SGST for intra-state supplies. It also discusses when TDS is not required, filing of GSTR-7 returns, issue of TDS certificates, and penalties for non-compliance.
GST-TDS-Presentation management and leadershippoonamshinde64
1. GST law mandates tax deduction at source (TDS) for certain transactions.
2. Specified persons including government departments and public sector undertakings must deduct TDS if making payments exceeding Rs. 2.5 lakhs to suppliers for goods or services.
3. The deducted TDS amount must be deposited in the government account by the 10th of the next month and details filed in GSTR-7 return along with issuing GSTR-7A certificates to suppliers. Non-compliance can attract penalties including 18% interest.
This is about the understanding of the provisions applicable in GST. This Presentation talks about the complete practical understanding. There is a series of presentation available but for now we are providing our first PPT free of cost.
this presentation consists of the information abou TDS ans TCS and their implications under GST. It also includes the differnce between both the terms.
#Comprehensive Guide on TDS Under GST# By SN PanigrahiSN Panigrahi, PMP
#Comprehensive Guide on TDS Under GST# By SN Panigrahi,
Essenpee Business Solutions,
Tax Deducted at Source, GST,
Government or Local Authorities,
PSU Contracts,
This document provides an overview of the Goods and Service Tax (GST) system that will be implemented in India. It states that GST is a destination-based tax on the consumption of goods and services. It will replace many existing taxes levied by the central and state governments. The document outlines the key features of GST, including what will be taxed, the types of GST (CGST, SGST, IGST), invoice requirements, input tax credit rules, registration requirements, and transitional provisions for existing taxpayers. It concludes by listing several actions businesses need to take to prepare for GST implementation, such as classifying items and updating vendor/customer information.
Final gst vth unit payments of tax interest penalty and tdd&tcsSureshBabuMannarColl
1. The document discusses various ways of paying GST in India, such as using input tax credits, cash payments, or tax deduction at source.
2. It explains the different entities responsible for tax payments like suppliers, recipients, tax deductors, and e-commerce operators. Deadlines vary from monthly to quarterly based on the entity.
3. Input tax credits must be used in a priority order of IGST first, then CGST and finally SGST/UTGST. Non-payment can result in interest charges, penalties, and in serious cases, prosecution.
GST DRAFT key points by CA Firm Challani Agarwal & Associates, Pune.Nandkumar Jethani
The document outlines key points from India's Model GST Law, including details on registration requirements, taxable events, utilization of credits, returns, and transitional provisions. Specifically, it notes that the threshold for registration is annual turnover of Rs. 9 lakhs, except in North Eastern States where it is Rs. 4 lakhs. It also describes various methods for valuation of goods and services under GST and specifies that registered entities will need to file monthly, quarterly, annual and other returns detailing their supplies, input tax credits, tax payable and paid.
A brief understanding of proposed provisions of Goods & Service Tax, 2016. It includes Dual Structure of GST, Input Credit of GST, Returns or Payments in GST, TDS/TCS in GST.
This document provides an overview of the Goods and Services Tax (GST) in India. It defines GST as a comprehensive tax on the manufacture, sale, and consumption of goods and services applied at the national level. The document discusses the need for GST to replace existing multiple tax structures and integrate various taxes to allow for full input tax credits. It outlines the justification for GST at both the central and state levels. The document also covers the key features and benefits of GST, including the types of taxes subsumed under GST, registration requirements, taxable supplies, input tax credits, and returns.
Indian Cable Net Co. Ltd presents GST Guide for LCOs registration, returns, payment and penalty for non-compliance under GST Act, 2017. This presentation is exclusively a property of ICNCL and no part of it can be reproduced and copied, with accrediting the source.
GST returns require various monthly, quarterly, and annual filings by different registered taxpayer types. Monthly returns include GSTR-1 for outward supply details, GSTR-2 for inward supply details, and GSTR-3 which is the final monthly return filed along with tax payment. Quarterly returns apply to composite taxpayers, while annual returns like GSTR-9 are required for audited accounts. Special returns also apply to input service distributors, non-resident foreign taxpayers, and e-commerce operators. Due dates for returns generally fall on the 10th, 15th, or 20th of the following month.
Input tax credit is a mechanism under GST that allows registered taxpayers to claim credit for taxes paid on inputs and capital goods. This helps remove cascading of taxes and ensures only value added at each stage is taxed. Taxpayers can utilize input tax credit to offset output tax liability, and only pay the net amount. Some key conditions for claiming ITC include possessing valid tax invoices, actual receipt of goods/services, and taxes being paid by the supplier. Unutilized credit can be carried forward or in some cases, claimed as a refund. Strict matching and reconciliation rules apply to verify ITC claims.
Taxpert Professionals || Presentation on Goods and Services TaxTAXPERT PROFESSIONALS
This document provides an overview of the framework and key aspects of the Goods and Services Tax (GST) that was implemented in India in 2017. It discusses the present indirect tax structure, taxes that will be subsumed under GST, the proposed GST rate structure, and key concepts like taxable supply, time and place of supply, input tax credit, returns and compliance requirements. It also covers transitional provisions and highlights aspects businesses need to consider to prepare for GST, such as registration requirements, determining the place of supply, and increased compliance. Taxpert Professionals can help businesses with impact analysis, implementation support, and ongoing assistance to navigate GST requirements.
GST - CGST, SGST, IGST, UTGST
Rate of TDS, Value of supply on which TDS shall be deducted
How can the Deductee claim the benefit of TDS?
Refund of the excess amount deducted
The document discusses TDS under GST in India. It outlines who is liable to deduct TDS, when the liability is triggered (over Rs. 250,000 contract value), the TDS rates of 1-2%, how to calculate the TDS amount, registration requirements, payment due dates within 10 days of the month, providing a TDS certificate within 5 days, and how deductees can claim a refund of the TDS amount.
This document provides an overview of the Goods and Services Tax (GST) that is being implemented in India. It discusses the problems with the current indirect tax system, why GST is being introduced, the framework of GST including which central and state taxes will be subsumed, GST registration requirements, taxes and credit utilization, invoicing under GST, time of supply, and benefits of GST. The document also provides details on present tax structure, problems with sales tax, why India needs GST, and what approach businesses should take to prepare for the transition to GST.
GST - 24 Things you should know about Draft GST Rules & FormsTaxmann
This document provides a summary of 24 key points about the draft GST rules and forms released by the Central Board of Excise and Customs (CBEC) related to registration, invoices, returns, payments, and refunds under the Goods and Services Tax (GST) regime in India. Some highlights include that registration applications will be made online, invoices must include additional details for large unregistered recipients, returns will involve filing outward supply details in Form GSTR-1 and inward supply details in Form GSTR-2, payments will involve electronic ledgers to track tax liability, credits, and amounts paid, and refund claims can receive provisional refunds of 80% under certain conditions.
GST - 24 Things you should know about Draft GST Rules & FormsTaxmann
This document provides a summary of 24 key points about the draft GST rules and forms released by the Central Board of Excise and Customs (CBEC) related to registration, invoices, returns, payments, and refunds under the Goods and Services Tax (GST) regime in India. Some highlights include that registration applications will be made online, registration will generally be granted within 3-7 days, invoices must include certain details for supplies over Rs. 50,000, registered taxpayers will file monthly GSTR-1, GSTR-2 and GSTR-3 returns, electronic ledgers will track tax liability, credits, and payments, and refund claims can receive provisional 80% refunds under certain conditions.
Goods and Services Tax is a destination based tax on consumption of goods and services. It is proposed to be levied at all stages right from manufacture up to final consumption with credit of taxes paid at previous stages available as set off. In a nutshell, only value addition will be taxed and burden of tax is to be borne by the final consumer.
- GST refunds are available if a taxpayer has paid more GST than owed through excess tax payments, input tax credits, or other qualifying situations.
- To claim a refund, the taxpayer must file an electronic application in FORM GST RFD-01 along with supporting documents like invoices and statements. For refunds over Rs. 2 lakhs, an accountant certificate is required.
- The time limit to claim a GST refund is generally two years from the date of payment, export, or other relevant event. Specific dates and processes apply for different refund-eligible situations like exports, court orders, exports of services, and more.
Tax refund includes refund of tax on goods and/or services exported out of India or on inputs or input services used in the goods and/or services which are exported outside India, or refund of tax on the supply of goods regarded as deemed exports, or refund of unutilized input tax credit as provided under section 38(2).
OBJECTIVE
Goods and Services Tax (GST) is an Indirect Tax levied in India introduced in July, 2017 which was one of the most important reforms in the Indian Economy. Unlike erstwhile indirect tax regime, GST promises seamless credit on goods and services across the entire supply chain with some exceptions. In this webinar, we shall understand and analyse the provisions related to Input Tax Credit under the GST law
If you are a GST payer and have not claimed your GST Refund . We can help. We are GST Refund on exports of GST and know how to get your refund quickly. You can use our services to claim your gst refund services.
Final gst vth unit payments of tax interest penalty and tdd&tcsSureshBabuMannarColl
1. The document discusses various ways of paying GST in India, such as using input tax credits, cash payments, or tax deduction at source.
2. It explains the different entities responsible for tax payments like suppliers, recipients, tax deductors, and e-commerce operators. Deadlines vary from monthly to quarterly based on the entity.
3. Input tax credits must be used in a priority order of IGST first, then CGST and finally SGST/UTGST. Non-payment can result in interest charges, penalties, and in serious cases, prosecution.
GST DRAFT key points by CA Firm Challani Agarwal & Associates, Pune.Nandkumar Jethani
The document outlines key points from India's Model GST Law, including details on registration requirements, taxable events, utilization of credits, returns, and transitional provisions. Specifically, it notes that the threshold for registration is annual turnover of Rs. 9 lakhs, except in North Eastern States where it is Rs. 4 lakhs. It also describes various methods for valuation of goods and services under GST and specifies that registered entities will need to file monthly, quarterly, annual and other returns detailing their supplies, input tax credits, tax payable and paid.
A brief understanding of proposed provisions of Goods & Service Tax, 2016. It includes Dual Structure of GST, Input Credit of GST, Returns or Payments in GST, TDS/TCS in GST.
This document provides an overview of the Goods and Services Tax (GST) in India. It defines GST as a comprehensive tax on the manufacture, sale, and consumption of goods and services applied at the national level. The document discusses the need for GST to replace existing multiple tax structures and integrate various taxes to allow for full input tax credits. It outlines the justification for GST at both the central and state levels. The document also covers the key features and benefits of GST, including the types of taxes subsumed under GST, registration requirements, taxable supplies, input tax credits, and returns.
Indian Cable Net Co. Ltd presents GST Guide for LCOs registration, returns, payment and penalty for non-compliance under GST Act, 2017. This presentation is exclusively a property of ICNCL and no part of it can be reproduced and copied, with accrediting the source.
GST returns require various monthly, quarterly, and annual filings by different registered taxpayer types. Monthly returns include GSTR-1 for outward supply details, GSTR-2 for inward supply details, and GSTR-3 which is the final monthly return filed along with tax payment. Quarterly returns apply to composite taxpayers, while annual returns like GSTR-9 are required for audited accounts. Special returns also apply to input service distributors, non-resident foreign taxpayers, and e-commerce operators. Due dates for returns generally fall on the 10th, 15th, or 20th of the following month.
Input tax credit is a mechanism under GST that allows registered taxpayers to claim credit for taxes paid on inputs and capital goods. This helps remove cascading of taxes and ensures only value added at each stage is taxed. Taxpayers can utilize input tax credit to offset output tax liability, and only pay the net amount. Some key conditions for claiming ITC include possessing valid tax invoices, actual receipt of goods/services, and taxes being paid by the supplier. Unutilized credit can be carried forward or in some cases, claimed as a refund. Strict matching and reconciliation rules apply to verify ITC claims.
Taxpert Professionals || Presentation on Goods and Services TaxTAXPERT PROFESSIONALS
This document provides an overview of the framework and key aspects of the Goods and Services Tax (GST) that was implemented in India in 2017. It discusses the present indirect tax structure, taxes that will be subsumed under GST, the proposed GST rate structure, and key concepts like taxable supply, time and place of supply, input tax credit, returns and compliance requirements. It also covers transitional provisions and highlights aspects businesses need to consider to prepare for GST, such as registration requirements, determining the place of supply, and increased compliance. Taxpert Professionals can help businesses with impact analysis, implementation support, and ongoing assistance to navigate GST requirements.
GST - CGST, SGST, IGST, UTGST
Rate of TDS, Value of supply on which TDS shall be deducted
How can the Deductee claim the benefit of TDS?
Refund of the excess amount deducted
The document discusses TDS under GST in India. It outlines who is liable to deduct TDS, when the liability is triggered (over Rs. 250,000 contract value), the TDS rates of 1-2%, how to calculate the TDS amount, registration requirements, payment due dates within 10 days of the month, providing a TDS certificate within 5 days, and how deductees can claim a refund of the TDS amount.
This document provides an overview of the Goods and Services Tax (GST) that is being implemented in India. It discusses the problems with the current indirect tax system, why GST is being introduced, the framework of GST including which central and state taxes will be subsumed, GST registration requirements, taxes and credit utilization, invoicing under GST, time of supply, and benefits of GST. The document also provides details on present tax structure, problems with sales tax, why India needs GST, and what approach businesses should take to prepare for the transition to GST.
GST - 24 Things you should know about Draft GST Rules & FormsTaxmann
This document provides a summary of 24 key points about the draft GST rules and forms released by the Central Board of Excise and Customs (CBEC) related to registration, invoices, returns, payments, and refunds under the Goods and Services Tax (GST) regime in India. Some highlights include that registration applications will be made online, invoices must include additional details for large unregistered recipients, returns will involve filing outward supply details in Form GSTR-1 and inward supply details in Form GSTR-2, payments will involve electronic ledgers to track tax liability, credits, and amounts paid, and refund claims can receive provisional refunds of 80% under certain conditions.
GST - 24 Things you should know about Draft GST Rules & FormsTaxmann
This document provides a summary of 24 key points about the draft GST rules and forms released by the Central Board of Excise and Customs (CBEC) related to registration, invoices, returns, payments, and refunds under the Goods and Services Tax (GST) regime in India. Some highlights include that registration applications will be made online, registration will generally be granted within 3-7 days, invoices must include certain details for supplies over Rs. 50,000, registered taxpayers will file monthly GSTR-1, GSTR-2 and GSTR-3 returns, electronic ledgers will track tax liability, credits, and payments, and refund claims can receive provisional 80% refunds under certain conditions.
Goods and Services Tax is a destination based tax on consumption of goods and services. It is proposed to be levied at all stages right from manufacture up to final consumption with credit of taxes paid at previous stages available as set off. In a nutshell, only value addition will be taxed and burden of tax is to be borne by the final consumer.
- GST refunds are available if a taxpayer has paid more GST than owed through excess tax payments, input tax credits, or other qualifying situations.
- To claim a refund, the taxpayer must file an electronic application in FORM GST RFD-01 along with supporting documents like invoices and statements. For refunds over Rs. 2 lakhs, an accountant certificate is required.
- The time limit to claim a GST refund is generally two years from the date of payment, export, or other relevant event. Specific dates and processes apply for different refund-eligible situations like exports, court orders, exports of services, and more.
Tax refund includes refund of tax on goods and/or services exported out of India or on inputs or input services used in the goods and/or services which are exported outside India, or refund of tax on the supply of goods regarded as deemed exports, or refund of unutilized input tax credit as provided under section 38(2).
OBJECTIVE
Goods and Services Tax (GST) is an Indirect Tax levied in India introduced in July, 2017 which was one of the most important reforms in the Indian Economy. Unlike erstwhile indirect tax regime, GST promises seamless credit on goods and services across the entire supply chain with some exceptions. In this webinar, we shall understand and analyse the provisions related to Input Tax Credit under the GST law
If you are a GST payer and have not claimed your GST Refund . We can help. We are GST Refund on exports of GST and know how to get your refund quickly. You can use our services to claim your gst refund services.
The simplified electron and muon model, Oscillating Spacetime: The Foundation...RitikBhardwaj56
Discover the Simplified Electron and Muon Model: A New Wave-Based Approach to Understanding Particles delves into a groundbreaking theory that presents electrons and muons as rotating soliton waves within oscillating spacetime. Geared towards students, researchers, and science buffs, this book breaks down complex ideas into simple explanations. It covers topics such as electron waves, temporal dynamics, and the implications of this model on particle physics. With clear illustrations and easy-to-follow explanations, readers will gain a new outlook on the universe's fundamental nature.
This slide is special for master students (MIBS & MIFB) in UUM. Also useful for readers who are interested in the topic of contemporary Islamic banking.
This presentation was provided by Steph Pollock of The American Psychological Association’s Journals Program, and Damita Snow, of The American Society of Civil Engineers (ASCE), for the initial session of NISO's 2024 Training Series "DEIA in the Scholarly Landscape." Session One: 'Setting Expectations: a DEIA Primer,' was held June 6, 2024.
2. Introduction
• Goods and Services Tax is an indirect tax levied on the
supply of goods and/or services. It is a destination
based tax. The GST would apply to all goods other than
alcoholic liquor for human consumption and five
Petroleum products.
• GST Act replaced Central Acts such as Central Excise
duty, Service Tax, Central Surcharges etc. and State Acts
such as VAT Act, CST Act, Luxury Tax, Entertainment Tax,
Entry Tax etc.
2
3. Some Key words:
Taxable Supply: means the supply of goods or services or both
which is leviable to tax under GST Act.
Deductor: Deductor is the person who is required to deduct TDS for
a supply from a supplier.
Deductee: The supplier from whom tax is deducted.
3
4. Legal provision
• Tax deduction at Source by the notified category of
persons is mandatory as per Section 51 of the CGST and
TGST Acts, 2017.
• Registration as a Tax Deductor is to be taken separately
even if the person / undertaking etc. is having GSTIN for
business purposes.
4
5. The following persons need to deduct TDS
1. A department or establishment of the Central or State
Government, or
2. Local authority, or
3. Governmental agencies, or
4. 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.
5. 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.
6. Public sector undertakings.
5
6. Value of supply on which TDS shall be deducted
For the purpose of deduction of TDS, the value of purchases or
contract is to be taken as the amount excluding the tax
indicated in the invoice. This means TDS shall not be deducted
on the CGST, SGST or IGST component of invoice
.
To whom would you pay TDS
TDS shall be paid within 10 days from the end of the month in
which tax is deducted. The payment shall be made to the
appropriate government, which means:
CENTRAL GOVERNMENT - In case of IGST & CGST
STATE GOVERNMENT - In case of SGST
6
7. Rate of TDS
• TDS is to be deducted at the rate of 1% under Telangana
GST and 1% under Central GST or 2% IGST from the
payments made to the supplier of taxable goods and/or
services, where the total value of such supply, exceeds
two lakh fifty thousand rupees under a contract.
7
8. Illustration
(a) For instance gross taxable contract value is Rs 2,70,000/-
Supply value before tax is Rs 241071/-
SGST and CGST collection @ 12% - Rs 28929/-
Total – Rs 270000/-, in this case TDS is not applicable as net value of contract is less
than Rs 250000/-.
(b) For instance gross taxable contract value is Rs 3,10,000/-
Net Rs 276786/-
SGST and CGST collection @ 12% - Rs 33214/-
Total – Rs 310000 /-, in this case TDS will be @ 1% each under SGST and CGST
is applicable as net value of contract is more than Rs 250000/-.
8
9. Intra-State supply
Generally, when both the supplier and the recipient are
within the State, the supply is “Intra State Supply”
(within the State Supply). In such case, TDS of 1% CGST
and 1% SGST shall be made.
Inter-State supply
Generally, when the supplier is in a State other than the State
of the receiver (i.e. the supply is from outside the State), the
supply is Ïnter State supply”and TDS of 2% IGST shall be
made.
9
10. Filing of Return and issue of TDS certificate
1. TDS deducted should be reported in a return form GSTR 7 by the 10th day of
the month succeeding the month in which TDS was collected. Eg. If TDS is made in
the month of October, 2018, the Return in GSTR 7 shall be filed before 10th
November, 2018.
2.If in any month there is no deduction on account of TDS, no need of file return for
that month.
3. They need to issue a certificate in form GSTR-7A to the supplier within 5 days of
filing of return in Form GSTR – 7 mentioning therein the contract value, rate of
deduction, amount deducted, the amount paid to the appropriate
Government. GSTR-7A is generated online by the system.
10
11. When TDS not applicable
a) Total value of taxable supply ≤ Rs. 2.5 Lakh under a contract.
b) Contract value > Rs. 2.5 Lakh for both taxable supply and exempted
supply, but the value of taxable supply under the said contract ≤ Rs. 2.5
Lakh.
c) Receipt of services which are exempted. For example services exempted
under notification No. 12/2017 – Central Tax (Rate) dated 28.06.2017 as
amended from time to time.
d) Receipt of goods which are exempted. For example goods exempted
under notification No. 2/2017 – Central Tax (Rate) dated 28.06.2017 as
amended from time to time.
11
12. When TDS not applicable ….
e) Goods on which GST is not leviable. For example petrol, diesel,
petroleum crude, natural gas, aviation turbine fuel (ATF) and alcohol for
human consumption.
f) Where a supplier had issued an invoice for any sale of goods in respect
of which tax was required to be deducted at source under the VAT Law
before 01.07.2017, but where payment for such sale is made on or after
01.07.2017 .
g) Where the location of the supplier and place of supply is in a State
which is different from the State where the deductor is registered.
Where the tax is to be paid on reverse charge by the recipient i.e. the
deductee.
12
13. How can the Deductee claim the benefit of TDS?
Any amount deducted as TDS and reported in GSTR – 7 will
automatically reflect in electronic cash ledger of the Deductee.
13
14. Refund of the excess amount deducted
In case the amount is
claimed by the deductee in
his electronic cash ledger
In case the amount is not so
claimed by the dealer
Refund to deductor is not possible in such case.
However, deductee can claim a refund of tax
subject to refund provisions of the act.
Refund of erroneous excess TDS deducted is
possible (to deductor) , subject to refund
provision and procedure of the act. (This
condition arises when deductor not filed return
GSTR-7)
14
15. Requirements for registration
1. Applicant must have a valid PAN or a TAN.
2. Valid mobile number.
3. Valid E-mail ID.
4. Applicant must have the following documents and information on all
mandatory fields as required for registration.
(a) Passport size photo (<100KB in JPEG format)
(b) PAN card
(c) Address proof
for Own premises: Latest Property Tax receipt or Electricity bill
for Rented or Leased premises: Valid Rent / Lease agreement
along with ownership proof like property tax receipt or electricity bill
for premises not covered above: A consent letter with any
document in support of the ownership like property tax or electricity bill
(d) DSC of DDO/ Aadhar verification / EVC
(e) If authorized signatory is other than DDO then passport size photo of
such person.
15
16. Introduction
Slide 16
Payment Modes
Payments
GST Payment Modes
Online Payments
Credit/Debit card Internet Banking
Other Payment Methods
Over the Counter NEFT/RTGS
NOTE: All payments are deposited into the Electronic Cash Ledger & funds are utilized from it when taxpayer makes payments for liabilities.
17. Penal Provisions
Registration:
Section 25(1): Every person who is liable to be registered under Section 22 (regular registration) or
Section 24 (TDS etc) shall apply for registration within thirty days from the date on which he becomes
liable to registration.
Failure to take Registration
Section 122(1) (xi) – Offences & Penalties:
Where a taxable person who is liable to be registered under this Act but fails to obtain registration –
shall be liable to pay a penalty of ten thusand rupees or an amount equivalent to the tax evaded or
the tax not deducted under Section 51 or short deducted or deducted but not paid to the
Government .. Or input tax credit availed of or passed on or distributed irregularly, or the refund
claimed fraudulently, whichever is higher.
17
18. Penal Provisions
Failure to furnish the certificate in form GSTR-7A to the deductee by the deductor after deducting
the tax at source, within five days of crediting the amount so deducted to the Government: The
deductor shall pay, by way of a late fee, a sum of one hundred rupees per day from the day after the
expiry of such five day period until the failure is rectified, subject to a maximum amount of five
thousand rupees. ---- Section 51(4)
Failure to pay to the Government the amount deducted: The deductor shall pay interest at a rate
not exceeding eighteen percent in addition to the amount of tax deducted. ----- Section 51(6)
Failure to deduct the tax or deducts an amount which is less than the amount required to be
deducted or failure to pay to the Government , the amount deducted as tax: Liable to pay a penalty
of ten thousand rupees or an amount equivalent to the tax evaded or the tax not deducted or
deducted but not paid to the Government, whichever is higher. ----- Section 122(1)
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Facilitation Notes:
E-FPB: E-PFB stands for Electronic Focal Point Branch. These are branches of authorized banks which are authorized to collect payment of GST. Each authorized bank will nominate only one branch as its E-FPB for pan India Transactions. The E-FPB will have to open accounts under each major head for all governments. Total 38 accounts (one each for CGST, IGST and one each for SGST for each State/UT Govt.) will have to be opened. Any amount received by such E-FPB towards GST will be credited to the appropriate account held by such E-FPB. For NEFT/RTGS transactions, RBI will act as E-FPB.