Quick Answer: How To Take Tds Credit In Gst?


Is TDS deductible on GST?

For the purpose of deduction of TDS, the value of supply is to be taken as the amount excluding the tax indicated on the invoice. This means TDS shall not be deducted on the CGST, SGST or IGST component of invoice. So it can be said that TDS is not deducted on the tax element ( GST ) of a transaction.

How can credit deducted TDS?

Claiming TDS TDS credit can be claimed by the deductor. To claim the credit of TDS, the deductee has to mention the details of TDS in his return of income. Deductee should take care to quote the correct TDS certificate number and TDS details while filing the return of income.

How can I check my TDS amount in GST portal?

Viewing Form GSTR-7A

  1. Step 1: Login to the Portal.
  2. Step 2: Enter the Details.
  3. Step 3: Click View / Download Certificates.
  4. Step 4: Click TDS Certificate.
  5. Step 5: Select Financial Year and Return Filing Period.
  6. Step 6: Enter the GSTIN.
  7. Step 7: Click Search.
  8. Step 8: Click Download.
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How do I claim TCS refund from GST?

What is the procedure to claim this TCS as refund? Answer: GST TCS can be claimed by filing TDS / TCS Return under GST Portal. After logging in to the GST account in GST Portal (www. gst.gov.in), under Services è Returns è TDS and TCS credit received, after selecting year and month, this return can be filed.

How is TDS calculated?

Compute the available exemptions under Section 10 of the Income Tax Act (ITA) Subtract exemptions found in step (2) from the gross monthly income calculated in step (1) Multiply the number obtained from the above calculation by 12, as TDS is calculated on yearly income. This is your taxable income from salary.

On what amount TDS is deducted?

TDS is deducted only if your total income is taxable. However, TDS will not be deducted in case your total income is Rs. 2,50,000 and this amount is applicable for men and women below the age of 60 years. Note: TDS deduction rate on salary ranges from 5% to 30% which is equivalent to the applicable income tax slabs.

How I get my TDS refund?

How to claim TDS Refund Online

  1. After registration, you can file your income tax return by downloading the relevant ITR form.
  2. Fill in the requisite details, upload the Form and click on submit.
  3. Upon filing the ITR, an acknowledgement is generated for the ITR submitted, which you must e-verify.

Who is eligible for TDS?

2. When should TDS be deducted and by whom? Any person making specified payments mentioned under the Income Tax Act are required to deduct TDS at the time of making such specified payment. But no TDS has to deducted if the person making the payment is an individual or HUF whose books are not required to be audited.

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What is the TDS rate?

TDS rates applicable for resident of India

TDS Rate (%) TDS Rates from 01.04.2020 to 13.05.2020 TDS Rates from 14.05.2020 to 31.03.2021
5 (w.e.f 01.06.2016) (10 % from 01.04.2015 to 31.05.2016) 5 3.75
(a) 2 (b) 10 (a) 2 (b) 10 1.5 7.5
1 5 (w.e.f from 01.06.2017) (If payment of Rent exceeds Rs. 50,000/- per month. )

12  6

What is TDS credit received in GST?

‘ TDS /TCS credit received ‘ tile is provided for all taxpayers from whom tax has been deducted or collected at source by registered TDS deductors/TCS collectors respectively. The deducted amount will appear in Cash Ledger which can be used for payment of balance amount of tax after setting off with the Input tax credit.

What is TDS full name?

Tax Deducted at Source ( TDS )

What is TCS tax with example?

Tax Collected at Source (TCS)

Nature of Goods Rate applicable from 01.04.2020 to 13.05.2020 Rate applicable from 14.05.2020 to 31.03.2021
A forest produce other than Tendu leaves and timber 2.5% 1.875%
Scrap 1% 0.75%
Minerals like lignite, coal and iron ore 1% 0.75%
Purchase of Motor vehicle exceeding Rs. 10 Lakhs 1% 0.75%

On which amount TCS is calculated?

For example: If TCS base amount was 10,000.00 in advance payment and line amount is 20,000.00 on sales invoice, then TCS will be calculated on 10,000.00 on sales invoice. TCS is calculated after adjusting the TCS amount which was earlier calculated on advance payment.

Is TCS to be collected on GST?

52/2018 under CGST Act and 02/2018 under IGST Act. This means for an intra-state supply TCS at 1% will be collected, i.e 0.5 % under CGST and 0.5% under SGST. Similarly, for a transaction between the states, the TCS rate will be 1%, i.e under the IGST Act.

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On what amount is TCS collected?

New section 206 (1H) was introduced in October 2020 for collecting TCS from the buyers of goods who makes a payment of more than Rs 50 lakhs towards sale consideration in the current FY. The TCS is to be collected only by the entities having more than Rs 10 crore of turnover in the previous FY.

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