TDS/ TCS provision under GST, Central Government vide notification No.50-Central Tax-Dated 13-09-2018 & notification No.51-Central Tax-Dated 13-09-2018 has appointed 1stday of October 2018 as the date on which the provision of Sec 51 (TDS) & Sec 52 (TCS) shall come into force.
1. Who is required to Deduct TDS under GST
Section 51 of the CGST Act, 2017 has prescribes the authority and procedure for ‘Tax Deduction at Source’
As per section 51(1), the following class of person shall be required to deduct tax at source @2% ( CGST 1% + SGST 1%) on the payment made or credited to the supplier where the total value of supply under a contract exceed Rs.2,50,000/-excluding GST:
(a) a department or establishment of the Central Government or State Government; or
(b) local authority; or
(c) Governmental agencies, or
(d) Following categories of …Continue Reading