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We are full service firm focuses in domain of Business Setup in India, FEMA, Expatriates Taxation, Accounting Outsource, International Taxation, Auditing, Transaction advisory and so on.<br><br>Underpinned by our values and with our global presence, we serve on FDI advisory, cross-border accounting, International tax planning and Management consulting needs of our overseas clients all over the world.<br>https://vjmglobal.com/
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1. Who Is Liable to Deduct TDS Under GST? • According to section 51, here are the liabilities of the deductors who can deduct TDS under GST: • Department of state government or central government • Local authority • Government agencies • An authority or a board or any other party,- • Set up by an Act of Parliament or a State Legislature; or • Established by any Government,
2. When One Can Deduct TDS? • The deductors who we talked about in the above section are able to deduct TDS from the amount they pay to their suppliers. These recipients can only deduct the TDS tax if the total value of the taxable goods and/or services meets Rs 2.50 Lakhs. Also, For Intra-state supplies, TDS @ 2% is deductible where 1% represents CGST and 1% represents SGST. However, in the case of Inter-state supplies, 2% represents IGST.
3. Situations for TDS Deductors • The deductors can deduct TDS from the payment made to the supplier under the following conditions- • The total amount paid to a single contract should be over Rs 2.50 Lakhs. However, this is a taxable value and therefore, it should not include any taxes. • Service provider and the receiver should be in the same state or in a union territory. Moreover, this also relates to intra-state supplies where the TDS rate should be 2% to be deducted by the deductor for IGST/CGST/SGST.
