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TDS/TCS

Person deducting tax under GST is required to get compulsory Registration? Yes, the person deducting tax needs to take compulsory registration under section 24 of CGST or SGST Act, 2017. In this case, registration has to be taken without any threshold limits. Also, the same can be taken only with TAN and having PAN (Permanent Account Number) is not mandatory. Whether the status of Registration application be tracked online? Yes, it is possible to track the status of a registration application by the process mentioned below Click on GST websiteSEE DETAILS

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TDS/TCS

TDS means Tax deducted at source. It means the income is taxed as and when you earn. The concept of TDS is applicable in both Acts – newly introduced GST and the Income Tax Act. So, with the help of this blog, let’s get the deep insights. The below table represents the differences between TDS under Income Tax and TDS under GST in a summarised form. S.No. Particulars TDS under Income Tax TDS under GST 1 Deductor Every person who is making the specified payments mentioned under the Income Tax.SEE DETAILS

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TDS/TCS

Tax Collection at Source in respect of GST means an amount of tax collected by the e-commerce operators from the proceeds transferable to actual sellers. Let us get a clear understanding of the complete scenario with a case study Suppose, there is a seller named M/s XYZ who sells his goods through Amazon For ₹ 1,20,000. In this case, the customer will place a purchase request on Amazon and will remit money i.e ₹ 1,20,000 to Amazon. Further Amazon will give pre-decided consideration to actual seller M/s XYZ (say ₹SEE DETAILS

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TDS/TCS

Tax deduction at source i.e. giving the receiver money after subtracting from it taxes has been an age-old concept. But, its inception in GST is quite recent. Now the notified classes of persons would be required to comply provisions of TDS under GST. In this blog, we will try to decode all related matters and get an in-depth understanding of the same. What is TDS in GST? BlogBlogTax Deduction at Source means when a payment is made to a person it is already adjusted for taxes. For eg. if paymentSEE DETAILS

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