Tax Deducted at Soucre ( TDS) Goods and Service Tax

GST Council in its 28th meeting held on 21.07.2018 recommended the introduction of TDS from 01.10.2018. GST Council amend GST Act time to time. There is lots of changed has been made since introduction of the Goods and Service Tax Act 2017.According to Goods and ServiceTax Act,2017 section 51 say about  Tax Deducted at Source.

The Central Government has notified the 1st day of October,2018 as the date on which the provision of section 51 of the said act come into force.

There are various class of person were notified to deduct TDS at the rate

2% IGST or

1% CGST

1% SGST

 

Where the total taxable contract value of such supply, exceeds two lakh and fifty thousand rupees. The amount deducted as tax under this section shall be paid to the Government by deductor whithin ten days after the end of the monthin which such deduction is made alongwith a return in the Form GSTR-7 giving the details of deductions and deductees.

Purpose of GST TDS

Many taxpyars avoid GST tax payment so the central govrnment decide to track such taxpayers