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TDS on GST Video Lecture | Income Tax for assessment (Inter Level) - Taxation
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FAQs on TDS on GST Video Lecture - Income Tax for assessment (Inter Level) - Taxation
| 1. What is TDS on GST taxation? |  |
Ans. TDS on GST taxation refers to the Tax Deducted at Source (TDS) mechanism implemented on Goods and Services Tax (GST) transactions. Under this mechanism, certain specified persons are required to deduct a certain percentage of the payment made to the supplier of goods or services and deposit it with the government as TDS.
| 2. Who is liable to deduct TDS on GST? | |
Ans. As per the GST laws, the following persons are liable to deduct TDS on GST:
- Government departments or establishments
- Local authorities
- Governmental agencies
- Persons who are notified by the government
| 3. What is the rate of TDS on GST? | |
Ans. The rate of TDS on GST is 2% (1% each for CGST and SGST/UTGST) for intra-state supplies and 2% (2% IGST) for inter-state supplies. However, this rate may vary in certain cases as notified by the government.
| 4. What is the due date for depositing TDS on GST? | |
Ans. The due date for depositing TDS on GST is the 10th of the following month in which the deduction is made. For example, if TDS is deducted in the month of October, it should be deposited by the 10th of November.
| 5. Can TDS on GST be claimed as input tax credit (ITC)? | |
Ans. Yes, the TDS on GST deducted can be claimed as input tax credit (ITC) by the deductee. The deductee can utilize the TDS amount deducted by the deductor for discharging their GST liability. The TDS amount is reflected in the electronic cash ledger of the deductee.
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Nov 16, 2024 Last updated |
Video Description: TDS on GST for Taxation 2024 is part of Income Tax for assessment (Inter Level) preparation.
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