{"id":10552,"date":"2018-09-18T18:30:28","date_gmt":"2018-09-18T13:00:28","guid":{"rendered":"https:\/\/enterslice.com\/learning\/?p=10552"},"modified":"2023-03-17T11:14:10","modified_gmt":"2023-03-17T05:44:10","slug":"tds-and-tcs-provisions-notified-under-gst","status":"publish","type":"post","link":"https:\/\/enterslice.com\/learning\/tds-and-tcs-provisions-notified-under-gst\/","title":{"rendered":"TDS and TCS Provisions are notified under GST"},"content":{"rendered":"

TDS and TCS Provisions – Recently, The Ministry of Finance, vide Notification No. 50\/2018 and 51\/2018-Central Tax dated 13 September 2018, stated that on upcoming 1st<\/sup> October provisions regarding the Tax Deducted at Source (TDS) and Tax Collected at Source (TCS) under Section 51 and Section 52 respectively of the CGST Act will come into force.<\/p>\n

Now let’s Discuss the Aforesaid Statutory Provisions:<\/h2>\n

TDS Provisions:<\/h3>\n

As per section 51 of the CGST Act, it is mandatory to deduct TDS at the rate of 1% of the value of supply for certain specified entities which are closely concerned with the government at the time of making payment to the supplier in case of intra-state supply of goods or services value exceeding Rs. 2.5 Lakhs.<\/p>\n

Above mentioned provision is the same under SGST, therefore, the cumulative deduction will be 2% of the value of the supply.<\/p>\n

The following below Mentioned Entities will have to Deduct TDS with effect from 1st<\/sup> October 2018:<\/h2>\n
    \n
  1. Central Government or State Government department or establishment;<\/li>\n
  2. Local authority;<\/li>\n
  3. Governmental agency;<\/li>\n
  4. An authority\/board \/ any other body,<\/li>\n<\/ol>\n