Indian Tax Solution
The guidelines pertaining to TDS under Section 51 of the Goods and Services Tax Act will come into force on October 1, according to a press release by Joint Commissioner of State Tax (Vijayawada 2nd division) V. Raghunath.
Those deducting TDS should have to make applications on the common portal in Form GST Reg-07 from the above date.
The deductors include all Central and State government departments, regional authorities like municipal corporations and village panchayats, government agencies and government undertakings.
A 2% tax has to be deducted at source at the time of payment of bills to contractors for sums exceeding ₹2.50 lakh and the same has to be remitted to the government in GSTR-7.
Returns pertaining to tax deducted in a month have to be filed before the 10th of the subsequent month and a penal interest of 18% will be imposed on remittances not made before the stipulated dates.
Non-filing of returns will attract a late fee.
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