How to differentiate Tax Deduction at Source (TDS) with TDS Return?
Difference between TDS Return and Tax Deduction at Source (TDS) under GST terms
What is Tax Deduction at Source (TDS)? How does TDS Return work under GST regime? What are the difference between Tax Deduction at Source (TDS) and TDS Return?
Under GST system, the following information explains about Tax Deduction at Source (TDS) and TDS Return.
As per GST terms, Tax Deduction at Source (TDS) is a system, initially introduced by the Income Tax Department. It is one of the modes/methods to collect tax, under which, certain percentage of amount is deducted by a recipient at the time of making payment to the supplier
The deductor is also required to file a return in Form GSTR-7 within 10 days from the end of the month. If the supplier is unregistered, name of the supplier rather than GSTIN shall be mentioned in the return. The details of tax deducted at source furnished by the deductor in FORM GSTR-7 shall be made available to each of the suppliers in Part C of FORM GSTR-2A electronically through the Common Portal and the said supplier may include the same in FORM GSTR-2. The amounts deducted by the deductor get reflected in the GSTR-2 of the supplier (deductee). The supplier can take this amount as credit in his electronic cash register and use the same for payment of tax or any other liability.
The details about Tax Deduction at Source (TDS) and TDS Return with simple language from GST terms have been mentioned in this web blog separately. We suggest you to read these articles on Tax Deduction at Source (TDS) and TDS Return, so as to enable you to have a clear idea on these GST terms.
For your immediate reference, we give below web links on Tax Deduction at Source (TDS) and TDS Return separately below. You may kindly read the below links to know more about TDS Return and Tax Deduction at Source (TDS).
What is Tax Deduction at Source (TDS) under GST
Meaning of term TDS Return under GST
The above information easily explains about TDS Return and Tax Deduction at Source (TDS).
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