Meaning of term TDS Return under GST

Posted on 10 June 2022 Category : GST terms

TDS Return Means

This post explains about TDS Return under GST.

TDS Return:

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.

Consequences of not complying with TDS provisions:

TDS not deducted

Interest to be paid along with the TDS amount; else the amount shall be determined and recovered as per the law

TDS certificate not issued or delayed beyond the prescribed period of five days:

Late fee of Rs. 100/- per day subject to a maximum of Rs. 5000/-

TDS deducted but not paid to the Government or paid later than 10th of the succeeding month:

Interest to be paid along with the TDS amount; else the amount shall be determined and recovered as per the Act.

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