Difference between TDS Return and TDS credit under GST terms
What is TDS credit? How does TDS Return work under GST regime? What are the difference between TDS credit and TDS Return?
Under GST system, the following information explains about TDS credit and TDS Return.
Under TDS credit, the amounts deducted by the deductor get reflected in the GSTR-2 of the supplier (deducted). 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. A TDS certificate is required to be issued by deductor(the person who is deducting tax) in Form GSTR-7A to the deducted (the supplier from whose payment TDS is deducted), within 5 days of crediting the amount to the Government, failing which the deductor would be liable to pay a late fee of Rs. 100/- per day from the expiry of the 5th day till the certificate is issued. Under TDS Return, the deductor is required to file a return in Form GSTR-7 within 10 days from the end of the month.
The details about TDS credit 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 TDS credit 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 TDS credit and TDS Return separately below. You may kindly read the below links to know more about TDS Return and TDS credit.
Term TDS credit, TDS certificate under GST
Meaning of term TDS Return under GST
The above information easily explains about TDS Return and TDS credit.
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