How to differentiate Direct Tax Turnover Approach with Tax Deductor?
What is Direct Tax Turnover Approach? How does Tax Deductor work under GST regime? What are the difference between Direct Tax Turnover Approach and Tax Deductor?
Under GST system, the following information explains about Direct Tax Turnover Approach and Tax Deductor.
As per GST terms, Direct Tax Turnover Approach means a third approach—which was described in the Thirteenth Finance Commission--is based on using income tax data which are available for about 94.3 lakh registered entities (including companies, partnerships, and proprietorships but not charitable organizations). Tax Deductor means the person responsible for making the payment to vendor for the supplies obtained for. Under the GST regime, section 51 of the CGST Act, 2017 prescribes the authority and procedure for ‘Tax Deduction at Source’.
The details about Direct Tax Turnover Approach and Tax Deductor with simple language from GST terms have been mentioned in this web blog separately. I suggest you to read these articles on Direct Tax Turnover Approach and Tax Deductor, so as to enable you to have a clear idea on these GST terms.
For your immediate reference, we give below web links on Direct Tax Turnover Approach and Tax Deductor separately below. You may kindly read the below links to know more about Tax Deductor and Direct Tax Turnover Approach.
What is Direct Tax Turnover Approach under GST
Tax Deductor under GST
The above information easily explains about Tax Deductor and Direct Tax Turnover Approach.
I hope, you have satisfied with the difference between Direct Tax Turnover Approach and Tax Deductor explained above. Do you have different thought on difference between Tax Deductor and Direct Tax Turnover Approach?
Share below your thoughts about Direct Tax Turnover Approach and Tax Deductor
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