At the 21st meeting of the GST Council, the Council decided to open registration of persons liable to deduct TDS and TCS from 18 September. As per the Central GST (CGST) Act, the notified entities are required to collect TDS at 1% on payments to suppliers of goods or services in excess of Rs2.5 lakh. Further, e-commerce companies are required to collect 1% TCS while making payment to suppliers under GST. However, the date from which tax deducted at source (TDS) or tax collected at source (TCS) is to be done will be notified later.
GST subsumed a host of levies including excise and service tax and transformed India into a single market for seamless movement of goods and services.
The GST Council, chaired by Union Finance Minister Arun Jaitley and other members, extended the deadline for filing TRAN-1, to be filed by those businesses that want to claim credit for taxes paid before the launch of GST, form by a month to October 31. This form can now be revised once by businesses in the case of any discrepancy.
Sources –The Economic Times
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