However, if, for any reason, TCS u/s 206C(1H) has been collected by the seller before the buyer could deduct TDS u/s 194Q on the same transaction, such transaction would not be subjected to TDS again by the buyer.
This has been clarified by CBDT.
This has been clarified by CBDT.
Similar consequences as to other TDS section. Disallowance.
one time dispute settlement scheme like introduced for service tax dispute settlement is on its way: source
Forwarded from GST Discussion Group - Updates & Queries
16+ Earning oriented courses - get extra discount on courses this diwali
For 16+ Advance πππ₯π‘ππ‘π oriented practical certification courses
Download Certification Courses app
π Android - https://capiyush.online/sapp1
π Apple iOS - https://capiyush.online/sapp2
Org Code - CAPG
For 16+ Advance πππ₯π‘ππ‘π oriented practical certification courses
Download Certification Courses app
π Android - https://capiyush.online/sapp1
π Apple iOS - https://capiyush.online/sapp2
Org Code - CAPG
π1
as explained above, if for a transaction, TCS is collected by mistake, then TDS is not required to be deducted.
first preference has to be given to TDS, so its primarily buyer's responsibility to deduct TDS.
First preference needs to be given to TDS.
So our suggestion would be that you give a declaration to the seller that TDS is applicable to you and henceforth you will deduct TDS and he should stop collecting TCS.
So our suggestion would be that you give a declaration to the seller that TDS is applicable to you and henceforth you will deduct TDS and he should stop collecting TCS.
GST Updates
20th October is the due date for filing GSTR-3B (Monthly) for the month of September 2022.
Do file it on time to avoid any late fees
20th October is the due date for filing GSTR-3B (Monthly) for the month of September 2022.
Do file it on time to avoid any late fees
Knowledge Series: Can u/s 122(1) of CGST Act, 2017 can be demanded without issuing SCN under section 73/74 of CGST Act 2017?
GST monthly return date should be extended considering the state of the website.
π RT Last Date for filing MEF extended to 9th Nov!!
The Professional Development Committee has extended the last date for submission of Multipurpose Empanelment Form for the year 2022-23 from 28th October 2022 to 9th November 2022
The Professional Development Committee has extended the last date for submission of Multipurpose Empanelment Form for the year 2022-23 from 28th October 2022 to 9th November 2022
Let's understand the difference between "GSTR-2A vs GSTR-2B" in a simple way.
Both GSTR 2A and GSTR 2B are auto-populated returns available in GST portal
Both GSTR 2A and GSTR 2B are auto-populated returns available in GST portal
Form GSTR 2A β It contains information of Auto Drafted Supplies whereas Form GSTR 2B β It is an Auto Drafted ITC (Input Tax Credit) Statement.
Interestingly, both the above-referred statement reflects details of inward supplies as well as details of an input tax credit.
Interestingly, both the above-referred statement reflects details of inward supplies as well as details of an input tax credit.
Since both the statements cover the same details, it is important to understand the distinction between the same.
May the diyas light lead you onto the road of growth and prosperity. Happy Diwali!