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.

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

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 Website !🧐

GST monthly return date should be extended considering the state of the website.

1 day extension for GSTR-3B (Monthly) return

🔁 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

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

Form GSTR 2A – It contains information of Auto Drafted Supplies whereas Form GSTR 2B – 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.

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!

Let's understand about TDS Section 194N in a simple way along with examples.

To discourage cash payments, the finance minister has introduced Sec 194N in Budget 2019 for TDS on cash withdrawals exceeding ₹1 crore.

In Budget 2020 the threshold limit for TDS u/ 194N was reduced to ₹20 lakh for taxpayers who hve not filed their IT returns for past 3 years

TDS on cash withdrawal u/s 194N will not apply to withdrawals made by the following persons:

1. Central or state government

2. Private or public sector bank

3. Any cooperative bank

4. Post office

5. Business correspondent of any bank

6. White label ATM operator of any bank

7. Central government specified commission agents or traders operating under APMC for making payment to the farmers on account of purchase of agriculture produce

8. Authorized dealers and its franchise agent and sub-agent and FFMC licensed by RBI and its franchise agents