5 Questions
Who is required to collect TCS under GST?
E-commerce operators
Who is required to deduct TDS under GST?
Government agencies
What is the purpose of TDS under GST?
To ensure advance collection of tax
What happens to the amount collected through TCS under GST?
It is deposited to the government account
How can a supplier benefit from TCS under GST?
By claiming credit while filing GST returns
Study Notes
TCS and TDS under GST
TCS (Tax Collected at Source)
- E-commerce operators and sellers are required to collect TCS under GST
- TCS is a mechanism to collect tax at the point of sale
TDS (Tax Deducted at Source)
- Certain persons or entities, such as government agencies, are required to deduct TDS under GST
- TDS is a mechanism to deduct tax at the point of payment
Purpose of TDS under GST
- The purpose of TDS is to ensure that the tax is deducted at the point of payment and deposited with the government
TCS Amount
- The amount collected through TCS is deposited with the government
- The supplier can claim credit of the TCS amount in their GST returns
Benefits of TCS for Suppliers
- Suppliers can benefit from TCS as they can claim credit of the TCS amount in their GST returns
- TCS helps to reduce the tax liability of the supplier
Test your knowledge of Tax Deduction at Source (TDS) under GST with this quiz. Explore the applicability of TDS to specific entities, the threshold for deduction, and the deposit process.
Make Your Own Quizzes and Flashcards
Convert your notes into interactive study material.
Get started for free
