Podcast
Questions and Answers
Who is required to collect TCS under GST?
Who is required to collect TCS under GST?
- Manufacturers
- Service providers
- E-commerce operators (correct)
- Wholesalers
Who is required to deduct TDS under GST?
Who is required to deduct TDS under GST?
- Private companies
- Individual taxpayers
- Government agencies (correct)
- Foreign investors
What is the purpose of TDS under GST?
What is the purpose of TDS under GST?
- To reduce the burden on the government
- To increase supplier's tax liability
- To ensure advance collection of tax (correct)
- To discourage supplier participation
What happens to the amount collected through TCS under GST?
What happens to the amount collected through TCS under GST?
How can a supplier benefit from TCS under GST?
How can a supplier benefit from TCS under GST?
Flashcards
Who collects TCS?
Who collects TCS?
E-commerce operators are responsible for collecting tax at source (TCS) under GST.
Who deducts TDS?
Who deducts TDS?
Government agencies are required to deduct TDS under GST.
Why TDS?
Why TDS?
The purpose of Tax Deducted at Source (TDS) under GST is to ensure that tax is collected in advance.
Where does TCS go?
Where does TCS go?
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How does TCS benefit suppliers?
How does TCS benefit suppliers?
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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
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Description
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.
