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2. APPLICABLE TO WHOME?
• To Buyer of Goods whose Turnover exceeds Rs.10 crore in previous financial year.
• 0.1% of aggregate value of the Goods exceeding INR 50 Lakh in the financial year.
• Aggregate Value of GOODS means GOODS – GOODS RETURN
7. Will TDS be deducted on after GST bill value or before GST bill value?
• TDS will be applicable on purchase value inclusive of GST.
8. What if Goods advance payment made before 30.06.2021 and goods purchased after 01.07.2021?
• NO TDS will be applicable.
9. Will discount and goods return credit note deducted from bill value to deducted TDS?
• TDS will be applicable of full purchase value, without deducting credit note.
10. What if one customer has multiple units under same PAN CARD?
• All units with same PAN Card will be taken into consideration for arriving exemption limit of Rs.50 Lakhs.
11. What if customer does not comply with the above law, inspite of being applicable on them?
• Penalty will be levied on customer by Income Tax Department as mentioned below:
- Liable to pay Interest at 1% for every month or part thereof on TDS he failed to deduct.
- Liable to pay Interest at 1.5% for every month or part thereof on TDS he failed to Deposit to Govt.
- 30% purchase value will be disallowed while computing taxable income.
- Rs.200 per day for non filing of TDS Returns and can go upto Rs.1,00,000/-
INTERPLAY Between TDS 194Q and TCS 206C(1H)
EXAMPLE