WebApr 27, 2024 · Ans: TDS provisions under GST are applicable only to government department, local authority and PSU. HSN and SAC to declared only above this limit Q. … WebNov 5, 2024 · CBIC exempt supply of Goods and Services from PSU to PSU from applicability of provisions relating to TDS vide Notification No. 61/2024 – Central Tax Dated 5th November, 2024. Government of India Ministry of Finance (Department of Revenue) …
GST FAQs for Government / Other Line Departments & Local
WebSep 16, 2024 · Section 51 of the CGST Act, 2024 empowers the government to provide for deduction of certain amount as TDS in the hands of prescribed persons i.e Central Government, State Governments or Local authorities etc. against the payments to be made to the registered person. WebAug 24, 2024 · Services provided by Police, Fire and Rescue Services or security agencies of Government to PSU/private business entities are not exempt from GST. Such services are taxable supplies and the recipients are required to pay the tax under reverse charge mechanism on the amount of consideration paid to Government for such supply of services. lyme chronic symptoms
Seeks to exempt supply from PSU to PSU from applicability of …
WebThe government implemented TDS and TCS in GST to strengthen tax evasion regulation. Sections 51 and 52 of the CGST Act cover the provisions of TDS and TCS under GST, … WebDec 31, 2024 · TDS Applicability for supplies from Govt/PSUs to Govt/PSUs Supplies made by Government Departments, local governments, government agencies and … WebSep 21, 2024 · • TCS is required to be collected from the buyer whose aggregate purchases exceed Rs.50 lacs in any previous year. • TCS is required to be collected only on sale consideration exceeding Rs. 50 lacs. In other words, TCS on first Rs.50 lacs is not required to be collected. • Rate of TCS provided in the section is 0.1% of sale consideration. king\u0027s chinese carryout abingdon md