CBIC has released an Updated FAQ on TDS dated December 27, 2018

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The Central Board of Indirect Taxes and Customs (“CBIC”) has issued an updated Frequently Asked Questions (FAQs) along with their Answers on topic relating to “TDS under GST” dated December 27, 2018

Some of the gist of key highlighted point which cover under the following FAQs are:-

  • All deductions made earlier must be included while furnishing the first return. In other words, while furnishing the return for the month of November, 2018, TDS deducted for the months of October and November, 2018 shall be included in the said return.
  • Tax is required to be deducted from the payment made / credited to a supplier, if the total value of supply under a contract in respect of supply of taxable goods or services or both, exceeds Rs. 2,50,000/-  (Rupees two lakh and fifty thousand). This value shall exclude the taxes leviable under GST (i.e. ‘Central tax’, ‘State tax’, ‘UT tax’, ‘Integrated tax’ & Cess).

Complete FAQ can be accessed at: http://www.a2ztaxcorp.com/wp-content/uploads/2018/12/cbic-releases-updated-ready-reckoner-on-tds-under-gst-as-on-december-27-2018.pdf