Jul 11, 2022 · This article summarises one of the crucial points under GST i.e. GST TDS and its refund related parameters that are required to be followed by the parties engaged in these types of transactions. The provisions of GST TDS have been notified and made effective from 1-10-2018 by the GST Council in its 28th meeting held on 21.07.2018.

Jan 23, 2024 · Steps to claim TDS refund: File GSTR-7: The deductor must file GSTR-7 return electronically, reflecting the details of TDS deducted and deposited with the government. File refund application: The deductor or deductee, as eligible, can file a refund application on the GST portal within two years from the relevant due date.

Jan 10, 2025 · In Union Budget 2024, the Finance Minister announced that TDS deductors are required to file a return every month u/s 39 of the CGST Act, irrespective of any deductions made during the month, and also to provide for an enabling …

Jun 7, 2022 · This comprehensive guide provides an in-depth understanding of GST TDS refund, including its eligibility criteria, procedures, and benefits. The TDS refund amount is deposited into the taxpayer’s connected bank account 3–6 months after the submitted ITR.

Jan 16, 2025 · GSTR-7 shows the details of TDS deducted, amount of TDS paid and payable, and any refund of TDS claimed. The deductee (the person whose name TDS has been deducted) can claim TDS as Input Tax Credit (ITC) and utilise it to pay the output tax liability.

Feb 22, 2023 · How to Check TDS Refund Status? To check the TDS refund status, follow these steps: · Visit the GST website at https://www.gst.gov.in/. · Utilize your GST credentials to log into...

Oct 20, 2020 · GSTR 7A presents the details of TDS deducted, the amount of TDS paid and payable, any refund of TDS claimed, etc on the form. The deductee i.e. the person receiving the TDS can claim the input credit of such TDS deducted and further use this TDS for the payment of output tax liability.

Dec 16, 2024 · How to Claim TDS Refund under GST If more tax than required is deducted and paid to the government, a refund can be claimed, as this excess is not owed as tax. However, if the deducted amount has already been credited to the supplier's electronic cash ledger, the deductor cannot obtain a refund.

easy to understandable language. Relevant topics such as When TDS is to be deducted, rate of TDS, who will deduct TDS, persons who are exempted from the liability to deduct TDS, return filing p. sions, have been duly covere.

Oct 5, 2023 · 51.3.6 Refund of excess/erroneous deduction as per Section 54. Provided that no refund to the deductor shall be granted, if the amount deducted has been credited to the electronic cash ledger of the deductee. 51.3.7 Penalty for not furnishing TDS certificate within 5 days [Omitted wef 01-01-2021]