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TMI BlogTax Deduction as per Section 51 Goa Goods and Services Tax Act, 2017 and Section 51 of the Cent Goods and Services Tax Act, 2017 and procedure / guidelines to be followed by Drawing and Disbursing Officers (DDO's) / Government Departments or Government Agencies / Local authorities etc. of the State Government.X X X X Extracts X X X X X X X X Extracts X X X X ..... followed by Drawing and Disbursing Officers (DDO's) / Government Departments or Government Agencies / Local authorities etc. of the State Government. The Goa Goods and Services Tax Act, 2017 (SGST) and the Central Goods and Services Tax Act, 2017 (CGST) has come into force with effect from 01 st July, 2017. The Goods and Services Tax Acts envisages the tax on supply of goods and services or both. The Goods and Services Tax (GST).is also applicable for the supplies or services or both, made to the Government Departments / Agencies / Local authorities, in the course of its day to day activity. The relevant procedure for registration of a deductor, payment of tax to Government, issuance of TDS certificates, filing monthly returns ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... The registration process for DDO's is expected to commence from 28th July, 2017 on the GST portal. 3. TDS under GST : (a) Section 51 of Goa Goods and Services Act, 2017 provides the procedure for deduction of tax at source (TDS) at the rate of 02% by a deductor from the payment made or credited to the supply of taxable goods or services or both, where the total value of supply of goods or services or both, under a contract, exceeds two lakh fifty thousand rupees; except in cases where the location of the supplier and the place of supply is different from the State of registration of the DDO. illustration: DDO XYZ purchases computers for the office costing ₹ 20,00,000/- (basic price) from a local dealer. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... F, Insurance, Freight etc. except CGST and SGST plus cess. That is to say, no tax shall be deducted on SGST, CGST or IGST (Integrated Goods and Services Tax) tax amount shown in the bill or invoice. (ii) While preparing the FVC (Fully Vouched Contingency) Bill, the above details as per illustration (as given in 3(a) above) shall be provided on the FVC, wherein the amount payable to the local dealer shall be as follows: (i) Amount payable . . . ₹ 23,60,000/- (ii) Less: TDS @ 2% . . . ₹ 40,000/- (iii) Net payable . . . ₹ 23,20,000/-(amount payable to the local dealer) (iii) The amount of TDS so deducted, shall be remitted into a separate bank account (current account) permitted to be opened in the name ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... , in respect of the TDS deducted and paid to the Government; clearly mentioning therein the contract value, rate of deduction, amount deducted and amount paid to the Government. This certificate shall have to be issued not later than five days from the date of making payment to the Government. Illustration : In the example given under clause 3(b)(iv) above, if the payment of TDS deducted was paid to the Government on August, 2017; than the TDS certificate has to be issued on or before 15th August, 2017. Note 5: DDO should mention the CIN (challan identification number), which is generated after the challan is paid, on the TDS certificate being issued so as to enable the deductee to avail credit of TDS. (c) DDO should note ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... od 11 th August, 2017 to 30th September, 2017 (i.e. 51 days). The interest amount payable will be ₹ 1006/- {i.e. 40000 x (18/100) x (51/365) (f) In case TDS certificate is not issued to the deductee within prescribed time limit, deductor i.e. DDO shall be liable to pay late fee of ₹ 100/- per day, subject to the maximum amount of ₹ 5000/-; from the expiry of the 05th day till the TDS certificate is issued. DDO shall be personally liable to pay this amount in case of the aforementioned default, which shall be recovered from his pay and allowances. (g) If a deductor, i.e. DDO fails to deduct TDS as provided in section 51 of SGST as well as CGST Acts, or deducts an amount which is less than the amount required t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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