Central Board of Indirect Taxes and Customs notified implementation date of TDS and TCS as per GST Law

The Central Board of Indirect Taxes and Customs notified 1st October, 2018 as the implementation date for rolling out provisions of tax collected at source (TCS) section 52 and tax deducted at source (TDS) section 51. The Central Board of Indirect Taxes and Customs also notified the form for audit report and reconciliation statement that needs to be filed annually by taxpayers with a turnover of more than Rs 2 crore.

Section 51 : Tax deduction at source

Section 52 : Collection of tax at source

Notification No. 51/2018 – Central Tax

G.S.R. …..(E).— In exercise of the powers conferred by sub-section (3) of section 1 of the Central Goods and Services Tax Act, 2017 (12 of 2017) (hereinafter referred to as the said Act), the Central Government hereby appoints the 1st day of October, 2018, as the date on which the provisions of section 52 of the said Act shall come into force

Notification No. 50/2018 – Central Tax

G.S.R. …..(E).— In exercise of the powers conferred by sub-section (3) of section 1 of the Central Goods and Services Tax Act, 2017 (12 of 2017) and in supersession of the notification of the Government of India in the Ministry of Finance, Department of Revenue No. 33/2017-Central Tax, dated the 15th September, 2017, published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i) vide number G.S.R. 1163 (E), dated the 15th September, 2017, except as respects things done or omitted to be done before such supersession, the Central Government hereby appoints the 1st day of October, 2018, as the date on which the provisions of section 51 of the said Act shall come into force with respect to persons specified under clauses (a), (b) and (c) of sub-section (1) of section 51 of the said Act and the persons specified below under clause (d) of sub-section (1) of section 51 of the
said Act, namely:-

(a) an authority or a board or any other body, –
(i) set up by an Act of Parliament or a State Legislature; or
(ii) established by any Government, with fifty-one per cent. or more participation by way of equity or control, to carry out any function;

(b) Society established by the Central Government or the State Government or a Local Authority under the Societies Registration Act, 1860 (21 of 1860);

(c) public sector undertakings.

Notification No. 49/2018 – Central Tax

The Central Board of Indirect Taxes and Customs also notified the FORM GSTR-9C for audit report and reconciliation statement that needs to be filed annually by taxpayers with a turnover of more than Rs 2 crore.

 

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