Dear Sir,
Please Explain TDS Applicability for the Following Queries
1. Advance Amount Which is paid prior to 1 Oct for a Contract pertaining to on or after 1 Oct
2. Amount paid by way of Book Adjustments
3. If Out of Consideration say 10 Lakhs 9 Lakhs was received before 1 oct and balance was received on or after 1 Oct. Whether TDS shall be deducted on the 1 Lakh if Yes, then why we are deducting the TDS though it doesn't exceed threshold limit.
TDS under GST only applies to government authorities; not applicable for invoices or advances before October 1st. A user inquired about the applicability of Tax Deducted at Source (TDS) under GST for payments made before and after October 1st, particularly concerning advance payments and book adjustments. Respondents clarified that TDS under GST is only applicable to government authorities. According to the GST Council's Standard Operating Procedure (SOP), TDS does not apply to payments related to invoices issued before October 1st or to advances paid before October 1st. Book adjustments are recognized as a valid payment mode under TDS provisions. The discussion included requests for further resources on the SOP. (AI Summary)
TaxTMI 
TaxTMI 
TaxTMI 
