https://www.taxtmi.com/article/detailed?id=9944 Section 194Q requires buyers whose prior year business turnover exceeds the statutory turnover threshold to deduct tax at source at the prescribed rate on purchase consideration exceeding the purchase value threshold payable to resident sellers, at the time of payment or credit (including to suspense accounts). The provision excludes inter branch transfers and immovable property, applies net of separately shown GST, interacts with Section 206C(1H) so that valid buyer deduction precludes seller collection, and attaches specified deposit, filing, interest and penalty consequences for noncompliance. en-us Mon, 09 Aug 2021 09:52:00 +0530 Mon, 09 Aug 2021 09:52:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/article/detailed?id=9944 Section 194Q requires buyers whose prior year business turnover exceeds the statutory turnover threshold to deduct tax at source at the prescribed rate on purchase consideration exceeding the purchase value threshold payable to resident sellers, at the time of payment or credit (including to suspense accounts). The provision excludes inter branch transfers and immovable property, applies net of separately shown GST, interacts with Section 206C(1H) so that valid buyer deduction precludes seller collection, and attaches specified deposit, filing, interest and penalty consequences for noncompliance. Articles Goods and Services Tax - GST Mon, 09 Aug 2021 09:52:00 +0530 https://www.taxtmi.com/article/detailed?id=9944