Full Procedure to File TDS & TCS Credit Received on GST Portal
TDS and TCS credit received is one of the filing options available on the GST portal under the ‘Returns’ tab. The taxpayer whose TDS is deducted or TCS is collected must file the ‘TDS and TCS received’ on the GST portal. The present article provides an understanding of the need to file the ‘TDS and TCS credit received’, the procedure for filing the same online, and also describes the effect of ‘Accept’ or ‘Reject’ by the deductee (taxpayer).Understanding the need to file ‘TDS and TCS credit received’
The flow of TDS or TCS credit is simplified hereunder-- The appropriate tax on specified transactions will be first deducted or collected by the TDS deductor or TCS collector.
- After that, the TDS deductor or TCS collector is required to file GSTR-7 or GSTR-8 return. The said returns are to be submitted by the 10th of the succeeding month.
- The deductee is required to either accept or reject the TDS credit or TCS credit by filing the ‘TDS and TCS credit received’ on the GST portal.
- The accepted deducted or collected amount will appear in the Electronic Cash Ledger, which can be utilized for tax payment of the respective period.
Procedure for filing the ‘TDS and TCS credit received’ on the GST portal
The deductee should follow the below steps to file the ‘TDS and TCS credit received’ on the GST portal- STEP 1 – Visit the site https://www.gst.gov.in/. STEP 2 – Click on the ‘Login’ icon given on the right-hand side. STEP 3 – Enter the appropriate ‘Username’ and ‘Password’. Also, type the characters you see in the image below and click ‘LOGIN’. STEP 4 – Navigate the path – Services > Returns > TDS and TCS credit received. STEP 5 – Select the relevant ‘Financial Year’ and ‘Return Filing Period’ from the drop-down list and click on ‘SEARCH’. STEP 6 – The ‘TDS and TCS credit received’ with the option of ‘PREPARE ONLINE’ will appear. Click on ‘PREPARE ONLINE’. STEP 7 – Following four tabs will be displayed (two each for TDS credit and TCS credit)-Tab | Details / Purpose |
TDS Credit Received | To accept/ reject the TDS Credit Received (here, the TDS credit available to the deductee will be auto-populated based on the Form GSTR-7 filed by all the deductors). |
Amendments to TDS Credit Received | To accept/ reject any amendments made to the TDS Credit Received details by the deductor, which was earlier accepted by the deductee. |
TCS Credit Received | To accept/ reject the TCS Credit Received (here, the TCS credit available to the deductee will be auto-populated based on the Form GSTR-8 filed by all the collectors). |
Amendments to TCS Credit Received | To accept/ reject any amendments made to the TCS Credit Received details by the collector, which was earlier accepted by the deductee. |
Effect of ‘Accept’ or ‘Reject’ by the deductee
As seen above, the deductee while filing the ‘TDS and TCS Credit Received’ is required to accept or reject the details populated in the four tabs (as mentioned above). Hence, it is important to understand the effect of the ‘Accept’ or ‘Reject’ selected by the deductee, which is explained hereunder-- ‘Accept’ – the accepted amount will be credited to the Electronic Cash Ledger’ of the deductee after filing the ‘TDS and TCS Credit Received’.
- ‘Reject’ – the details will be reflected in Table 4 of the Form GSTR-7 or Form GSTR-8 of the respective TDS deductor or TCS collector, while filing the return of the subsequent tax period.
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