topic tds & tcs under gst

1. Section 51 of the CGST Act, 2017 mandates deduction of TDS at a specified percentage by the Government or Local Authorities from the payments made or credited to the supplier where the value of supply under a contract exceeds specified limit. State the specified percentage of TDS (total) and the threshold limit of taxable goods or services or both under the contract.

(a) 0.5%, ₹ 1,00,000

(b) 0.75%, ₹ 1,50,000

(d) 2%, ₹ 2,50,000

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2. What is the time limit under which an operator has to pay tax collected to the government u/s 52 of CGST Act, 2017?

(a) 5 days

(b) 7 days

(d) 15 days

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3. ABC Limited (a registered supplier of goods) has made taxable supplies ₹ 25,00,000 in June 2023 through ECO. ECO has returned goods amounting to ₹ 3,00,000 to ABC Limited you during June 2023. What will be the total amount of TCS under GST law?

(a) ₹ 12,500

(b) ₹ 11,000

(d) None of these

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4. Which of the following has the power to collect TCS as per Section 52 of CGST Act, 2017?

(a) Supplier

(b) Recipient

(d) E-Commerce Operator

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5. An ECO has collected tax in the form of TCS on 2nd January 2024. What is the last date within which such amount of TCS has to be remitted into the Government’s treasury?

(a) 10-1-2024

(b) 20-1-2024

(d) 20-2-2024

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6. Mr X is selling his own products through a website owned by him. Which of the following statements is correct in this regard?

(a) Section 52 does not apply to Mr X as he is selling his own product through website.

(b) These transactions will be liable to GST at the prevailing tax rates

(d) Both (a) & (b).

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7. Rajesh, a registered dealer, purchases goods from different registered suppliers. He sells them through a website owned and maintained by him under his own branding. In respect of this information, which of the following statements is incorrect?

(a) There are two transactions - one where Rajesh purchases the goods and the other where he sells the said goods.

(b) GST is leviable on first transaction.

(d) TCS provisions are not applicable.

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8. The Commissioner has served a notice to an ECO requiring details relating to stock of goods held in the warehouse for supplies. The ECO shall be liable to pay penalty up to …………… in CGST Act.

(a) ₹ 5,000

(b) ₹ 10,000

(d) ₹ 50,000

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9. An ECO collecting TCS, is liable to deposit such amount with the government in which form?

(a) GSTR–6

(b) GSTR-7

(d) GSTR-9

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10. Value of taxable supply (including 18% GST) is ₹ 2.95L by ABC Enterprises to Municipal Corporation of Delhi. What will be the amount of tax to be paid as per Section 51 of CGST Act, 2017?

(a) ₹ 2,950

(b) ₹ 5,900

(d) Not applicable, as value of supply exclusive of tax does not exceed ₹ 2,50,000

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11. A PSU has supplied services to another PSU for ₹ 8L (excluding GST). How much TDS shall be deducted in this transaction?

(a) ₹ 8,000

(b) ₹ 16,000

(d) TDS is not applicable

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12. On what value TDS needs to be deducted?

(a) Invoice value including GST

(b) Invoice value excluding GST

(d) None of the above

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13. In which form, the deduction furnishes TDS certificate to the deductee?

(a) GSTR-5A

(b) GSTR-6A

(d) GSTR-8A

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14. Which of the following particulars are mentioned in GSTR7A (TDS Certificate)?

(a) Contract Value

(b) Rate of deduction and amount deducted

(d) All of the above

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15. What is the levy of late fees for not furnishing certificate to deductee within 5 days?

(a) ₹ 100 per day

(b) ₹ 5,000

(d) Lower of (a) or (b)

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Topic - TDS & TCS Under GST

Topic -
TDS & TCS Under GST