TDS /TCS Provisions and Audit Report Format

As the last date of making adjustments in GST returns relating to FY 2017-18 approaches, the Government has issued some major notifications as below:

1.       TDS and TCS provisions made effective: After a long wait of 14 months, the Government has now made effective the TDS and TCS provisions w.e.f. 01st October 2018. Accordingly, the following persons will be required to deduct the TDS on eligible payment or credited:

·         a department or establishment of the Central Government or State Government; or

·         local authority; or

·         Governmental agencies; or

·         an authority or a board or any other body,–

o   set up by an Act of Parliament or a State Legislature; or

o   established by any Government,

with fifty-one per cent or more participation by way of equity or control, to carry out any function;

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

Notification No. 50/2018- Central Tax dated 13.09.2018 and 51/2018- Central Tax dated 13.09.2018


2.       Issuance of Annual Return Form and Reconciliation Form along with Auditor Report: Previously the Government has issued the format for annual report. The Government has now issued the format of reconciliation statement in Form GSTR-9C. As of now, both the annual return and Reconciliation Statement along with report needs to be filed by 31st December 2018. We attach the formats of both the annual return and auditor report. #Taxadvisor #taxconsultant 

Notification No. 49/2018- Central Tax dated 13.09.2018


Download: Form 9C


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