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India: GST update, form and guidance

India: GST update, form and guidance

India’s Central Board of Indirect Tax and Customs issued guidance items and circulars to make effective certain provisions relating to “tax deducted at source” (that is, tax withheld at source) and tax collected at source. These rules are given an effective date of 1 October 2018.

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A provision of the GST law requires electronic commerce operators to collect tax at source at a prescribe percentage of the net value of taxable supplies made through it by other suppliers when the consideration for such supplies is collected by the operator. Another measure requires the withholding (“deduction”) of tax at source at a rate of 2% (1% GST and 1% SGST) of the value of the supply (excluding GST) when the value of the supply under a contract exceeds a threshold amount.

The tax authority also issued the goods and services tax (GST) audit and reconciliation form, and a circular to clarify mechanism to discharge GST with respect to a “priority sector lending certificate.”

 

Read a September 2018 report [PDF 585 KB] prepared by the KPMG member firm in India

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