Steps for Acceptance of TDS Credit by Deductee under GST
w.e.f 01.10.2018 any eligible payment received from the Specified persons where contract price exceeding RS 2.50 Lakhs , [1% CGST & 1% SGST/UTGST ( In case of Intra State Supply of Goods / Services)] or [2% IGST ( In case of Inter State Supply of Goods / Services) ] then TDS will be deducted under GST.
After deduction all the above persons (i.e. Deductor) are required to file GSTR-7 before 10th of Succeeding month ,therefore, the GST TDS Deducted during October 2018 need to be paid & return to be filled before 10th of November 2018.
As far as Deductee is concerned, the deductee need to Accept/ Reject the TDS/TCS Credit on the GSTIN portal by filling TDS / TCS online.
The deductee can accept/ reject the TDS details auto-populated to TDS and TCS Credit received table of his/her return. Taking action by deductee is mandatory for crediting the amount of TDS to cash ledger.
Thus TDS amount will be credited to deductee’s Electronic Cash Ledger only after his/ her accepting of TDS and TCS credit received (which is auto populated on filing of returns by the deductor in GSTR 7 ).
Therefore, for availing the GST TDS Deducted by the above eligible deductors , all the deductee need to follow file the TDS/TCS Credit Received which is detailed below.
1. Access the www.gst.gov.in URL. The GST Home page is displayed.
2. Login to the GST Portal with valid credentials.
Go the the Return dashboard
Click on the TDS and TCS Credit Received
After acceptance the TDS Amount will be reflected under TDS Received , Then Press PROCEED TO FILE ,
After PROCEED TO FILE, proceeds for filling of TDS/TCS Received
File with DSC / EVC
Acknowledgment will be received
The Amount Will appeared in CASH Ledger ,Which can be utilized for payment of balance amount for the reporting period.