The Goods and Services Tax Network (GSTN) on November 26, 2024, issued the advisory for Reporting TDS Deducted by scrap Dealers in October 2024.
The following has been stated namely: -
• It is in reference to Notification No. 25/2024-Central Tax, it is stated that any registered person receiving supplies of metal scrap classified under Chapters 72 to 81 of the First Schedule to the Customs Tariff Act, 1975 (51 of 1975), from another registered person, is required to deduct TDS under Section 51 of the CGST Act, 2017.
• It states that Taxpayers to whom GST registration is granted in November 2024, unable to report TDS for October 2024, due to system design, are advised to report the consolidated TDS amount for the period from October 10, 2024, to November 30, 2024, in the GSTR-7 return for November 2024.
