GST Compliance: TDS and TCS Due Date for January 2025
Introduction
Timely compliance with GST regulations is critical for businesses to avoid penalties and maintain smooth operations. The due date for filing Tax Deducted at Source (TDS) and Tax Collected at Source (TCS) under GST laws for January 2025 is 10th February 2025. Let’s dive into what businesses need to know to stay compliant.
What is TDS Under GST?
TDS stands for Tax Deducted at Source, which applies when certain payments are made by registered persons under the GST framework.
Who Needs to Deduct TDS?
- Government departments or establishments
- Local authorities
- Agencies making payments above prescribed limits for goods or services
TDS Rate Under GST
TDS is deducted at a rate of 2% on payments made to suppliers.
What is TCS Under GST?
Tax Collected at Source (TCS) is applicable to e-commerce operators who collect tax on behalf of sellers making sales on their platform.
Who Needs to Collect TCS?
- E-commerce operators
- Businesses selling through online platforms
TCS Rate Under GST
The applicable TCS rate is 1% under GST laws.
Key Filing Due Date for January 2025
Due Date: 10th February 2025
This deadline applies to both TDS and TCS filings for the transactions conducted in January 2025.
Consequences of Non-Compliance
Failing to file returns on time can result in:
- Interest on delayed payments
- Penalties as prescribed under the GST Act
- Loss of GST compliance rating
Why Choose Power of Factorial Business Solutions?
We are your trusted partner for GST compliance services, including TDS and TCS filings.
Our Services Include:
- Accurate and timely return filing
- Expert consultation on GST matters
- End-to-end compliance support
Contact Us
📍 Power of Factorial Business Solutions📞 Phone: +91 81050 21287
📍 Location: K R Puram, Bangalore
Don’t let deadlines disrupt your business! Contact us today for expert GST filing services.
Conclusion
Staying on top of GST filing deadlines like TDS and TCS ensures smooth business operations and helps avoid unnecessary penalties. Mark your calendar for 10th February 2025, and let us handle your GST compliance needs.
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