Gst tds deducted in brokerage commission income

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Captain Kumar

self

89 Points Posted on 06 October 2017

My Income is mainly from investments, like dividend & bank interest. Annually it is below Rs 150000 only. I do not file any ITR now, as my income is below taxable limit. I am not a senior citizen. I am acting as a stock broker's authorised person, which has a very very low commission income of not more then Rs 15000 per year. Now this time, I have received a commission of Rs 7300 for which TDS @ 5% is deducted [ Rs 453 ]. Now I wish to know that is this GST deduted or the normal TDS like banks deduct? I do not wish to involve in GST trouble, as my total income and commission income is very low. I have following 3 small queries. If any one can help then I will get some knowledge.

1. Is this GST Deducted? Do I need to file GST return?
2. If GST or TDS whatever is deducted and if I do not file ITR what will be the impact?
3. Can I file ITR and claim this refund as TDS is deducted?

Please guide me urgently, as I need to decide whether I wish to continue with this commission income or not? Thank you. Regards.

Replies (4)

RAMESH KUMAR SINGLA

PROFESSIONAL

1777 Points Posted on 06 October 2017

As provided under section 51 of the CGST Act, TDS is to be deducted at the rate of 1 percent on payments made to the supplier of taxable goods and/or services, where the total value of such supply, under an individual contract, exceeds two lakh fifty thousand rupees. From the facts given by you, it appears that there was no requirement of TDS by the deductor. Now either he can claim refund or you can file refund claim under section 45 of the CGST Act.