TDS and TCS credit received is a facility available after logging in to the GST portal. It can be filed by all the taxpayers who are making specified sales on the e-commerce platforms and/or entered into any kind of work contract with Government departments.
The Form to avail this facility is just like the GSTR-2A form and the details get auto-populated from GST returns like GSTR-7 form and GSTR-8 form together. Any taxpayer could avail this facility by just logging in to the GST portal and clicking on ‘TDS and TCS credit received’ present on the return dashboard.
What is TCS and TDS Credit Received from?
TDS/TCS credit received is a facility which is provided to all such taxpayers from whom tax is either deducted or collected at source by the respectively registered TDS deductor or TCS collector.
Form TDS/TCS credit received is to take credit of Tax Deducted and Tax Collected by taking the actions on the details which are auto-drafted based on return filed by tax deductors or E-commerce Operators in Form GSTR 7 or GSTR 8 for the tax period.
Details for about the Functionality
It is required to be filed when any amount has been deducted or collected. You can also file TDS and TCS Credit received for each return period.
Steps Involved in Filing TDS and TCS Credit Received on GST Portal
Login to GST portal. Go to ‘Services’ > ‘Returns’ > ‘Returns Dashboard’. File returns dashboard appears. Select the return period of GSTR-3B being filed and proceed to ‘TDS/TCS credit received’ tile. Choose the Financial Year & Return Filing Period for which return has to be filed and then click on SEARCH. Various returns would display. Select the file ‘TDS and TCS credit received’ by clicking on the button PREPARE ONLINE.
Take action by accepting or rejecting each record, in order to take the credit of TCS or TDS, allocated to your GSTIN, into the Electronic cash ledger.Full Procedure to File TDS & TCS Credit Received on GST Portal
Choose any table and a summary page with records is displayed under it. Select the relevant records using the checkboxes -against the GSTIN of Deductor or Collector. After selecting record/s, Click on either the ‘ACCEPT/REJECT’ button to accept/reject the record/s.
Preview, cross-verify the draft form and proceed to file the details. After filling in the details, click on PREVIEW DRAFT TDS AND TCS CREDIT RECEIVED button. Cross check the draft summary in PDF for the correctness of data. Note that once filed, the details cannot be changed. Click on PROCEED TO FILE button to continue with submission. It takes some time for the request to be processed. A message is displayed on the top of the page confirming this. Submit the declaration and select the Authorized Signatory from the drop-down list.
Click on the FILE TDS TCS CREDIT RECEIVED button that gets enabled and click Yes on the warning message that appears on the screen.
Submit the form either using the Digital signature or the Electronic Verification Code.
What happens once you file Form TDS and TCS Credit Received?
After Form TDS/TCS Credit received is filed ARN is generated on successful filing, accepted TDS and TCS credit amount will be credited to your Electronic Cash Ledger, an SMS and E-mail will be sent to the taxpayer on his registered details, the filed form can be seen by tax officials as well.