Date: October 13th, 2024
The government, through Notification No. 25/2024-Central Tax, issued on October 9, 2024, has introduced an important mandate under Section 51 of the CGST Act, 2017. This new provision applies specifically to businesses engaged in metal scrap transactions.
Watch below video to know the TDS provisions:
Key updates include the requirement for these businesses to ensure compliance by registering through FORM GST REG-07 on the GST portal. This new registration process is essential for taxpayers dealing with metal scrap to adhere to the updated tax deductions at source (TDS) provisions under GST.
The GST portal will soon be updated to facilitate the new registration requirements for these taxpayers. Businesses in the metal scrap sector are advised to monitor the portal closely for updates and complete the registration process as soon as it becomes available to avoid non-compliance.
Thanking You,
Team GSTN
For further assistance, you may refer to the GST helpdesk or the official notifications.
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