Tax Deducted at source is applicable under GST also. It is different from TDS under Income Tax Act. It is applicable on the supply of goods and services as notified by the Government through GST council. Whenever payment is being made to the supplier of goods or services, GST TDS will be recovered / deducted from the payment and then only balance amount is paid.
Maximum Tax Levy under the composition levy has increased from one percent to two and half percent in the revised Model GST Law released in November 2016.
A Taxpayer can obtain registration under Composition Levy if the turnover is less than Rs 50 Lacs and desires not maintain all records as per GST but pay a flat rate of tax at the end of the period. Under this levy, the taxpayer cannot take input tax credit or issue a tax invoice.
Composite Supply as per MGL is, is a supply made by a taxable person having more than on supply of goods or services or in any combination. Where goods are packed and transported with insurance, the supply of goods, packing materials, transport and insurance is a composite supply and supply of goods is the principal supply.
In a Mixed Supply where the supply of goods or services involves more than one goods or services, the tax rate applicable will be the highest tax rate of the goods / services n the mixed supply.
In the revised MGL a new concept called Mixed Supply is introduced. Mixed supply means a supply of more than one good bundled together and supplied. For example combo pack of Soap, detergent, hand wash, toilet cleaner, floor cleaner and room freshener. This combo pack is a mixed supply.
In the proposed Goods and Service Tax, the returns are to be filed on monthly basis and same return for all the taxes i.e CGST (Central Goods and Service Tax), SGST (State Goods and Service Tax) and IGST (Integrated Goods and Service Tax) in case of regular tax payers and quarterly for tax payers under composite scheme.