TDS Deductor will account for such TDS in the following ways:
- Such deductors needs to get compulsorily registered under section 19 read with Schedule III of MGL.
- They need to remit such TDS collected by the 10th day of the month succeeding the month in which TDS was collected and reported in GSTR 7.
- The amount deposited as TDS will be reflected in the electronic cash ledger of the supplier.
- They need to issue certificate of such TDS to the deductee within 5 days of deducting TDS failing which fees of Rs. 100 per day subject to maximum of Rs. 5000/- will be payable by such deductor.