Purchase of Goods
Withholding tax requirements are classified based on the purchase of goods, purchase of services, and the type of vendor organization. Here are the withholding tax requirements classified based on the purchase of goods.
Accounting units used across this document:
- 100k = 1 Lakh;
- 10 Lakhs = 1 Million;
- 10 Million = 1 Crore
Oil
Oil may be purchased from:
- Company;
- Dealer;
- Gas Transmission Company.
This table displays the withholding tax requirements based on purchase of oil:
| Slab | Amount Threshold/FY | Company | Dealer | Gas Transmission Company |
|---|---|---|---|---|
| 1 | Less than 2 Lakhs | Nil | 1% | 3% |
| 2 | Above 2 Lakhs | 0.60% | 1% | 3% |
Other than Oil
All items excluding oil are classified under Other than Oil.
| Slab | Amount | Rate |
|---|---|---|
| 1 | Less than 20 Lakhs | 3% |
| 2 | Greater than 20 Lakhs - Less than 1 Crore | 4% |
| 3 | Greater than 1 Crore | 5% |