Wondering to know
TCS under GST? Let me help you. I have learned this concept during my CS preparation.
It is a provision where e-commerce operators are required to collect tax at source on certain transactions. It is applicable to specified goods and services sold through an e-commerce platform.
Here are some key points related to TCS under GST:If you are an e-commerce operator, you are required to pay TCS as the platforms facilitate the supply of goods or services between the supplier and the buyer.
The TCS rate is 1% on the net taxable value of the goods or services. That is 0.5% for CGST and 0.5% for SGST/UTGST.
It is applicable to certain goods and services as notified by the government. It includes electronics, apparel, books, etc.
You are required to collect TCS from the amount payable to the supplier and deposit it with the government. You are also needed to file TCS returns regularly.
It is the duty of e-commerce operators to provide a TCS certificate to the supplier indicating the amount of TCS collected.
This concept could help you in understanding
what is TCS in GST.
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What is TCS in GST?
Shami
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2023-11-29T18:24:55+00:00 2023-11-29T18:24:55+00:00Comment
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