E-commerce players to pay up to 2% tax collected at source from October

E-commerce players to pay up to 2% tax collected at source from October The GST Council kept deferring the TCS proposal, part of the GST laws, in phases till September this year

Economy & Policy : E-commerce players will have to shell out tax collected at source (TCS) at up to 2 per cent under the goods and services tax (GST) from next month.

Besides, the government has come up with the audit and reconciliation form for companies having a turnover of more than Rs 20 million a year.

Both these measures are aimed at checking tax evasion. Abhishek Rastogi, partner at Khaitan & Co, said audited returns under the GST would now be reconciled with the income tax return to track tax leakages and mismatch.

The GST Council kept deferring the TCS proposal, part of the GST laws, in phases till September this year.

ALSO READ: Centre extends GSTR-1 filing date till Oct 31, announces late-fee waiver While the Central Board of Indirect Taxes and Customs (CBIC) notified October as the month when the TCS at the rate of 1 per cent of the Central GST would be introduced, similar notifications are expected from states too. So, it will mean up to 1 per cent of the CGST and State GST each and up to‌Read More