E-commerce companies in India will have to deduct 1 per cent tax collected at source (TCS) from October 1 before paying suppliers. The government has notified in the Central Tax Law TCS at 0.5 per cent of the net value of intra-state taxable supplies made by other suppliers via e-commerce. States will notify a levy of 0.5 per cent on intra-state supplies.
Therefore, for inter-state supplies by e-commerce firms, 1 per cent integrated goods and services tax (IGST) will be deducted in the form of TCS while making payments to suppliers, according to a news agency report.E-commerce companies in India will have to deduct 1 per cent tax collected at source (TCS) from October 1 before paying suppliers. The government has notified in the Central Tax Law TCS at 0.5 per cent of the net value of intra-state taxable supplies made by other suppliers via e-commerce. States will notify a levy of 0.5 per cent on intra-state supplies.#
The TCS provision would reportedly raise compliance burden for companies but help the government in checking tax evasion. (DS)
Fibre2Fashion News Desk – India
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