Mechanism of TCS under GST payment in India
What is TCS? How does TCS work in GST in India? TCS under GST is applicable for whom? How is TCS accounted under GST in India?
The full form of TCS is Tax Collected at Source.
As per 43C of GST Law, under GST system, TCS provision is applicable only for E-Commerce Operator. Every E-Commerce Operator needs to withhold a percentage (to be notified later on the recommendation of the GST Council) of the amount which is due from him to the supplier at the time of making actual payment to the supplier. Such withheld amount is to be deposited by such E-Commerce Operator to the appropriate GST account by the 10th of the next month. The amount deposited as TCS will be reflected in the electronic cash ledger of the supplier.
The information about Tax Collected at Source under Goods and Service Tax has been explained. You may share your views about TCS under GST in India below:
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