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CONCEPT OF TAX COLLECTION AT SOURCE (TCS) IN GST

Goods and Services Tax - GST - By: - Dr. Sanjiv Agarwal - Dated:- 20-11-2017 Last Replied Date:- 21-11-2017 - Chapter X of the CGST Act, 2017 contains provisions in relation Tax Collection at Source (TCS) including e-commerce in section 52. These provisions will be effective from a notified date. However, e-commerce and e-commerce operator are defined in section 2(44) and 2(45) of the CGST Act, 2017 respectively. TCS is collected as a tax by the e-commerce operator on behalf of supplier and is o .....

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n at source (TCS). The tax so deducted is known as tax collected at source (TCS), similar to tax deducted at source (TDS). For the purpose, net value of taxable supplies would mean the aggregate value of supply of taxable goods and services other than services which has been notified by Government on which electronics commerce operator has been made liable for payment of tax in terms of section 9(5) of the GST Act minus the aggregate value of goods and services returned to the supplier of such g .....

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T Act, 2017 are required to be excluded for the purpose of TCS. Section 9(5) provides that in respect of notified services, the total tax in respect of those services is required to be paid by e-commerce operator. E-commerce operators will have to collect and deposit tax collected at source (TCS) in addition to what GST is payable in the states in respect of supply of their own goods and services. This tax will have to be collected on payment to vendors which will be subject to reconciliation at .....

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shall be deemed to be the payment of tax on behalf of the supplier and supplier shall claim credit in his electronic cash ledger, as per entries reflected in the statement/return filed by the e-commerce operator. An e-commerce operator is required to collect (by way of deduction) tax from the payment to be made to the suppliers of goods and services, who had supplied such goods and services using e-commerce operator s platform. Such amount is required to be collected on earlier of the following .....

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e., within ten days after the end of the month in which collection is made. Such TCS amount shall be paid to the credit of appropriate Government by the e-commerce operator. As per section 52(4) of the CGST Act, 2017 an Operator is required to furnish a monthly statement in Form GSTR-8 by the 10th of the following month through an e-commerce operator containing the details of the containing the details of outward supplies of goods or services or both effected through it, including the supplies o .....

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ollowing month, has also the obligation to file an Annual statement in prescribed form by the 31st of December following the end of every financial year. The Operator can rectify errors in the statements filed, if any, latest by the return to be filed for the month of September, following the end of every financial year. According to section 52 of the CGST Act, 2017, the operator is responsible to collect/deduct the specified percentage of amount out of the proceeds payable to the actual supplie .....

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perator. According to section 52 of the CGST Act, 2017, TCS is required to be collected on the net value of taxable supplies made through it by other suppliers where the consideration is to be collected by the ECO. In this case, there are two transactions - where you purchase the goods from the vendors, and where you sell it through your website. For the first transaction, GST is leviable, and will need to be paid to your vendor, on which credit is available for you. The second transaction is a .....

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issioner may serve a notice, either before or during the course of any proceedings under this Act, requiring the operator to furnish such details relating to- (a) supplies of goods and/or services effected through such operator during any period, or (b) stock of goods held by the suppliers making supplies through such operator in the godowns or warehouses, by whatever name called, managed by such operators and declared as additional places of business by such suppliers - as may be specified in t .....

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