CBIC notifies vide Notification No. 15/2024- Central Tax | Dated: 10th July, 2024 that every electronic commerce operator, not being an agent, shall collect an amount calculated at a rate of 0.25 per cent with effect from 10th July instead of earlier rate of 0.50 per cent of the net value of intra-State taxable supplies made through it by other suppliers where the consideration with respect to such supplies is to be collected by the said operator.
Electronic Commerce Operators (ECOs) are required to collect Tax Collected at Source (TCS) on net taxable supplies under Section 52(1) of the CGST Act. As per 53rd GST Council meeting recommendations, TCS rate reduced from present 1% (0.5% CGST + 0.5% SGST/ UTGST, or 1% IGST) to 0.5 % (0.25% CGST + 0.25% SGST/UTGST, or 0.5% IGST).
MINISTRY OF FINANCE
(Department of Revenue)
(CENTRAL BOARD OF INDIRECT TAXES AND CUSTOMS)
New Delhi
Notification No. 15/2024-Central Tax | Dated: 10th July, 2024
G.S.R. 379(E). — In exercise of the powers conferred by sub-section (1) of section 52 of the Central Goods and Services Tax Act, 2017 (12 of 2017), the Central Government, on the recommendations of the Council, hereby makes the following amendments in the notification of the Government of India, in the Ministry of Finance (Department of Revenue) No. 52/2018-Central Tax, dated the 20th September, 2018 published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i), vide number G.S.R. 900(E), dated the 20th September, 2018, namely:-
In the said notification, for the words “half per cent.”, the figure and word “0.25 per cent.” shall be substituted.
2. This notification shall come into force from the date of its publication in official gazette.
[F. No. CBIC-20006/21/2024-GST]
RAGHAVENDRA PAL SINGH, Director
Note: – The principal Notification No. 52/2018-Central Tax, dated the 20th September, 2018 published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i), vide number G.S.R. 900(E), dated the 20th September, 2018.
