tcs

Compliance Guide for E-Commerce Sellers: TDS vs TCS

Income Tax - E-commerce platforms have been a major boon for new and budding companies, providing pan India customer base and a host of other services in helping them grow. However, working with e-commerce platforms attract lots of compliance issues and complexities which one might be caught unaware. ...

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Form GSTR-8- Statement of TCS under GST – How to file & FAQs

Income Tax - A. FAQs on Filing of Form GSTR-8-  Statement of TCS (Tax Collected at Source) Q.1 What is Form GSTR-8? Ans: Form GSTR-8 is a Statement of TCS (Tax Collected at Source) to be filed by E Commerce Operators. Form GSTR-8 contains the details of taxable supplies and the amount of consideration collected by such operator […]...

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Tax Collection at Source (TCS) under GST- FAQs- Updated

Income Tax -  Frequently Asked Questions and answers on Tax Collected at Source (TCS) under GST (Updated as on 30.11.2018) Question 1. What is Electronic Commerce? Answer: As per Section 2(44) of the CGST Act, 2017, electronic Commerce means the supply of goods or services or both, including digital products over digital or electronic network. Questi...

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TCS on E-Commerce Operators under GST

Income Tax - The Government has notified the effective date of implementation of TCS provisions in GST returns w.e.f. 1.10.2018 (unless extended). This requires E-commerce operators like Amazon, Flipkart, etc. to collect TCS on the Transaction made by the suppliers through their portals w.e.f. the same date....

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Applicability of TCS under GST & it’s impact on E-commerce

Income Tax - The TCS & TDS provisions which were deferred has become applicable w.e.f from 01st October 2018. Hence the notified persons would be required to deduct TDS & collect TCS on transaction under GST....

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Changes in Registration of E-Commerce Operators as TCS under GST

Income Tax - It has been observed that some of the e-Commerce operators have no physical presence in all the States/UTs whereas, the registration application and process requires address of Principal Place of Business in every state/UT....

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GST: Provisions of TDS and TCS suspended till 30.09.2018

Income Tax - The competent authority has decided that the provisions of sections 51 and 52 of the Central Goods and Services Tax Act, 2017 relating to tax deduction at source (TDS) and collection of tax at source (TCS) respectively, shall remain suspended till 30.09.2018....

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ICAI suggestion to reduce Mismatch in TDS / TCS data

Income Tax - The non-government deductors majorly comprise of non-corporate sector which is not very organized. Approximately less than 6000 assessees are listed companies who take the help of professionals to file statements of TDS/TCS in time....

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Quarterly TDS/TCS due dates and new features of RPU version 2.2

Income Tax - Key Features — Return Preparation Utility (RPU) version 2.2 ♣ In case of non-availability of PAN of deductee for Form 27E% two new fields are introduced under deductee details which are as below: Column no. 32) Deductee is Non-Resident (under this column two dropdown options will be provided i.e. Yes/No) Column no. 33) Deductee is [&h...

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GSTN no. to be mentioned now in TDS / TCS Statements

Income Tax - Addition of new field i.e. Goods and Service Tax Number (GSTN) under form page of TDS/TCS statements -15 digit alpha-numeric value to be entered under this field. Applicable for regular and correction statements pertains to all forms and FYs....

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Toll Plaza does not include Tahbazari & not comes within the purview of Section 206C(1C)

Apar Mukhya Adhikari Vs Income Tax Officer (ITAT Allahabad) - Apar Mukhya Adhikari Vs ITO (ITAT Allahabad) Under Section 206C(1C) of the Act every person, who grants a lease or a licence is required to collect tax at the prescribed rate from the licencee for granting lease/licence or otherwise transferring any right or interest to any other person with re...

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Obligation to collect TCS cannot be extended to Octroi: HC

CIT (TDS) Vs Commissioner, Akola Municipal Corporation (Bombay High Court - Nagpur Bench) - Section 206C(1C) of the Act only obliges a person to collect tax from its agents/licensee who collects a toll on its behalf. The obligation to collect tax under Section 206C(1C) of the Act cannot be extended to collection of octroi. ...

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SC admits SLP on levy of Late TDS / TCS return Filing Fees U/s. 234E

Rashmikant Kundalia and another Vs Union of India(Supreme Court of India) - Against Bombay High Court order in case of Rashmikant Kundalia and another Vs UOI in Section 234E matter Supreme Court admits the SLP filed with it. ...

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TDS credit must be given to deductee even if deductor fails to pay to government

Executors of the Estate of S.Shanmuga Mudaliar Vs The Assistant Commissioner of Income Tax (Madras High Court) - It is not disputed that tax was deducted at source by the tenant Union Motors Services Limited and they have issued some Certificates which has been given credit to by the Department. The present dispute relates to the failure of non issuance of TDS certificates by the tenant....

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Molasses produced during manufacturing of sugar not scrap for the purpose of section 206C

The Nawanshahar Co-op. Sugar Mills Ltd. Vs. Income Tax Officer (ITAT Amritsar) - We have thoroughly gone through the findings of the ld. first appellate authority on the issue in dispute and we are of the view that the findings of the ld. first appellate authority are not based on any material or evidence and the Molasses would not form part of the definition as provided in Expl...

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Collection of tax at source (TCS) under GST by Tea Board of India

Circular No. 74/48/2018-GST - (05/11/2018) - Tea Board of India, being the operator of the electronic auction system for trading of tea across the country including for collection and settlement of payments, admittedly falls under the category of electronic commerce operator liable to collect Tax at Source (TCS) in accordance with the provisio...

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Revised Form 13 & Procedure for Lower/ Nil Rate TDS/ TCS certificate

Notification No. 74/2018-Income Tax [G.S.R. 1068(E)] - (25/10/2018) - In exercise of the powers conferred by sections 197 and 206C read with section 295 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following rules further to amend the Income-tax Rules, 1962, namely...

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TCS by e-commerce operators on inter-Union Territory taxable supplies

Notification No. 13/2018-Union Territory Tax [G.S.R. 941(E)] - (28/09/2018) - Every electronic commerce operator, not being an agent, shall collect an amount calculated at a rate of one per cent. of the net value of inter-Union Territory (without legislature) taxable supplies made through it by other suppliers where the consideration with respect to such supplies is to be col...

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TCS by e-commerce operators on intra-Union Territory taxable supplies

Notification No.12/2018-Union Territory Tax [G.S.R. 940(E)] - (28/09/2018) - Central Government notifies vide Notification No. 12/2018-Union Territory Tax that every electronic commerce operator, not being an agent, shall collect an amount calculated at a rate of half per cent  of the net value of intra-Union Territory (without legislature) taxable supplies made through it ...

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TCS Rate on intra-State taxable supplies by e-commerce operator

Notification No. 52/2018-Central Tax - (20/09/2018) - CBIC notifies the rate of tax collection at source (TCS) to be collected by every electronic commerce operator for intra-State taxable supplies vide Notification No. 52/2018 — Central Tax dated: 20th September, 2018. CBIC Notifies that every electronic commerce operator, not being an agent, shall ...

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Recent Posts in "tcs"

Compliance Guide for E-Commerce Sellers: TDS vs TCS

E-commerce platforms have been a major boon for new and budding companies, providing pan India customer base and a host of other services in helping them grow. However, working with e-commerce platforms attract lots of compliance issues and complexities which one might be caught unaware. ...

Read More

Changes in Registration of E-Commerce Operators as TCS under GST

It has been observed that some of the e-Commerce operators have no physical presence in all the States/UTs whereas, the registration application and process requires address of Principal Place of Business in every state/UT....

Read More

Form GSTR-8- Statement of TCS under GST – How to file & FAQs

A. FAQs on Filing of Form GSTR-8-  Statement of TCS (Tax Collected at Source) Q.1 What is Form GSTR-8? Ans: Form GSTR-8 is a Statement of TCS (Tax Collected at Source) to be filed by E Commerce Operators. Form GSTR-8 contains the details of taxable supplies and the amount of consideration collected by such operator […]...

Read More

Tax Collection at Source (TCS) under GST- FAQs- Updated

 Frequently Asked Questions and answers on Tax Collected at Source (TCS) under GST (Updated as on 30.11.2018) Question 1. What is Electronic Commerce? Answer: As per Section 2(44) of the CGST Act, 2017, electronic Commerce means the supply of goods or services or both, including digital products over digital or electronic network. Questi...

Read More

TCS on E-Commerce Operators under GST

The Government has notified the effective date of implementation of TCS provisions in GST returns w.e.f. 1.10.2018 (unless extended). This requires E-commerce operators like Amazon, Flipkart, etc. to collect TCS on the Transaction made by the suppliers through their portals w.e.f. the same date....

Read More

Collection of tax at source (TCS) under GST by Tea Board of India

Circular No. 74/48/2018-GST (05/11/2018)

Tea Board of India, being the operator of the electronic auction system for trading of tea across the country including for collection and settlement of payments, admittedly falls under the category of electronic commerce operator liable to collect Tax at Source (TCS) in accordance with the provisions of section 52 of the Central Goods an...

Read More

Applicability of TCS under GST & it’s impact on E-commerce

The TCS & TDS provisions which were deferred has become applicable w.e.f from 01st October 2018. Hence the notified persons would be required to deduct TDS & collect TCS on transaction under GST....

Read More

Documents Required for Registration as Tax (TCS) Collector under GST

Documents Required for Application for Registration as Tax Collector under GST or Registration for collection of TCS under GST Please keep the scanned copy of below mentioned documents handy to fill your application for Registration as Tax Collector. 1. Detailed information on proofs required to be attached on the basis of Constitution of...

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Revised Form 13 & Procedure for Lower/ Nil Rate TDS/ TCS certificate

Notification No. 74/2018-Income Tax [G.S.R. 1068(E)] (25/10/2018)

In exercise of the powers conferred by sections 197 and 206C read with section 295 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following rules further to amend the Income-tax Rules, 1962, namely...

Read More

TCS provisions for E-commerce Operator

Important Definition under GST law: (i) Section 2: Definitions Section 2(41)-electronic commerce means supply of goods and/or services including digital products over digital or electronic network. Section 2(42)-electronic commerce operator means any person who owns, operates or manages digital or electronic facility or platform for ele...

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