Tax Collected at Source under Goods and Services Tax Act 2017 and under Income Tax Act, 1961.
Goods and Services Tax : Get the latest updates on GST portal advisories issued in July-August 2024, including changes in registration, refund processes, a...
CA, CS, CMA : Stay informed with February 2024 legal obligations & updates in India. From Income Tax to GST, understand forms, filing dates, & s...
Income Tax : Explore key issues in Budget 2024, including tax rectification delays, unjust tax rates, exorbitant TCS on foreign travel, and nee...
Goods and Services Tax : Stay updated with Tax Compliance Tracker for Income Tax and GST. This tracker provides due dates for various tax-related filings a...
Income Tax : Explore the 2024-25 budget proposals affecting TDS/TCS rates, new sections, and compliance updates. Stay informed on key changes a...
Income Tax : Understand PFA and defective return queries for ITR 1-6 for AY 24-25, including MAT applicability, TDS/TCS claims, and income disc...
Income Tax : CBDT's new circular relaxes TDS/TCS rules for deceased deductees/collectees before PAN-Aadhaar linking, eliminating tax liability ...
Goods and Services Tax : GST Advisory: TCS rate reduced to 0.5% from 1% effective 10/07/2024. Learn about the transition period and GSTR-8 filing updates....
Income Tax : Budget 2024 extends the scope for lower deduction/collection certificates under Sections 197 and 206C, effective from October 2024...
Income Tax : Budget 2024 introduces provisions for exempting or reducing TCS on certain transactions. Effective from October 2024....
Corporate Law : Jharkhand High Court directs refund of Tax Collected at Source (TCS) by Central Coalfields Ltd. to R.S. Coke Industries (Pvt) Ltd....
Income Tax : Supreme Court held that Section 206C of the Income Tax Act is not applicable in respect of Mysore Sales and that the liquor vendor...
Income Tax : ITAT Delhi rules interest income on FDs linked to SEZ business operations is deductible under Section 80IAB. Analysis of Candor Gu...
Income Tax : ITAT Amritsar decision on Aay Kay Manufacturing Co. Vs ITO-CPC discusses TCS payable and Section 43B compliance, offering key insi...
Income Tax : Read the detailed analysis of Kanjula Rajagopal Reddy Firm vs. ITO case by ITAT Vishakhapatnam regarding TCS credit eligibility un...
Income Tax : Income Tax Circular 08/2024 exempts higher TDS/TCS rates if deductee/collectee dies before PAN-Aadhaar linkage, addressing taxpay...
Income Tax : The Ministry of Finance exempts RBI from Section 206CCA of Income Tax Act, 1961 through Notification No. 46/2024 dated 27th May, 2...
Income Tax : RBI exempted from Section 206AB of the Income Tax Act, 1961, via Ministry of Finance notification dated May 27, 2024. Learn more a...
Income Tax : Discover the latest Circular from the Ministry of Finance, India, outlining measures to reduce tax litigation by specifying condit...
Income Tax : CBDT issues Circular No. 10/2023 dated 30/06/2023 containing Frequently Asked Questions (FAQs) for removal of difficulty on issues...
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 Business selected […]
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
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 electronic commerce. Detail Analysis of Definition: Electronic Commerce: Under this definition only “supply” […]
Under the GST Regime, on and from October 1, 2018, all e-commerce operators, except agents, shall be liable to deduct tax at source at the rate of 1% i.e. 0.5% CGST + 0.5% SGST, of the net value of intra-State taxable supplies made through it by other suppliers.
Article Answers 1. Who needs to register under GST as a TCS? 2. How can register as TDS or TCS? 3. Are there any preconditions I must fulfill before registering with GST as a TDS or TCS? 4. Do I get registered automatically after submitting the registration application along with the prescribed documents?
As per Section 52(1) of the CGST Act, 2017, TCS is to be collected by an electronic commerce operator on the net value of taxable supplies made through it by other suppliers where the consideration with respect to such supplies is to be collected by such operator.
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 collected by the said operator. MINISTRY OF […]
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 by other suppliers where the consideration with respect to such supplies […]
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 collect an amount calculated at a rate of half percent […]
E-Commerce industry had unique place in GST regime. TCS (Tax collected at source) provisions were incorporated into the GST act, however the provisions were not actively notified.
