The Central Board of Indirect taxes and Customs (CBIC) has notified that the e-commerce operators shall collect one percent as Tax Collected at Source (TCS) under the Goods and Services Tax (GST) regime.
With this, the e-commerce players will have to shell out 2 percent TCS from next month as the provisions relating to Tax Deduction at Source (TDS) and Tax Collection at Source (TCS) under GST will be applicable from next month.
“Every electronic commerce operator, not being an agent, shall collect an amount calculated at a rate of half percent. 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,” a notification issued by the CBIC today said.
Besides, the government has come up with the audit and reconciliation form for companies having a turnover of more than Rs 20 million a year.
Accordingly, E-Commerce giants in India like Amazon, Google, Apple and other foreign companies operating in the e-commerce space will have to register themselves for GST in all the states in the next 10-12 days.
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