E-commerce cos to deduct 1 pc TCS under GST from Oct 1

E-com firms to cut 1% tax in supplier payments
E-commerce firms will from October 1 have to deduct 1% tax collected at source (TCS) before making payments to their suppliers. The Finance Ministry on Thursday notified TCS at the rate of 0.50% of the net value of intra-State taxable supplies made through e-commerce portals by other suppliers in the Central Tax law. States too would follow suit and notify levy of 0.50% SGST on intra-State supplies.pti
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