Why in the news ?
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Central Board of Indirect Taxes and Customs (CBIC) said, e-commerce operators will be required to register in every state/UT for collection of TCS (tax collected at source).
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Registration has to be done irrespective of whether they are already registered under GST as a supplier or otherwise and have GSTIN.
More in the news
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Foreign companies will be liable to collect TCS and can appoint an ‘agent’ on their behalf if they don’t have physical presence in any state.
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From October 1, e-commerce companies will have to deduct 1 per cent TCS before making payments to their suppliers.
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The amount collected by the operator is to be paid to the government within 10 days after the end of the month.
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TCS is to be collected once supply has been made through the operator.
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The CBIC said every operator will be required to furnish a statement electronically, containing the details of outward supplies of goods or services effected through it.
Source
The Hindu.