Login With Google
E-commerce firms will have to register in every state
Why in the news ?
- 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).
- 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
- 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.
- From October 1, e-commerce companies will have to deduct 1 per cent TCS before making payments to their suppliers.
- The amount collected by the operator is to be paid to the government within 10 days after the end of the month.
- TCS is to be collected once supply has been made through the operator.
- 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.