Viewing posts tagged TCS
All suppliers need to reconcile the supplies reported by them in their GSTR 1 and the supplies details provided by e-commerce operators in their GSTR 8.
As per the GST law, an Electronic Commerce Operator is liable to collect taxes while making taxable sales on behalf of other suppliers. GST TCS provisions put into action w.e.f. 01-10-2018 by Notification 51/2018-Central Tax dated 13-9-2018.
The provisions related to tax deducted at source (TDS), tax collected at source (TCS) and reverse charge mechanism under GST have been deferred for another three months till Sept 30, 2018. Earlier this year in the GST Council meeting, these provisions were deferred till March 31, 2018 and now additional three months extension has been notified.