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Government Defers TCS, TDS for Smoother GST Transition
June 30, 2017
With less than a week remaining for the launch of Goods and Services Tax, the government has put the TCS and TDS provisions in abeyance and also provided registration exemptions to small businesses linked with e-commerce companies. Thus, the e-commerce portals don’t need to collect 1% TCS (Tax Collection at Source) for the payments to suppliers under the GST regime. A provision given in GST regime under which the notified entities have to collect 1% TDS (Tax Deducted at Source) on the payments to suppliers has also been put on hold.
