TaxTMI 
TaxTMI 
TCS Mechanism under GST
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....lected by the electronic commerce operator when a supplier supplies some goods or services through its portal and the payment for that supply is collected by the electronic commerce operator. We will discuss the exact nature of TCS with an example. There are many e-Commerce operators [hereinafter referred to as an Operator], like Amazon, Flipkart, Jabong, etc. operating in India. These operators d....
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....ervices, less the tax, calculated at the rate of 1%. The said amount will be calculated on the net value of the goods/ services supplied through the portal of the operator. Suppose a certain product is sold at ₹ 1000/- through an Operator by a seller. The Operator would deduct tax @ 1% of the net value of ₹ 1000/- i.e. ₹ 100/-. Let us have a look at the statutory provisions rel....
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....by him. TCS Statement: The amount of tax so collected by the operator is required to be deposited by the 10th of the following month, during which such collection is made. The operator is also required to furnish a monthly statement in Form GSTR-8 by the 10th of the following month. The Operator is also required to file an Annual statement in prescribed form by the 31st of December following the ....
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.... submitted by every operator in the statements will be matched with the details of supplies submitted by all such suppliers in their returns. If there is any discrepancy in the value of supplies, the same would be communicated to both of them. If such discrepancy in value is not rectified within the given time, then such amount would be added to the output tax liability of such suppler. The suppl....