NEW DELHI: The Government has notified October 1 as the date for implementing the tax deducted at source (TDS) and tax collected at source (TCS) provisions under GST law.
As per the Central GST (CGST) Act, the notified entities are required to collect TDS at 1 per cent on payments to goods or services suppliers in excess of Rs 2.5 lakh. Also, states will levy 1 per cent TDS under state laws.
E-commerce companies will now be required to collect up to 1 per cent TCS while making any payment to suppliers under the Goods and Services Tax (GST). States too can levy up to 1 per cent TCS under State GST (SGST) law. (AGENCIES)
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