E-commerce firms like Flipkart and Snapdeal to deduct TCS under GST

E-commerce firms like Flipkart and Snapdeal to deduct TCS under GST,  According to the new GST law, E-commerce giants Flipkart and Snapdeal will have to deduct 2% TCS(Tax Collected at Source) while making payments to their suppliers and deposited TCS amount with the governmentE-commerce firms like Flipkart and Snapdeal to deduct TCS under GST . The new model GST law provides for 1

per cent TCS and 1 per cent tax levied on inter-state movement of goods. It will not apply to aggregators like Ola,Uber etc.

iii. If consumer return of goods , the companies will not have to deduct TCS as there is no actual sale.

TCS(Tax Collected at Source):

♦Tax Collected at Source (TCS) is income tax collected by seller in India from payer on sale of certain items. It is provided in section 206C of Income Tax Act 1961.

♦ The seller has to collect tax at specified rates from the payer who has purchased the items like Alcoholic liquor for human consumption.