GST: TCS Rate Changes for E-commerce Operator (GSTR 8) (03.08.2024)

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GST:

TCS Rate Changes for E-commerce Operator (GSTR 8) – Important aspects regarding the TCS rates effective from 10.07.2024 are mentioned below:

  1.   Period from 1st July to 9th July 2024:
  • During this period, the old TCS rate of 1% will continue to apply. Taxpayers are required to collect & report TCS at this rate for all transactions happened between these dates.
  1.   From 10th July 2024 onwards:
  • A revised TCS rate of 0.5%will come into effect from 10th July 2024. Taxpayers must ensure their systems and processes are updated to reflect this new rate for all transactions happened from 10th          July forward.

[Notification No. 15/2024 dated 10th July 2024]

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