What is the meaning of TCS return in the GST?
Since its introduction in July 2017, the Goods and Service Tax structure has seen several small and significant changes. Too many complications still make it necessary for businesses to seek help from tax experts. TCS or tax collected at source is one of the most discussed and complicated aspects within the GST. Here’re the key factors that you need to know about TCS. Tax collected from suppliers at source Electronic Commerce Operators have to fulfil the necessary obligation of collecting tax at source from the suppliers of goods and services under Section 52 of the GST Act. The tax collected at source is referred to as TCS. At present, the TCS deducted needs to be one per cent of the net value of goods. Simply put, the tax is collected on behalf of the suppliers and is paid to the government. It applies to all the suppliers (revenue exceeding twenty lakhs per annum) who provide products and service to the e-commerce portals. In their rece...