Ecommerce firms get a breather on TDS, TCS

Ecommerce firms get a breather on TDS, TCS”

Given the huge rush, it is unlikely that all registrations would be done before July 1.

The statement regarding this announcement was released by finance ministry, which stated that the companies will not have to deduct the 1% proposed tax before making the payments for goods which are sourced under GST.

This reprieve for online vendors and eCommerce portals has been provided to give more time to them, in order to adjust and prepare for the new tax regime. They need not get GST registration until the tax collected at source provision is enforced.

At that time, Finance Ministry had reminded them about billion dollar valuations, and the profits made by them.

With just four days left for the rollout of the Goods and Services Tax (GST), the government has deferred the implementation of TDS and TCS provisions as well as exempted from registration small businesses selling on ecommerce platform. Awareness campaignThe CAIT has been training traders on GST compliance and adoption of digital payments through a national campaign, launched on May 1, under which more than 130 market camps, seminars and workshops are being organised across India.

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When that merchant pays GST later, then this tax payment will be credited back under tax collected at source.

This has caused some friction between eCommerce portals and online sellers, this will raise the price of every product, and no one knows who will bear the cost of this: the end user, the online vendor or the eCommerce portal which is providing the platform for the same.

It also said the persons who were liable to be registered under clause (ix) of Section 24 of the CGST/SGST Act, 2017 (as they were supplying goods or services through electronic commerce operator, who is required to collect tax at source under Section 52) will not be liable to register till the provision of Tax Collection at Source is brought under force.

An Amazon spokesperson, in his statement to ET, welcomed the move and said that this announcement will help the small vendors continue to sell without the fear of getting their businesses wiped out for not falling in the lines of GST. We will update the story once we hear back.

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