Summary of Amendment in TCS Rate for E-Commerce Operator
On Jul 10,2024 – Notification No.15/2024-Central Tax has issued for amendment in TCS Rate for E-Commerce Operator. These will effective from 10-07-2024.
- Section 52(1) of the CGST Act,2017 states that every electronic commerce operator who is not acting as an agent, must collect a tax @ 0.5% CGST & 0.5% SGST on the net value of intra-state taxable supplies made through their platform by other suppliers. This tax is to be collected by the e-commerce operator when they receive payment for these supplies.
- The Government has now made changes to previous Notification No 52/2018-Central tax issued on 20-09-2018. In this notification the term “Half per cent” has been replaced with ” 0.25 Per cent “.
- Hence from 10-07-2024, E-Commerce Operator will collect 0.25% CGST & 0.25% SGST on net value of intra state taxable supplies through their platform by other suppliers.
