From the following information of independent cases, your expert advice, with appropriate reasoning is sought on the applicability of TDS/TCS provisions of the CGST Act, 2017. You shall also quantify the amount of TDS/TC
CS Professional · Advanced Tax Laws · PYQS · December 2022
From the following information of independent cases, your expert advice, with appropriate reasoning is sought on the applicability of TDS/TCS provisions of the CGST Act, 2017. You shall also quantify the amount of TDS/TCS, as the case be, if the same is applicable. Note: Rate is CGST, SGST and IGST are 9%, 9% and 18% respectively. All the amounts given are exclusive of taxes. (i) Avis Fashions, a designer cloth dealer registered in the state of Rajasthan, effected supply through 'FARE DEAL', an electronic commerce operator (ECO). Net value of taxable intra-State supplies effected for the month of October, 2021 was ₹ 2,00,000.
Answer & Explanation:
An Electronic Commerce Operator (ECO) is required to collect TCS - an amount @1% (CGST 0.5% and SGST @ 0.5%) of the net value of taxable supplies made through it by other suppliers. = ₹ 2,00,000 x 0.5% = ₹ 1,000 (CGST) & ₹ 1,000 (SGST)
Topics: GST
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