TDS and TCS provisions under GST notified

TDS and TCS provisions under GST will be applicable from October 1. TCS must be collected by an e-commerce operator if the operator collects payment on behalf of a seller. The rate should not exceed 2 per cent. Such TCS collected must be deposited to the government within 10 days after the end of the month in which it was collected. TDS must be deducted where contract value exceeds Rs. 2.5 lakh.

This only applies where the payer is a government entity or those notified by the government, as GST Council may suggest from time to time.