Provisions for TDS/TCS on GST to come into effect from October 1

• The government has notified October 01, 2018 as the date for implementing the tax deducted at source (TDS) and tax collected at source (TCS) provisions under GST law.
• As per the Central GST (CGST) Act- TDS at 1 per cent on payments to goods or services suppliers in excess of Rs 2.5 lakh. E-commerce companies will now be required to collect up to 1 per cent TCS while making any payment to suppliers under the Goods and Services Tax (GST).
• States will levy 1 per cent TDS under state laws. States can levy up to 1 per cent TCS under State GST (SGST) law.

Points to remember:

1. Date of implementation
2. TDS/TCS percentage?
3. TDS above which amount?