FREQUENTLY ASKED QUESTIONS ABOUT TCS AND GST

TCS stands for Tax Collected at Source and is a tax levied by the government on certain transactions.

TCS is applicable on transactions made by e-commerce operators and sellers on e-commerce platforms.

The rate of TCS is 1% of the net value of the transaction.

TCS can be claimed as a credit against the seller's income tax liability.

To claim TCS credit, the seller must have a valid GST registration and file their GST returns.

If the seller does not have a GST registration, they can still claim TCS credit by applying for a GST registration.

TCS is not applicable on transactions where the buyer is a government entity or a registered charitable institution.