Goods & Services Tax (GST) Updates
- Thread starter Sushubh
- Start date
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what is this new tax now ?
Although it is not very clear..... but what seems is that they have further complicated/ increased the compliance burden for certain categories i.e. online/ eCommerce businesses & Govt. agencies/ contractors etc.
Now while making the payments such businesses will deduct 2% (1%cgst +1%sgst) out of say(18% GST category) and deposit as TCS..(balance 16% CGST8% + SGST8% the vendor will deposit) ......
and further the vendor/ contractor would have to claim TDS with filing some return.... so there will be additional paperwork at both ends
Now while making the payments such businesses will deduct 2% (1%cgst +1%sgst) out of say(18% GST category) and deposit as TCS..(balance 16% CGST8% + SGST8% the vendor will deposit) ......
and further the vendor/ contractor would have to claim TDS with filing some return.... so there will be additional paperwork at both ends
