GST - TCS Section 52

Explanation in EASYWAY!!!!


TDS u/s 51 GST  - TDS -  Section 51

Section 52  - TCS under GST
TCS stands for Tax Collected at Source.
TCS is collected by every ECO – E-Commerce Operator.( not an Agent)
TCS is collected by ECO on NET Value of Taxable Supplies .
Net Value of Taxable Supplies means = Aggregate value of supplies of goods and services  Less Sales Return.
TCS rate is 1%. (CGST ½ %, SGST ½ % and IGST 1%).
ECO has to file an Monthly Electronic Statement within 10 days from the end of the month in which supplies are made.
After furnishing Monthly Statement , ECO can rectify any omission or incorrect information  subject to interest under Section 50, but this rectification in not allowed after
Due Date of monthly statement of September and
Due date of Annual Statement,
whichever is earlier .

( Logic  :- September is earlier only but if Annual statement is filed before September (eg August )  then no more rectification after August.

ECO is also required to file an Annual Statement on or before 31st December of next Financial year. ( Example for year 2020-21, due date will be 31-12-2021)
Commissioner  may extend due date of furnishing Monthly and Annual Statement.
Deputy  Commissioner may ask for information regarding  supplies of goods and services , godown managed by ECO etc..., ECO shall furnish information within 15 working Days. If not then ECO shall be liable for penalty upto Rs.25000.