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Indian-Commodity  :  Economy  :  TCS provision relaxation under GST to boost e-commerce: FICCI

TCS provision relaxation under GST to boost e-commerce: FICCI (28-Jun-2017)

Appreciating the government's decision to defer the enforcement of Tax Collection at Source (TCS) provision under the Goods and Services Tax (GST) regime, the Federation of Indian Chambers of Commerce and Industry (FICCI) has said that the decision will boost e-commerce. The industry body further noted deferment of TCS as a welcome step, saying that the immediate enforcement of TCS under GST would have slowed down the growth of e-commerce with consequential negative impact on economic growth, job creation, and infrastructure investments and possibly tax collections itself.

The industry body said that TCS would have a direct impact on the sellers of the marketplace, who are generally small in nature with a turnover in the range of Rs 50 lakh to Rs 10 crore per annum. Besides, it said that TCS could have disrupted the cash flow, thereby disrupting the level playing field between online selling and offline selling, and discouraged sellers particularly SMEs from selling online. FICCI further expressed need of right policy frameworks and guidelines for the sector in order to make it more productive.

The government postponed the Tax Deducted at Source (TDS) and TCS provisions for the time being after the feedback received from trade and industry. Besides, persons supplying goods or services through an electronic commerce operator and liable to collect tax at source will not be required to register immediately until the TCS provision is brought into force.  The decision was taken to provide more time for persons liable to deduct tax at source, e-commerce companies and their suppliers to prepare for the rollout of the forthcoming tax regime.


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