GST NEWS UPDATE Aug 2nd, 2024
Advisory in respect of Changes in GSTR 8 Please refer to the GST Council decision to the effect that TCS rate has been reduced from the current 1% (0.5% CGST + 0.5% SGST/UTGST, or 1% IGST) to 0.5% (0.25% CGST + 0.25% SGST/UTGST, or 0.5% IGST) effective from 10/07/2024 vide Notification No. 15/2024 dated 10.07.2024. Thus, the following important aspects regarding the TCS rates effective from 10.07.2024 are to be noticed: 1. Period from 1st July to 9th July 2024: • During this period, the old TCS rate of 1% will continue to apply. Taxpayers are required to collect & report TCS at this rate for all transactions happened between these dates. 2. From 10th July 2024 onwards: • A revised TCS rate of 0.5% will come into effect from 10th July 2024. Taxpayers must ensure their systems and processes are updated to reflect this new rate for all transactions happened f...