E-commerce firms not liable to collect TCS from suppliers with less than ₹20 lakh turnover: CBIC

The e-commerce companies are not liable to collect TCS on supplies made by entities with turnover not exceeding ₹20 lakh and are not registered under GST, the CBIC has said. As per Goods and Services Tax (GST) provisions, beginning October 1, 2018, e-commerce companies deduct 1% tax collected at source (TCS) before making payments to their suppliers. The Central Board of Indirect Taxes and Customs…