The Goods and Services Tax Network (GSTN) on August 02, 2024, issued the Advisory in respect of Changes in GSTR 8.
The following important aspects regarding the TCS rates effective from July 10, 2024, are namely: -
• Period from July 01 to July 09, 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
• From July 10, 2024, onwards:
A revised TCS rate of 0.5% will come into effect from July 10, 2024. Taxpayers must ensure their systems and processes are updated to reflect this new rate for all transactions happened from July 10 forward.
• Users would be able to file returns from August 06, 2024, midnight onwards.
