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New TDS/TCS regime from July 1 - are you ready? SECTIONSNew TDS/TCS regime from July 1 - are you ready?By Ashish Jain, ET CONTRIBUTORSLast Updated: Jun 29, 2021, 10:25 AM IST
The tax administration's fascination with 'data' collection has been a hallmark of India's tax policy in the recent years. Introduction of technology led GST regime in India paved the way for granular transaction level reporting for indirect tax purposes. This was followed by introduction of Tax Collection at Source (TCS) on sale of goods last year where seller was entrusted with the responsibility to collect Income-tax at 0.1% from buyer, subject to certain conditions.
In what is popularly seen as a course correct, the Finance Act, 2021 shifted the compliance burden from seller to buyer by introducing Tax Deduction at Source (TDS) on purchase of goods, subject to similar conditions w.e.f. 1 July 2020.
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