GST Council decision regarding reduction in TCS rate
TCS rate has been reduced from the current 1% (0.5% for CGST and SGST/UTGST, or 1% IGST) to 0.5% (0.25% for CGST and SGST/UTGST, or 0.5% IGST) effective from 10/07/2024 vide Notification No. 15/2024 dated 10.07.2024.
Old rate i.e. 1% will continue to apply till 09th July, 2024.
Tax payers shall be required to collect and report TCS at the old rate i.e. 1% for all the transactions happened till 09th July, 2024.
From 10th July, 2024, onwards, revised rate of 1.5% will come into effect and Taxpayers shall have to collect and report TCS at the new rate for all transaction happened from 10th July, 2024.
https://taxinformation.cbic.gov.in/view-pdf/1010100/ENG/Notifications