Goods and Services Tax – GST Dated:- 2-8-2024 – News – Advisory in respect of Changes in GSTR 8 Dated:- 2-8-2024 – 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:
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