MUMBAI: As India finally ends its 14-year wait for the Goods and Services Tax , ET spoke with various startups to find out how GST-ready is India’s internet ecosystem. “We changed our item masters because it was earlier based on Tax Collected at Source (TCS) and we now needed additional information being captured from all merchants. We also have the responsibility of TCS (Tax Collected at Source) where we need to deduct 2% and then deposit it to the government so it is imperative for us to have all our vendors registered. “Certain states have empowered local bodies to levy entertainment taxes since state entertainment tax is now being subsumed into GST. Regional cinemas, being a large industry could see an impact of this clause, if clarity is not issued,” believes Shah.

Source: Economic Times July 01, 2017 07:32 UTC