Skip to main content

TDS rate cut for e-tailers to help free up working capital for sellers, say e-biz players

The budget proposed reduction in TDS rate on e-commerce operators to 0.1 per cent from 1 per cent now

New Delhi: E-biz players on Tuesday said the proposed reduction in TDS rate on e-commerce operators to 0.1 per cent from 1 per cent now, promises to significantly free up working capital for sellers.

An Amazon spokesperson said the company, on behalf of its sellers, “welcomes” the Government’s decision to reduce the Tax Deducted at Source (TDS) rate for e-commerce operators.

Similar sentiments were echoed by others like Flipkart and Meesho.

“Reducing the TDS rate from 1 per cent to 0.1 per cent will significantly free up working capital for sellers,” Kalyan Krishnamurthy, the CEO of Flipkart Group, said.

Dhiresh Bansal, Chief Financial Officer at Meesho said the government’s forward-thinking measures in the budget, support the equitable development of small businesses.

“Reducing TDS rates on e-commerce operators is a much-needed change which will enhance liquidity. Previously, small businesses had to wait a year to claim their refunds. This change will now lead to improved working capital efficiency, creating more parity between online and offline. We are excited to see the positive impact this will have on the nation’s economic growth,” Bansal said.

Finance Minister Nirmala Sitharaman in the budget for 2024-25 announced a reduction in TDS rate on e-commerce operators to 0.1 per cent from 1 per cent at present.

In a statement, Nasscom said the move would encourage more sellers to participate in the e-commerce activity.

“For payments made by e-commerce platforms to sellers, this will help in unlocking working capital for the sellers on e-commerce and encourage sellers to participate in e-commerce activity,” the apex IT industry body stated.

The post TDS rate cut for e-tailers to help free up working capital for sellers, say e-biz players appeared first on India Retailing.



from India Retailing https://ift.tt/mM8BeGV
via IFTTT
Labels:

Comments

Post a Comment

Popular posts from this blog

Eagle Labs launches impirica CBD brand

ST. PETERSBURG, Fla. — Eagle Labs has launched impirica, a new brand of CBD intended to eliminate consumer fear, and increase confidence, in trying the exciting new cannabidiol category. Michael Law Although most Americans have now heard about CBD, many are very confused and concerned about product quality. This is inhibiting trial in the category and holding back conversion into sales. In fact, a 2017 study by Johns Hopkins University found that two out of three CBD products on the shelf did not contain the amount of CBD reflected on the label. Furthermore, in 2018 and 2019, the FDA sent notices to a substantial number of CBD manufacturers advising them of serious concerns about product quality or egregious medical claims. The impirica brand looks different than most CBD brands — the brand name itself connotes testing and trust, says Eagle Labs chief commercial officer Michael Law. “It doesn’t use the traditional category colors of browns and greens, and you won’t find a hemp...
68 comments
Read more

Coronavirus Recovery: Canadian Small Businesses Must Focus on Easing Employee, Customer Fears

By M. Tina Dacin and Laura Rees A small business has been  given the green light to reopen amid the COVID-19 pandemic . What does it need to consider for employees and customers? Small business owners are reorganizing physical space to account for continued distancing requirements and rethinking supply chains to deliver products and services in new ways to meet changing demand patterns. But they must not forget the hearts and minds of employees and customers. That doesn’t mean replacing a focus on the bottom line, but it helps address the need for a new set of expectations and ways of communicating in terms of product or service offerings, delivery methods and real-time feedback. Based on our expertise in organizational behaviour and past research we’ve conducted, we provide a set of recommendations to help small businesses thrive in our new COVID-19 economy by looking after the hearts and minds of the people most important to businesses — employees and customers. Fear, Anxi...
1 comment
Read more

World's 1st Pizza Subscription Service Launches in Toronto

general assembly subscription user opening delivery box of pizza. photo: general assembly pizza By Mario Toneguzzi Toronto-based General Assembly Pizza has launched what it describes as the world’s first pizza subscription service as it also plans to aggressively expand its product offering in the near future by opening a new concept in the market. "Since opening our doors in 2017, we have pushed for the best guest-experience possible — that's why our dough is 100 percent naturally leavened, that's why we have a purpose-built 400-square-foot pick-up and delivery area, and that's why we’ve launched a direct-to-consumer subscription-based ecommerce platform,” said Founder & CEO Ali Khan Lalani. “In 2020, providing the best guest experience means General Assembly Pizza has to be more than a restaurant. I'm proud to say that after almost six months of planning, many roadblocks, and countless pivots — all while maintaining our day-to-day restaurant operatio...
1 comment
Read more