So, if you are providing ecom portal to suppliers and buyers, TCS is applicable to you. 2. Who is an E-commerce operator? As per GST Law, an E-Commerce Operator shall include every person who, directly or indirectly, owns, operates or manages an electronic platform that is engaged in ...
On posting of voucher for GST TCS - Interstate Transaction, GL Entries will be as following: 展開表格 ParticularsAmount Customer Account -1000 IGST TCS Receivable Account 10 Bank Account 990GST TDS on customer paymentGST TDS is applicable for Registered Customers. User can calculate ...
Initial achieved threshold value: The CBDT clarification states, "It may be noted that this TCS shall be applicable only on the amount received on or after 1st October 2020. However the threshold is based on the yearly receipt, it may be noted that only for calculation of th...
Ensure to make on-time TDS payments, always with RazorpayX Instant TDS Payment Tool. Pay TDS in 30 seconds TDS and TCS under GST Under the Goods and Services Tax (GST) regime in India, TDS (Tax Deducted at Source) and TCS (Tax Collected at Source) are applicable in certain scenarios...
TCS exemptions are applicable if a buyer procures goods for processing, manufacturing and production and not for the purposes of trading. There are also exemptions if the goods are being used for personal consumption. Should sellers collect TCS on an amount inclusive of GST?
Not applicable - New Regulatory feature Setup Steps to do setup for TCS on sale of goods: Please note that it is mandatory for user to apply “Advance threshold” feature to enable deduction of TCS on sales of goods scenarios. Create new withholding tax code “Sale of goods”: ...
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The advent of GST has ushered a tiring process of reconciliation for the sellers on e-commerce platforms with invoice-wise data being uploaded in GSTR-1 monthly. To add to online business’ woes, provisions of TCS have been made applicable on e-commerce platform with effect from 01st Octobe...
Also, the notified entities are directed to collect TDS at one percent on the payments done to the suppliers of Goods or services. The Tax deducted at source (TDS) and Tax collected at source (TCS) provisions would be applicable from 1st of October as notified by the Government. Below ...
overseas tour packages do not qualify. TCS is applicable on all remittances for overseas tour packages, but the rate varies for amounts above INR 7,00,000. If you are paying for your own holiday and not to a company, then you only have to pay TCS on the amount above INR 7 lakhs.2...