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? According to income ...
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...
GST TCS on payment GST TDS TCS on receipt GST adjustments/periodic activities GST Cess GST on service management GST input service distribution TDS TDS for customer TCS Voucher interface Fixed asset Gate entry Subcontracting Stale cheque Italy ...
Value that GST TCS must be deducted onFor the deduction of TCS, the net value of taxable supplies from another supplier is considered when the tax that must be collected is calculated. If the invoice value includes GST, the tax amount can be excluded....
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 ...
Include GST tax component if part of TCS base amount calculation under field “Include GST tax component for TDS or TCS calculation “ If charges are not part of TCS calculation selection “Yes” under field “Exclude charges for TDS or TCS calculation” ...
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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 ...
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...
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...