in case the amount exceeds a certain limit. TCS is the tax which iscollectedby sellers while selling something to buyers. ... TCS deduction is applicable on sales of goods like timber, scrap, mineral wood, and so on.
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 ...
Introduced “Initial achieved threshold value” concept: As per CBDT clarification, “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...
Set the option Is TCS Applicable to Applicable.Press Ctrl+Enter on the Nature of Goods to set the tax rate.Enter the TCS rate in the TCS Nature of Goods screen.Accept the screen. As always, you can press Ctrl+A to save.Scenario 3: I maintain multiple stock items under each TCS ...
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 withhol...
TCS calculation on higher rate if customer is not having PAN For example, invoice has been raised to customer for INR 50,000 on which 1% TCS is applicable for Nature of collection 'Scrap'. But if there is no PAN available for customer then higher TCS of 5% is applicable. ...
1. Is TCS applicable to you? As per section 52 of CSGT Act, the TCS is to be collected by the e-commerce operator with respect to taxable supplies made through their portal by other suppliers, where the consideration in respect of such supplies is collected by him. Thus, the applicabili...
The TCS are available at any time on the Website by clicking on "Terms and Conditions of Sale" or "TCS". The TCS may change at any time. In case of a dispute about an order, the applicable conditions are those that were in force when the order was placed. In any other case, chan...
The applicable GST TCS rate is subject to variation, depending on the transaction type and the seller’s turnover in the previous financial year. For e-commerce, the relevant rate is 1% (0.5% CGST + 0.5% SGST) on the gross consideration value for providers having a turnover of more than...
After receiving application on Form 13, if the Assessing officer is satisfied, the assessing officer would issue such certificate directly to seller under advice to the buyer. The said rate is applicable for a particular seller, whose name is mentioned in the certificate and cannot be taken as ...