Is TCS applicable on coal? W.e.f. 01/07/2012. the category of buyers who are attracting TCS have to remitcoal value plus 1% TCSamount to CCL by way of RTGS/NEFT. How is TCS calculated on sale of scrap? For example, we are selling the scrap of Rs 10,000 and the GST applied he...
What is the applicable TCS rate? Under Section 206C(1H), a seller must collect TCS at the rate of 0.1% of the sale amount (inclusive of taxes), provided the buyer furnishes their Permanent Account Number (PAN) or Aadhaar. If they don’t provide their PAN or Aadhaar, a ...
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...
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. ...
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...
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...
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...
TCS under GST is a method of collecting tax at the time of sale. It’s applicable to e-commerce operators. The seller collects TCS at 1%, typically from 0.5% to 1%. The TCS rate generally is 0.5% for intra-state supplies and 1% for inter-state supplies, with some specific exceptions ...
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...