Based on this initial interpretation finance and operations apps provided functionality for the first option. However, some scenarios didn't comply with the intended law. To clarify the applicability of the new TCS provisions, the CBDT issued circular no. 17, dated September 30...
There was a lot of confusion about the implementation of this feature, To remove doubts arising on the applicability of new TCS provisions, the CBDT issuedCircular No. 17, dated 30-09-2020clarified that option ( c ) is more convenient, realist...
Tax Collected at Source (TCS) was originally introduced under Section 206C of the Income Tax Act, 1961. It was applicable on the sale of specific goods and on transactions between specific entities as defined by the act. In the past year, the Government of India introduced new...
As per the interpretation of TCS on sales of goods u/s 206C (1H), tax should be collected ‘at the time of receipt’ . It is clarified under law that TCS on sales of goods will be collected when actual payment is received by the seller. How...
Is TCS applicable on GST? Registration requirements under TCS provisions of GST Thee-commerce operators liable to collect TCS have to compulsorily register under GSTand there is no threshold limit exemption for it. ... In all three cases, the e-commerce operator shall pay GST, meet the compli...
TCS by E-Com Operators: Related provisions under GST 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 su...
TCS (Tax Collected at Source) is the tax that a seller collects from the buyer during the sale of specific goods under provision 206C, or any other goods on the basis of realisation. TallyPrime not only supports the latest budget changes for TCS but also provides you with a comprehensive ...
In accordance with the legal provisions, in the event of late delivery compared to the date indicated during the validation of your order, if – after sending Us a registered letter with request for acknowledgment of receipt or a request in writing in another durable medium ordering Us to make...
In short, the seller collects TCS on whichever is earlier of the following two dates: While debiting money payable by a buyer in the books of accounts After receiving money from a buyer via cash/cheque/draft TCS Rate Chart: Goods Collected Under TCS Provisions and Rates Applicable To Them ...
1 Notification No 50 2018 Central Tax Seeks to bring Section 51 of the CGST Act provisions related to TDS into force w e f 01 10 2018 2 Notification No 51 2018 Central Tax Seeks to bring Section 52 of the CGST Act provisions related to TCS into force w e