TCS on sale of Goods u/s 206C(1H) Applicability/Non Applicability #gst #shorts #viral #trending ‪@cadeveshthakur‬

R100: TCS on sale of Goods u/s 206C(1H)
Applicability of TCS provisions u/s 206C(1H)
TCS on sale of Goods u/s 206C(1H) when a supplier receives consideration for sale of any goods of value or aggregate of such value exceeds Rs. 50,00,000/-.

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Liability of Supplier to collect TCS u/s 206C(1H) if:
(a) The turnover exceeds Rs.10 crores in the previous financial year (sale of goods in India i.e., excluding exports)
(b) Refer CBDT press release dated 30.09.2020 and Refer our #R38
(c) TCS on value [Total sale value minus Rs. 50,00 000]
(d) TCS rate 0.1%
(e) Buyer to provide PAN/Adhar No otherwise the rate of TCS would be 1%.
(f) TCS calculation on the amount including the GST component.

TCS provisions NOT APPLICABLE
(A) If the buyer is liable to deduct TDS under any other provision of this ACT on the goods purchased by him from the seller and has deducted such amount.
(B) If form No 27C received from Buyer.


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