Apply for tan necessary having turnover less than 1 crore

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manoj jain (Querist)
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11 February 2018 We are manufacturing unit and iron scrap is generated. We sell it and buyer gives us 27c form against invoice for not charging tcs in invoice. My question is that though tcs is applicable on scrap but as our Turnover is less than 1 crore, is tcs collection necessary for us and for collecting tcs tan no is mendatory for us or not.

Arpit

Arpit (Expert)
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12 February 2018 The requirement for TCS shall not apply in case the buyer furnishes a declaration in Form 27C to the person responsible for collecting such TCS.

- You can not required to collect TCS if the buyer has submitted to you Form 27C
- For all other cases where the TCS is applicable and Form 27C has not been submitted to you, you shall be required to deduct TCS irrespective of your turnover
- TAN is mandatory for collecting TCS