One of our clients is dealer and manufacturer in high-end jewellery. The foreign customers visiting India and buying jewellery from their showroom with single transactions exceeding Rs.50 Lakhs. Foreign buyers are making payment through swap of forex card against the delivery of the jewellery as per bills issued by the jeweler. The client wants clarifications of TCS liability as per the interpretation of section206C(1H) of Income Tax Act, 1961.
Section 206(1H) read as under :
(1H)…….. Every person, being a seller, who receives any amount as consideration for sale of any goods of the value or aggregate of such value exceeding fifty lakh rupees in any previous year, other than the goods being exported out of India or goods covered in sub-section(1) or sub-section (1F) or sub-section(1G) shall, at the time of receipt of such amount, collect from the buyer, a sum equal to 0.1 percent of the sale consideration exceeding fifty lakh rupees as income-tax :
Provided that if the buyer has not provided the Permanent Account Number or the Aadhar number to the seller, then the provisions of clause (ii) of sub-section(1) of section 206CC shall be read as if for the words “five percent”, the words “one percent” had been substituted :
Provided further that the provisions of this sub-section shall not apply, if the buyer is liable to deduct tax at source under any other provision of this Act on the goods purchased by him from the seller and has deducted such amount.
Following are our queries for TCS from foreign buyers purchasing locally :
1. Foreign buyers are not having PAN or Aadhar Card.
2. The foreign sales invoice made by jewelers exceeding Rs.50 Lakhs which was paid by foreign buyer by swap of forex card against delivery of goods.
3. Whether the assessee is required collect TCS from foreign buyers who are purchasing goods locally ?
4. If Yes, what is the rate of TCS to be collected ? in view of above situation and proviso 1 to sub-section 1H to section 206C of Income Tax Act,1961.
5. Foreign buyers are not ready to pay TCS as they are paying GST on Invoice value and not claiming TCS credit in their home country.

Please provide clarification on the matter to determine the TCS liability u/s 206C(1H) of Income Tax Act, 1961.
Awaiting your early reply.

there are various types of Cooperative society like Producer / Marketing Cooperatives.,Consumer Cooperatives.,Worker Cooperatives.Housing Cooperatives.
Financial Cooperatives. etc

As per Sec 2(17) definition of Business, other coprative must be covered under GST if there turnover is more than 20 Lacs

But whatever literature are available in the matter of “GST Applicablity on cooperative society” , it is related to housing society only.

Why such literature is not there about other cooperative society. May I request you to please guide on this

Return of income for the assessment year 2019-20 filed 30/09/2019 resulting in demand of tax. The date of order is 26/08/2020. Rectification request filed on 09/12/2022. Rectification processed with demand due on April 20,2023. Now the assessee is going on appeal. I request the experts to tell me if the date of order can be taken as the date of the rectification order of 20/04/2023. Or should the date of original order of 26/08/2020.

One bill has been raised by Transporter in my name as below:
12% Purchases 100000
6% SGST output 6000
6% CGST output 6000

How to pass the above entry in tally ? I have to pay RCM on the freight charges 5%.

i need sample main object clause of memorandum of legal related services company deals in publishing the legal news and update through various platforms like social media, web and printed books.

In an Export business, Export bill is on the month end (April) and the shipping bill is on the next month (May). In that case, there is an amendment in the shipping bill. Whether this export bill has to be filed in the month of April or May? Please guide.

We are opting for a composition scheme from 01-04-2023 and have a stock of Rs. 200000 as of 31-03-2023. Which form should be filed by us to reverse ITC on stock held?

we are private limited company and we have taken gst number in karnataka but for 6 month we are operating the office in delhi as well. so for a short period is there any provision of taking the gst number .

Dear sir,
party has issued wrong invoice in my name and later issued credit note for the same
how to treat this in gstr-9 and where to show input of credit note?
[input as per books 10000 2b 10500 credit note on portal 500]
with thanks

Respected Experts,

While Preparing a Financial Statements ( Eg: for Proprietary Concern)
On what Basis we can exclude the Personal Expenses being added to the P&L

Example: An Assessee has a own a Car for which he uses for both Business commuting and Personal Purposes

How to bifurcate the Fuel Expenses of the Car in to P&L account and Personal Drawings since it is used for both business and Personal use.

If the Entire Fuel Expenses included in to the P&L, then on what proportionate we shall disallow them in the final computation. Kindly advise