Dear Sir/Madam,
1) Our Turnover for Previous F.Y. (i.e. 2020-21) was more than Rs. 10 Crores.
2) We have a supplier who has charged TCS u/s 206C (1H) on the applicable Transactions since April 2021 to till date and will continue the same till 30.06.2021.
3) Now as per Rule u/s 194Q Buyer is liable to deduct TDS on Purchases exceeding Rs. 50 Lakhs. This rule will be applicable from 01.07.2021.
So, please help me understand few point with view to TDS on Purchase of Goods Rule u/s 194Q -
1) Will I have to deduct TDS on Purchases taken from this Supplier from 01.07.2021, as Purchases have already exceeded Rs.50 Lakhs as of date
OR
the threshold of Rs. 50 Lakhs be counted from transaction on and after 01.07.2021 to abide with TDS on Purchase of Goods Rule.
2) Will I have to deduct TDS while making payment of Invoice pertaining to April - June 2021 in which TCS was charged
OR
TDS be deducted on Transactions/Invoices on and after 01.07.2021 at the time of booking.
3) Is TDS to be deducted on NET Value excluding GST or on Gross Invoice Value.
4) Can my supplier continue to charge TCS instead of I deducting TDS.
Looking forward to your expert advise and guidance !
Thanks & Regards,
Rachana
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TDS ON PURCHASE OF GOODS RULE 194Q