TCS ON SALE OF GOODS TO BE INCLUSIVE OF GST OR EXCLUSIVE OF GST
This query is : Resolved
08 July 2021
Dear sir,
please resolve my doubt on whether TCS on Goods Sale of goods to be on basic amount or Total Bill Amount including of GST ??
please resolve my doubt on whether TCS on Goods Sale of goods to be on basic amount or Total Bill Amount including of GST ??
08 July 2021
Collect TCS on total bill amount. inference :- Circular 17 of CBDT.
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15 July 2021
sir please clarify whether TDS U/S 194Q Would be on value including GST Or on value excluding GST.
16 July 2021
4.3.2 Accordingly with respect to TDS under section 194Q of the Act, it is clarified that
when tax is deducted at the time of credit of amount in the account of seller and
in terms of the agreement or contract between the buyer and the seller, the component of GST comprised in the amount payable to the seller is indicated separately, tax shall be deducted under section 194Q of the Act on the amount credited without including such GST.
However, if the tax is deducted on payment basis because the payment is earlier than the credit, the tax would be deducted on the whole amount as it is not possible to identity that payment with GST component of the amount to be invoiced in future.
Ps:- Extraction from CBDT Circular 13 of 2021
when tax is deducted at the time of credit of amount in the account of seller and
in terms of the agreement or contract between the buyer and the seller, the component of GST comprised in the amount payable to the seller is indicated separately, tax shall be deducted under section 194Q of the Act on the amount credited without including such GST.
However, if the tax is deducted on payment basis because the payment is earlier than the credit, the tax would be deducted on the whole amount as it is not possible to identity that payment with GST component of the amount to be invoiced in future.
Ps:- Extraction from CBDT Circular 13 of 2021
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