Good Morning everyone
one of my clients was selling harvester worth of each one more than 16 lakhs. Is new rules which was came to force from 1st October TDS & TCS rules applicable to him?
Tds Applicability : As per Section 51 CGST , the TDs is applicable on if you are supplying to Govt Concerns , Public Ltd co.
The Recepient is liable to deduct TDS @ 2% if per contract value exceeds 2.5 lac
Applicability of TCS : Only E- commerce Operator is liable to deduct TCS @ 1% from supplier who is supplying on behalf of E-commerce.
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