ADHIP KUMAR MISRA (ACCOUNTS MANAGER) (176 Points)
16 March 2022While calculating the threshold limit of Rs 50 lacs of purchase from a supplier during the FY ( beyond which TCS becomes applicable) , is the taxable value of purchase considered, or the gross value of purchases (inclusive of GST) considered for the 50 lacs threshold calculation ?
Akshat Varaiya
(229 Points)
Replied 23 March 2022
debora M
(BUSINESS DEVELOPMENT MANAGER)
(1697 Points)
Replied 17 May 2022
The government has introduced a new section 206C (1H) through Finance Act 2020 to extend the TCS provisions to the seller of goods. As per this provision, a seller whose turnover is above Rs 10 crore is required to collect tax, when he receives more than Rs 50 lakh from one buyer during a financial year.
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