Go AD-Free with CAclubindia Pro and get a FREE CCI Coffee Mug. Subscribe Now!

Excess TCS Collected - E-Invoicing

V Ravi Kumar (Accountant) (47 Points)

07 January 2021

Dear Experts,

We sold re-bar scrap material in last month and collected tcs @ 0.75% mistakenly from the buyer. Also, generated e-invoice for the same.

This month also we are going to sale huge qty. of same material to same buyer. So should we adjust excess collection of TCS (Diff. 0.75% - 0.075%) from the current billing or any other way is available?

Kindly suggest best possible solution.

Reg.

Reply
Follow
Share

2 Replies

Rajkumar Patel (602 Points)
Replied 08 January 2021

To show it In GST, You have to take Separate Registration in GST as Tax collector. You can not file return Under normal Registration as taxpayer.

Upgrade to CAclubindia Pro. Subscribe Now!

V Ravi Kumar (Accountant) (47 Points)
Replied 08 January 2021

Dear Sir,

Thank you so much for you valuable advise.

We have obtained separate registration for TCS .

I just wanted to know whether...

1 The "TCS" collected excessive from the buyer in the last month (Dec. 20) could be adjusted by the way of "not collecting" from the invoices those to be issued in the current (Jan. 21) month.

Or.

2. Adjustment can be done by the way of issuing a "Debit Note" to the buyer.

Reg.

Ravi