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How much invoice is applicable on TCS-TAX

27 September 2020

Sir,
How much invoice is applicable on TCS-TAX
How much turnover is TCS applied to?
Please tell me I will be grateful for this.

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4 Replies

prasad Nilugal ( GST Practitioner & Accounts ) (14606 Points)
Replied 27 September 2020

you mean to say TCS applicable from 1/10/2020

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Saurav Jain (2 Points)
Replied 27 September 2020

Turnover more than 10 crore
TCS rate 0.075% from 01/10/2020 to 31/03/2021 and thereafter it will turn into 0.1%

Pankaj Rawat (GST Practitioner) (55047 Points)
Replied 27 September 2020

As per Income Tax TCS :

Introduced by Finance Act 2020 and
applicable from 1st Oct. 2020. Only covers sale of “Goods” and not “Services”.
 Seller – Whose turnover in preceding F.Y.
exceeds Rs 10 crore.
 Buyer – Person who purchased goods
excluding Govt./Govt. Authorities or a person importing goods into India.
 Exception for Goods – Goods exported out of india, or if TDS is liable to be deducted on such goods (e.g. Job work, composite supply), or if TCS is applicable on such goods under any other clause.
 Rate of TCS – 0.1%(1% If buyer does not
provide PAN or Aadhar Number.
 TCS Limit – If buyer purchases goods for the value exceeding Rs. 50 lakh from the same seller in a F.Y.
 Applicability – TCS will be collected on value in excess of Rs. 50 lakhs.

GST-TCS
As per Section 52 of CGST Act E-commerce Operator are liable to collect TCS on taxable supply made through it by other supplier.
The same is applicable from 1/10/18 by vide Notification 51/2018 CT