DHRUV (student) (117 Points)
17 May 2023the seller has made a default by not collecting TCS on sale of second hand car. now the buyer has already filed the return. What steps seller can take to comply with the provisions now.
B Durga Prasad
(Student)
(175 Points)
Replied 18 May 2023
f the seller has failed to collect Tax Collected at Source (TCS) on the sale of a second-hand car, here are the steps they should take to comply:
Confirm Applicability: Determine if TCS applies based on the sale value exceeding the specified threshold amount.
Calculate TCS Amount: Calculate the TCS amount that should have been collected from the buyer at the time of the transaction.
Pay TCS Amount: Pay the TCS amount to the government through the designated tax portal.
File TCS Return: File the TCS return online, providing transaction details and the TCS amount collected.
Rectify Non-Compliance: By paying TCS and filing the return, the seller can rectify the non-compliance.
To learn more about TCS Under GST Click Here
For more detailed information, visit Swipe Blogs.
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