sec 206C(1H) states that tcs is required to be collected from the buyer whose aggregate purchases exceeds rs 50 lacs in "ANY" previous year.
Does that mean that even if turnover crossed rs 50 lacs in 2020-21 and not in 2021-22, you will still have to collect tcs on amount received for sale made in 2021-22?
1 Replies
CMA Poornima Madhava
(CMA)
(13112 Points)
Replied 01 April 2021
₹50 lacs limit is for the consideration received (by the seller from the buyer) on sale of goods during the FY. That is, applicability depends on the value of sale consideration received (not on sales).
If the aggregate turnover of the seller during the PY exceeds ₹10 crores, then the seller is required to collect tax at source at applicable rate.
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