Dip Narayan (Deputy Manager) (767 Points)
08 July 2015Customer X has deposited Rs 1,50, 000 for purchasing Scrap Material. in the month of June'15
However he got material of Rs 1,25,000/. TCS has been duly collected on Rs 1,25,000/ (i.e. Rs 1250) in the month of June'15.
No material is left . Hence the customer should be refunded the balance amount Rs 23750 (i.e. 25000-1250).
But the supplier did not close his account during the month June'15.
My Question is whether TCS is applicable on Rs 23750 (as stated above)?
Regards
Z
( )
(2965 Points)
Replied 12 July 2015
(1) Every person, being a seller shall, at the time of debiting of the amount payable by the buyer to the account of the buyer or at the time of receipt of such amount from the said buyer in cash or by the issue of a cheque or draft or by any other mode, whichever is earlier,......
Therefore TCS should have been on full 150,000
GSTR 9 and 9C for FY 23-24 as amended by Notification 12/2024 dated 10th July 2024(with recording)
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