Is TCS Deducted On GST Amount?

On which amount TCS is deducted?

Section 206C(1H) envisages that TCS at the rate of 0.10% of the sale consideration received in excess of ₹ 50 Lakhs shall be collected by the seller.

As such, TCS shall be collected on Total Sale Value received less ₹ 50 lakh..

How can I get TCS refund?

Any GST portal user can click on ‘TDS and TCS credit received’ tile available on return dashboard after logging in. This can help them to claim or reject the credit of TDS and TCS deducted or collected by their corresponding Government deductor or e-commerce operator.

Is TCS deducted refundable?

Any excess deduction/payment in excess of the tax liability is thus refundable. Both TDS (Tax Deduction at Source) and TCS (Tax Collection at Source) is in the nature of Advance Tax. … Any excess deduction/payment in excess of the tax liability is thus refundable. TDS is deducted by the person from whom I receive Income.

Who will file TCS return?

27A in case of both e-TDS/TCS statements. Who is required to file e-TDS/TCS return? As per Income Tax Act, 1961, all corporate and government deductors/collectors are compulsorily required to file their TDS/TCS returns on electronic media (i.e. e-TDS/TCS returns).

Where is TCS applicable?

Seller who receives any amount as consideration for sale of any goods aggregating to 5 million Indian Rupee (INR) or more in a financial year from a buyer, at the time of receipt of such amount is required to collect tax at source (TCS) at the rate 0.1 per cent on the sale consideration exceeding INR 5 million as …

Who is liable to collect TCS under GST?

Synopsis. In a statement, the Central Board of Direct Taxes (CBDT) clarified that TCS shall be applicable only on the amount received on or after October 1, 2020 and a seller would be required to collect TCS only if his turnover exceeds Rs 10 crore in the last financial year.

How is TCS calculated on scrap GST?

The invoice value or selling price is Rs 11200.00. So the TCS is calculated on this amount. Means we added “Scrap value + GST 12%” to arrive at the total “Sales value”. We did this to avoid any confusion from our end and ensure that taxes are not paid less.

What is TCS rate?

The Finance Act, 2020 has amended the provisions relating to TCS with effect from October 1, 2020 to provide that a seller of goods shall collect tax at the rate of 0.1 per cent (0.075 per cent up to March 31, 2021) if the receipt of sale consideration from a buyer exceeds Rs 50 lakh in the financial year.

What is TCS example?

C is termed as tax collected at source or TCS. Now that we know the difference between TDS and TCS, let us take a look at the rates for both, TDS and TCS….Difference between TDS and TCS.Types of goodsTCS rateTendu leaves5%Forest produce excluding tendu leaves and timber2.5%Scrap1%Metals including lignite, coal, iron ore1%4 more rows•Mar 20, 2020

What is new TCS rule?

As per the new provision if any seller of any goods whose turnover in the preceding FY exceeds Rs. 10 Crore then, from 1st of October 2020, he shall be liable to collect TCS @ 0.1% (Rate will be 0.075% till 31.03. 2021) of the sale value from the buyer if the buyer purchase goods for the value exceeding Rs.

What is TCS 1%?

1. Tax collected at source (TCS) Tax collected at source (TCS) is the tax payable by a seller which he collects from the buyer at the time of sale. Section 206C of the Income-tax act governs the goods on which the seller has to collect tax from the purchasers.

What happens if TCS is not collected?

Consequences if default is made in payment of TCS c) Prosecution: If a person fails to pay to the credit of the Central Government the tax collected by him he shall be punishable with rigorous imprisonment for a term which shall not be less than three months but which may extend to seven years and with fine.

How can I get TCS refund from GST?

Steps Involved in Filing TDS and TCS Credit Received on GST PortalStep 1: Login to GST portal.Step 2: Go to ‘Services’ > ‘Returns’ > ‘Returns Dashboard’Step 3: Select the return period of GSTR-3B being filed and proceed to ‘TDS/TCS credit received’ tile.More items…•

Can TCS be claimed as refund?

TDS can be deducted by a bank on interest income paid to you or by your tenant. TCS (tax collected at source) could have been paid by you if the motor vehicle you purchased was worth more than Rs 10 lakh. Credit of TCS during the year has to be claimed in your ITR in a manner similar to that for TDS.

Who is liable for TCS?

who is liable to collect TCS? Ans. Seller whose total sales, gross receipt or turnover from the business carried on by him exceeds Rs. 10 crores during the financial year immediately preceding financial year in which sale is carried out.