TCS @1% w.e.f 01.06.2016 on sale of goods

CA Sai Kiran Gajavalli (Self employed) (77 Points)

15 May 2016  
👉🏽important amendmentment
w.e.f 01.06.2016, if payment consideration ( or any part of it) is received in cash of sale of ANY goods/ provision of any service (exceeding Rs. 2. lac), TCS @ 1% should be deducted:

Example- MR A purchases goods from distributor for Rs. 8.00 lac on 10.06.2016, payment of Rs. 795000/- has been made by cheque/RTGS on 11.06.2016, balance 5000/- has been paid in Cash on 12.06.2016. Please note that Seller has to collect TCS @ 1% on Rs. 800000/- ( i.e Rs. 8000/-).

This TCS is applicable regardless of the fact whether A is dealer in goods or A purchased for his personal consumption.