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This query is : Resolved

Gourav dewangan (Querist)
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24 June 2021 In FY 20-21 a vendor collected TCS u/s 206C(1H) from me because sales exceeded Rs 50 Lacs. Suppose from 1.10.2020 to 31.3.2021 total sales from that vendor to me is Rs 120 lacs, hence he collected tcs @ 0.1% on 70 lacs (ie over 50 lacs) u/s 206C(1H). Now in FY 2021-22 in the month of April he sales goods amounting to Rs 10 lacs to me but he collected TCS u/s 206C(1H) on the 10 lacs itself, ie 50 lacs limit not exceeded but still he collected TCS u/s 206C(1H) on the 10 lacs. Whether my vendor is right on collecting TCS on 10 lacs or he has to not collect till 50 lacs and thereafter he can collect TCS on sales over 50 lacs.
Please resolve my query.

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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24 June 2021 He has to not collect till 50 lacs and thereafter he can collect TCS on sales over 50 lacs.

CMA Poornima Madhava

CMA Poornima Madhava (Expert)
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25 June 2021 The seller is not required to collect tax in this case, provided payments made by the buyer so far during the year is <=50 lacs.

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