Is correct way?
This query is : Resolved
07 January 2025
please reply
section 206 TCS
Assessable Value
GST on assessable value
TCS levy on Assessable Value
Invoice value
Section 194 Q TDS deduction
TDS deduction 194 q ( Total Invoice Value Less 50 Lakh and GST amount)
section 206 TCS
Assessable Value
GST on assessable value
TCS levy on Assessable Value
Invoice value
Section 194 Q TDS deduction
TDS deduction 194 q ( Total Invoice Value Less 50 Lakh and GST amount)
07 January 2025
The Central Board of Direct Taxes (CBDT) has clarified that TCS should be calculated on the sale consideration inclusive of GST. This means if a buyer pays ₹55 lakhs, which includes ₹10 lakhs as GST, TCS will apply to the entire ₹55 lakhs, not just the base amount.
07 January 2025
Section 194 Q TDS deduction
TDS deduction 194 q ( Total Invoice Value Less 50 Lakh and GST amount)
Correct.
TDS deduction 194 q ( Total Invoice Value Less 50 Lakh and GST amount)
Correct.
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