Clarity on tcs on motor vehicle
This query is : Resolved
03 June 2016
As per the new provision w.e.f from 01/06/2016 TCS is applicable @ 1% on selling of motor vehicle of value exceeding Rs 10 lakh and selling of goods and services in cash exceeding Rs 2 lakh.
I want to know that whether dealer of motor vehicle will be liable to collect TCS in case he received cash of Rs 200000 or more for selling of car having less than Rs 10 lakh
As per the new provision w.e.f from 01/06/2016 TCS is applicable @ 1% on selling of motor vehicle of value exceeding Rs 10 lakh and selling of goods and services in cash exceeding Rs 2 lakh.
I want to know that whether dealer of motor vehicle will be liable to collect TCS in case he received cash of Rs 200000 or more for selling of car having less than Rs 10 lakh
03 June 2016
Yes the dealer is required to collect TCS if sale value is more than 2 lacs and full/part payment is received in cash.
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