GST Rate for Labour Portion
This query is : Resolved
21 October 2019
Kindly confirm us Labour charges GST rate. If we supply goods & doing labour what will be the GST rate.?
21 October 2019
More details required. What is the material sent by you? what is the description of labour services provided by job workers? What is the description of final products sold by you?
04 November 2020
Kindly send us more explanations for TCS related. How the seller and buyer are involving to discharge responsibility
04 November 2020
I furnish below broad aspects of TCS applicable form 01.10.2020. Please go through the section in detail for clear understanding and execution.
1. This is applicable to the concern turnover crossing Rs.10 crores in previous year.
2. The TCS is to be charged only for sale of goods and not for services.
3. The TCS is to be charged for sale of goods if turnover exceeds rs.50 Lacs in the current year.
4. If TDS is already attracted for sale of goods, no TCS will be applicable.
5. The current TCS rate is 0.75% .
6. The TCS is to be collected by the seller @ 0.75% for basic price and GST .
7. The TCS is to be paid by the seller on receipt of amount from buyer. That is if seller is receiving money on 25th of particular month, he has to remit on or before 07th of Succeeding month.
8. The seller is also to file quarterly TCS return .
9. on filing the return by the seller, TCS amount will be reflected in buyers 26 AS and it can be adjusted in tax payable.
10. The buyer keep the TCS amount in receivable ledger till TCS amount in their 26 AS and folio transfer to be made to received ledger at that time
1. This is applicable to the concern turnover crossing Rs.10 crores in previous year.
2. The TCS is to be charged only for sale of goods and not for services.
3. The TCS is to be charged for sale of goods if turnover exceeds rs.50 Lacs in the current year.
4. If TDS is already attracted for sale of goods, no TCS will be applicable.
5. The current TCS rate is 0.75% .
6. The TCS is to be collected by the seller @ 0.75% for basic price and GST .
7. The TCS is to be paid by the seller on receipt of amount from buyer. That is if seller is receiving money on 25th of particular month, he has to remit on or before 07th of Succeeding month.
8. The seller is also to file quarterly TCS return .
9. on filing the return by the seller, TCS amount will be reflected in buyers 26 AS and it can be adjusted in tax payable.
10. The buyer keep the TCS amount in receivable ledger till TCS amount in their 26 AS and folio transfer to be made to received ledger at that time
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- STCG....................................................
- Supply through E-commerce Operators
- AMOUNT RECEIVED UNDER COMPULOSRY ACQUISITION OF AGRICULTURAL LAND
- TAN for Partnership
- Relief u/s Section 89
- Sales return eway bill
- GST Registration Horse racing
- Section 43B(h) – MSME Invoice Paid Before Year End but After 45 Days
- STCG on ETF gold & silver
- If there is Long term capital gain exists how much total income to be considered
- Section 54F - Exemption on LTCG in 2026 for HP purchased in 2023
- Sales amount in Gstr1
- CG after sale of flat
- E Commerce GSTR1 & 3B how to file
- Nomination of Bank for refund in itr 2
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
