GST Rate for Labour Portion

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srinivasan (Querist)
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21 October 2019 Kindly confirm us Labour charges GST rate. If we supply goods & doing labour what will be the GST rate.?

A.S.SUNDARARAJAN

A.S.SUNDARARAJAN (Expert)
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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?

srinivasan

srinivasan (Querist)
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04 November 2020 Kindly send us more explanations for TCS related. How the seller and buyer are involving to discharge responsibility

A.S.SUNDARARAJAN

A.S.SUNDARARAJAN (Expert)
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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

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