TCS AO SALES

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This query is : Resolved

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This discussion clarifies the application of TCS (Tax Collected at Source) on sales invoices. The query specifically addresses whether the 0.1% TCS rate should be applied retroactively or only after sales exceed the 50 lac threshold within the current financial year (FY 2021-22). The consensus is that the higher rate applies only once the sales threshold is crossed in the current fiscal period.

Gopal Bhosle

Gopal Bhosle (Querist)
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26 April 2021 Sir,

we charged TCS @ 0.075% on sale invoices Mr X whose sales crossed >50 lac in FY 20-21.

My query is shall we charge 0.1% on Mr. X sales because sale exceed >50 lac in previous year or we should charge only after >50 lac sales in the Fy 2021-22.

Plz clarify