Kindly advise one of our Customer sale of goods value cross morethan Rs.50 lakhs sale value in Feb-2021 if i take sale value from April-2021. kindly advise in this case.
TCS is to be collect from April-2021 value or From Oct-2021.
08 May 2021
The limit of ₹50 lacs is on yearly basis. So you need to consider sales from April 2021 onwards in order to arrive at the threshold limit of ₹50 lacs for FY21-22
11 May 2021
TCS have come into force with effect from 1 October 2020 and according to it if your turnover is more than 10 crores in the previous financial year i.e. the year ended 31 March 2020, then this year you will have to collect and deposit TCS on your receipts from sale of goods from such buyers from whom you received more than Rs. 50 Lakhs as sale consideration during the current Financial year. The TCS is payable on the amount of receipt which is greater than 50 Lakhs and received after 1st. Oct. 2020. The rate of TCS is 0.075% after 31st March 2021 rate of TCS is 0.1%
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