TCS ON SALES WEF 01-10-2020

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PARDEEP KAPIL (Querist)
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17 September 2020 DEAR SIRS :: My client has crossed sales of Rs.ten crores for financial year 2019-2020 so they come under this category of TCS.... one debtor total sales as on 31-08-2020 including GST is Rs.54,07,529.00. I have to deduct and deposit TCS on 54,07,529.00 - 50,00,000.00 = 4,07,529.00 at 0.75 percent = Rs.3,056.47 "OR"
there is an exemption that no TCS on sales made till 30-09-2020 and thereafter 0.75 percent . Secondly TCS to be calculated on NET sales amount or Sales + GST .....PLEASE CLARIFY.... Regards

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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17 September 2020 TCS applicable on receipt basis from 1/10/2020.
TCS rate is 0.10%.
Exclude GST on TCS.

PARDEEP KAPIL

PARDEEP KAPIL (Querist)
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17 September 2020 Dear Sir :: Seems my complete query has skipped your attention.... Your kind attentions is re-requested

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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17 September 2020 It's no TCS on sales receipts till 30/09/2020.
TCS @ 0.075% applicable on sale receipts exceeding 50 lacs during the financial year.

PARDEEP KAPIL

PARDEEP KAPIL (Querist)
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17 September 2020 Respectful thanks....

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