TCS ( Tax collected at source)
This query is : Resolved
26 February 2009
The manufacturer of liquor collects TCS from buyer.
Will the seller charge TCS purely on Cost of liquor or will include the excise duty thereon for charging TCS? i.e TCS is charged on cost only or cost plus excise duty?
Will the seller charge TCS purely on Cost of liquor or will include the excise duty thereon for charging TCS? i.e TCS is charged on cost only or cost plus excise duty?
26 February 2009
TCS should be charged on the amount of cost of liquor plus excise duty. Pl refer CBDT circular 565 dated 11/7/1990.
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