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TCS U/S 206C(1H)

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(Querist)
06 October 2020 We are in Petrol Pump business.
What is the correct procedure to comply with TCS u/s 206C (1H) :-

(1) We should add TCS in every bill of eligible customer.
(2) OR we should calculate TCS on payments received from party on monthly basis.

(Note :- Our principal company, HPCL is charging TCS from us, on every bill)
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RAJA P M

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RAJA P M (Expert)
06 October 2020 If the provision applicable then Collect Bill to Bill
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Bhaskaran Chackrapani Warrier

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Bhaskaran Chackrapani Warrier (Expert)
06 October 2020 (2) option is correct meaning thereby it is applicable at the time of receipt and not at the time of issuing the bill.
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CA Rashmi Gandhi

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CA Rashmi Gandhi (Expert)
30 January 2021 You have to go with Option 2 as TCS to be collect on receipts not on sale amount.
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