03 January 2013
TCS is to be collected on what amount, i.e., whether on the bill amount including VAT or excluding VAT?? For instance, if the seller sales tree to be person, who is to resale the same. The person sales @ RS.1000 and VAT Rs.50 thereon. Hence, total bill amounts to Rs.1050. Now, whether the seller has to collect tax on Rs.1000 or Rs.1050?
CAclubindia
