Will tcs apllicable to jewellery industry in gst regime

This query is : Resolved

C G Dhandapani (Querist)
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18 April 2017 Hi Sir,

Would like to know , whether TCS is applicable to Jewellery industry in GST Regime or it will be, as it is like earlier regime. In draft GST law , indicated that GST will be applicable on Customer Advances , is it different from TCS . if the advance received in Cash above 2 lakhs, both TCS and GST will be applicable.

One of our client has more Bank Transactions and charged with Service Tax earlier , going forward , may be charged with CGST , can this CGST eligible for set off against CGST Liability.

Please clarify the points

Regards
C.G.Dhandapani

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Guest (Expert)

18 April 2017 1 Every Electronic Commerce Operator will have to deduct and pay TCS on supplies made through it by other suppliers for supplies of goods and services other then notified services on which tax has to be paid on which reverse charge by electronic commerce operator .
2 ITC of CGST can be used to pay liability of CGST

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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19 April 2017 No Cash payment exceeding 2 Lacs can be made from 01/04/2017 as per provision of section 269st. Hence TCS provision may not arise.

C G Dhandapani

C G Dhandapani (Querist)
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19 April 2017 Sir , Thanks for your valuable reply , if any payment made in cash above 2 lakhs , will be disallowed or any penalty will be imposed , while filling the IT return..

My other query is CGST paid for bank charges , Courier Charges , Mobile charges etc can be setoff against CGST or IGST liability.

Please throw some light on this.

Regards
C.G.Dhandapani

Guest

Guest (Expert)

19 April 2017 Credit of CGST can be utilize towards the payment CGST and balance if any, shall be utilize for payment of IGST.

Guest

Guest (Expert)

19 April 2017 Credit of CGST can be utilize towards the payment CGST and balance if any, shall be utilize for payment of IGST.

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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19 April 2017 Penalty will be imposed for making any cash payment exceeding 2 Lac. CGST can be set off against CGST.

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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19 April 2017 Balance if any can be utilized for IGST