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194q for gold
i am doing gold business with sale of gold biscuits only and my turnover for 2023-24 is 20 crores and what are the provisions applicable to me u/s 194q or 206c and kindly tell tax rate
Replies (6)
Quick Summary
194 Q-if your purchased gold value exceed 50lakh from one supplier then you required to deduct tds @ 0.1% on excess of 50lakh. and this value exclusive of gst
206c(1h)and in case if you sale gold exceed 50lakh to one person then you required to collect tcs @ 0.1% on excess of 50lakh but in this case gst value also considering. if both section are applicable on one scenario then section 194q applicable
206c(1h)and in case if you sale gold exceed 50lakh to one person then you required to collect tcs @ 0.1% on excess of 50lakh but in this case gst value also considering. if both section are applicable on one scenario then section 194q applicable
Sir some one told there is 1 percent on gold sales is it true
Noo...0.1% applicable
| Originally posted by : auditor ravi | ||
 |
Sir some one told there is 1 percent on gold sales is it true |  |
Only when pan no. is not available or pan aadhar not linked up.
Yes only where pan is not operative or not available then 5% in 94q or 1% in case of 206c(1h)
Tq sir
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