Dear Experts,
We sold re-bar scrap material in last month and collected tcs @ 0.75% mistakenly from the buyer. Also, generated e-invoice for the same.
This month also we are going to sale huge qty. of same material to same buyer. So should we adjust excess collection of TCS (Diff. 0.75% - 0.075%) from the current billing or any other way is available?
Kindly suggest best possible solution.
Reg.
Dear Sir,
Thank you so much for you valuable advise.
We have obtained separate registration for TCS .
I just wanted to know whether...
1 The "TCS" collected excessive from the buyer in the last month (Dec. 20) could be adjusted by the way of "not collecting" from the invoices those to be issued in the current (Jan. 21) month.
Or.
2. Adjustment can be done by the way of issuing a "Debit Note" to the buyer.
Reg.
Ravi
CAclubindia
