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Excess TCS Collected - E-Invoicing

270 views 2 replies

V Ravi Kumar

Accountant

47 Points Joined June 2009

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.

Replies (2)

Rajkumar Patel

602 Points Joined January 2020

To show it In GST, You have to take Separate Registration in GST as Tax collector. You can not file return Under normal Registration as taxpayer.

V Ravi Kumar

Accountant

47 Points Joined June 2009

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