General Information for All where a registered person is collecting TCS as per Income Tax Act
As per recently released circular by the GST department, GST is to be levied on the value including such TCS
The earlier practice was that VAT is charged on the basic value and TCS was charged on Basic Value plus VAT
But, now TCS will be charged on Basic Value and GST shall be charged on Basic Value plus TCS
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GST on TCS
Replies (5)
Tqsm pankaj sir for information
Its already implemented from oct18.
Thanks u Pankaj ji for the updates.
Thanks u Pankaj ji for the updates.
No dear it's being mention in circular 76/50/2018, Dt.31/12/2018
my question is that section 15(2) says, any taxes, duties,cesses,fees and charges "levied" under any law other than gst shall be included for the purpose of valuation for charging gst.......tcs under income tax is a tax collected and not levied....plus it is not levied on the supplier but on the buyer
whar do you want to state ,.....the circular mentiion above is wrongly issued.......!!!!!
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