Introduced by Finance Act 2020 and
applicable from 1st Oct. 2020. Only covers sale of “Goods” and not “Services”.
Seller – Whose turnover in preceding F.Y.
exceeds Rs 10 crore.
Buyer – Person who purchased goods
excluding Govt./Govt. Authorities or a person importing
goods into India.
Exception for Goods – Goods exported out of india, or if TDS is liable to be deducted on such goods (e.g. Job work, composite supply), or
if TCS is applicable on such goods under any
other clause.
Rate of TCS – 0.1%(1% If buyer does not
provide PAN or Aadhar Number.
TCS Limit – If buyer purchases goods for the value
exceeding Rs. 50 lakh from the same seller
in a F.Y.
Applicability – TCS will be collected on value
in excess of Rs. 50 lakhs.
GST-TCS As per Section 52 of CGST Act E-commerce Operator are liable to collect TCS on taxable supply made through it by other supplier. The same is applicable from 1/10/18 by vide Notification 51/2018 CT