Tcs & wef date

For example, we are selling the scrap of Rs 10,000 and the GST applied here is GST 12%.

Now the calculation is as below.

Scrap Value           Rs 10,000

GST 12%                 Rs . 1,200

The invoice value or selling price is Rs 11200.00. So the TCS is calculated on this amount.

Means we added “Scrap value + GST 12%” to arrive at the total “Sales value”. We did this to avoid any confusion from our end and ensure that taxes are not paid less.

TCS 1% on this “Sale Value” is  Rs 112.00 and this is withheld back from the total payment. Now you can calculate the TCS on scrap value too.

Total Invoice value is Rs 11312.00