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Tcs appliable on goods

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obalreddy

accountant

282 Points Posted on 19 October 2020

Dear all members good morning

my company is purchase dell tower products, he is charges gst+ tcs on basic valve 0.075%

my question is product collection tcs or not

example

basic price- 1550000

cgst 9% 139500

sgst 9% 139500

tcs 0.075% 1163

(1550000*0.075%)

total bill amount 1830163

above product tcs is collected or not

Thanking you

Replies (2)

Quick Summary

This discussion clarifies the applicability of Tax Collected at Source (TCS) on goods purchases, specifically concerning Dell tower products. TCS is only applicable if the total sale consideration from a buyer exceeds Rs 50 lakhs in a financial year, starting from April 1st, 2020. If the threshold is met, TCS is applied to the full consideration of the invoice; otherwise, it is not applicable.

yugal jain

197 Points Posted on 19 October 2020

For applicability of collection of tcs there should exceed the threshold of Rs 50 lacs from 1/4/2020 ...so accordingly you assess whether the threshold has exceeded or not ....if it is exceeding on this invoice then tcs will be applicable on full consideration of this invoice.

if 50 lacs threshold is not exceeding including GST then tcs will not be applicable.