Tcs appliable on goods

Others 207 views 2 replies

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)
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.
TCS is to be collected only from those buyers from whom sale consideration received during the financial year exceed 50 lakhs


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