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TCS APPLICABILITY

Rules 372 views 3 replies

DEAR EXPERTS

MY CLIENT RECEIVED MORE THAN 50 LAKH FROM A BUYER IN THE PREVIOUS FINANCIAL YEAR. OUR TURNOVER IS 3 CRORE LAST YEAR.

IN TCS EXPLANATION IN ONE SITE MENTIONED BELOW

Only those sellers whose total sales, gross receipts or turnover from the business carried on by it exceed ten crore rupees during the financial year immediately preceding the financial year, shall be liable to collect such TCS.

IN OUR CASE WE HAVEN'T CROSSED 10 CRORE TURNOVER.

CAN YOU ADVISE ME ARE WE LIABLE TO COLLECT TCS?

THANKS 

Replies (3)
As per the definition of seller given for the purpose of section 206C(1h), you are not liable to collect TCS under this section
Sir,
If Collect TCS On Taxable Amount Or Total Invoice ( Including GST) Amount

As per the rule we have to collect on the Total invoice value (Including GST). 


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