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Tcs deducted for gst

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goutam mahato

6 Points Posted on 05 September 2021

who are applicable person tcs deducted
gst turnovers limit

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Quick Summary

From 1 October 2020, businesses with a previous financial year turnover exceeding £10 crore must collect TCS on sales. This applies to buyers from whom you've received over £50 lakhs in the current financial year. The TCS is levied on the receipt amount exceeding £50 lakhs and collected after the specified date. Currently, a 25% discount applies until 31 March 2021, making the effective rate 0.075%.

CA. Sourav Sarkar

Chartered Accountant

24588 Points Posted on 05 September 2021

The new provisions of TCS have come into force with effect from 1 October 2020 and according to it if your turnover is more than 10 crores in the previous financial year i.e. the year ended 31 March 2020, then this year you will have to collect and deposit TCS on your receipts from sale of goods from such buyers from whom you received more than Rs. 50 Lakhs as sale consideration during the current Financial year. The TCS is payable on the amount of receipt which is greater than 50 Lakhs and received after 1st. Oct. 2020. The rate of TCS is 0.1% and Presently due to corona Pandemic 25% discount has been given in this tax rate till 31 March 2021 and its effective rate is 0.075%.