Dear Sir,
1. Our suppliers deducted TCS @ 0.1%.
2. We paid the Sale Consideration include this TCS amount to them.
Query :
1. Whether this TCS amount will be credited into our Electronic Cash Ledger or will be reflected in Form 26AS.
2. How we can check that our supplier filed related returns for this TCS
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TCS, E- Cash Ledger and Form 26AS
Replies (6)
U will see it in 26 AS u can check whether it is correctly reflecting as per ur books also in 26AS
Thank you for your reply Expert.
I would like to confirm that whether this TCS paid amount will be credited into Electronic Cash Ledger of our firm's GST ID
I would like to confirm that whether this TCS paid amount will be credited into Electronic Cash Ledger of our firm's GST ID
No concern with GST it is part of Income tax u will get credit on your income tax not GST
Thank you Expert
TCS is a concept under Income Tax and GST.
Please refer section 52 of CGST Act. If TCS deducted under GST law, then it will not auto-matically appear in the electronic cash ledger. One must manually accept the transaction and file the form online for it to appear in the cash ledger.
Path to accept TCS - GST values: Login to GST portal > Services tab > Returns sub-tab > TDS & TCS credit received option.
Select month and verify against invoices if TCS appropriately considered by the customer. Accept and file the form with EVC/DSC.
Thank you Expert.
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