TCS NOT COLLECTED ON SALE OF SECOND HAND CAR UNDER 206C(1F)

f the seller has failed to collect Tax Collected at Source (TCS) on the sale of a second-hand car, here are the steps they should take to comply:

1. Confirm Applicability: Determine if TCS applies based on the sale value exceeding the specified threshold amount.

2. Calculate TCS Amount: Calculate the TCS amount that should have been collected from the buyer at the time of the transaction.

3. Pay TCS Amount: Pay the TCS amount to the government through the designated tax portal.

4. File TCS Return: File the TCS return online, providing transaction details and the TCS amount collected.

5. Rectify Non-Compliance: By paying TCS and filing the return, the seller can rectify the non-compliance.

To learn more about TCS Under GST Click Here 

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