the seller has made a default by not collecting TCS on sale of second hand car. now the buyer has already filed the return. What steps seller can take to comply with the provisions now.
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TCS NOT COLLECTED ON SALE OF SECOND HAND CAR UNDER 206C(1F)
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Quick Summary
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:
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Confirm Applicability: Determine if TCS applies based on the sale value exceeding the specified threshold amount.
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Calculate TCS Amount: Calculate the TCS amount that should have been collected from the buyer at the time of the transaction.
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Pay TCS Amount: Pay the TCS amount to the government through the designated tax portal.
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File TCS Return: File the TCS return online, providing transaction details and the TCS amount collected.
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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
For more detailed information, visit Swipe Blogs.
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