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.
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.
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:
Confirm Applicability: Determine if TCS applies based on the sale value exceeding the specified threshold amount.
Calculate TCS Amount: Calculate the TCS amount that should have been collected from the buyer at the time of the transaction.
Pay TCS Amount: Pay the TCS amount to the government through the designated tax portal.
File TCS Return: File the TCS return online, providing transaction details and the TCS amount collected.
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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