Hi
can any one provide applicability of TCS on alcohol liquor for human consumption under income tax act
To whom TCS applicable and not applicable
TCS on Alcohol liquor
Replies (10)
Quick Summary
As per me TCS on alcohol is applicable on all b2b sales, there is no threshold exemption
tcs rate will be 1%
tcs rate will be 1%
TCS under income tax is my query not under GST
TCS applicable to whom like manufacture company or whole sale or retail or consumer
TCS applicable to whom like manufacture company or whole sale or retail or consumer
Applicable for manufacture & wholesale. Not applicable for retail i.e personal consumption
TCs is collected upto shop level, if any individual buy any alcohol liquor it is exempted from collection of TCS right
have you any article for this
Thank you very much.
have you any article for this
Thank you very much.
In retail shop no TCS has to be collected even if purchase by company because alcohol is purchase for personal purpose
if it is sold for further sales than %CS to be collected
For article for this kindly search in google
Thank You
if it is sold for further sales than %CS to be collected
For article for this kindly search in google
Thank You
Thank you very much
Most Welcome
TCS IS APPLICABLE IN THE FOLLOWING CASES:
1. where buyer of goods makes a payment of more than rs.50 lacs towards sale consideration.
2. TCS is to be collected only by the entities having turnover more than 10 crore.
1. where buyer of goods makes a payment of more than rs.50 lacs towards sale consideration.
2. TCS is to be collected only by the entities having turnover more than 10 crore.
Dear Sabyasachi Ji,
TCS on sales of goods is different as compared to tcs of sale of liquor
you are writing provision for tcs on sales of goods instead of TCS on liquor
TCS on sales of goods is different as compared to tcs of sale of liquor
you are writing provision for tcs on sales of goods instead of TCS on liquor
Both are goods but on liquor it's 1%
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