TCS on BASIC + GST + Freight ?

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Accounts Trainee
61 Points Posted on 03 May 2021

TCS will be deducted on BASIC + GST + Freight ?

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On 03 May 2021 at 12:02 Report
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This discussion clarifies whether Tax Collected at Source (TCS) applies to the total invoice value, including basic price, GST, and freight charges. According to CGST Act 52/2018 and IGST Act 02/2018, TCS is indeed deducted on the gross invoice value. For intra-state supplies, TCS is 1% (0.5% CGST and 0.5% SGST), and for inter-state transactions, it's 1% under IGST.

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Chartered Accountant
24588 Points Posted on 03 May 2021
TCS should be collected on gross invoice value
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On 03 May 2021 at 12:09
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BUSINESS DEVELOPMENT MANAGER
1697 Points Posted on 03 May 2021

52/2018 under CGST Act and 02/2018 under IGST Act. This means for an intra-state supply TCS at 1% will be collected, i.e 0.5 % under CGST and 0.5% under SGST. Similarly, for a transaction between the states, the TCS rate will be 1%, i.e under the IGST Act.

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On 03 May 2021 at 14:15
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Tax consultant
5895 Points Posted on 03 May 2021
In your case yes upon those TCS will cut
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On 03 May 2021 at 14:17
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Practice
1361 Points Posted on 03 May 2021
Yes on Invoice value.
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On 03 May 2021 at 16:50

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