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TCS ON CREDIT NOTE 206CR
Sir plz tell me I have generated sales invoice on 1/2/24 of Rs 70 lakh and given credit note on 4/2/24 of Rs 5 lakh . And I will charge tcs u/s 206CR at the end of Feb 24 on total sales value. So in that case will I charge tcs on Rs 70 lakh of total sales value or Rs 65 lakh ( Rs 70 lakh - Rs 5 lakh credit note)? Plz reply sir
Replies (1)
I hope that you aware of TCS threshold limit and deduction slab u/s 206.
You will be deducted TCS when you receive payment from your customers. But, Calculate like this.
TCS should be deducted on taxable value not inclusive of GST.
Your sale invoice taxable value - credit note taxable value = Balance amount TCS to be deducted.
Thanks 🙏
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