Tcs on goods

301 views
User Avatar

accountant
282 Points Posted on 31 October 2020

Dear all members

my company is purchased dell towers its cost of all inclusive 25,96,000/- lakhs

product price: 22,00,000/-

cgst+sgst:          396000/-  

tcs 0.075%            1650/-

tcs is collected on product price

its bill is correct or wrong please clarified

i think for the year above 50 lakhs above turnover for one customer its is collected on tcs 0.075%

please clarified above doute

Thanking you

for G.Obal reddy

0 Reply Share Follow
On 31 October 2020 at 15:17 Report
Replies (3)
Quick Summary
This discussion clarifies the rules around Tax Collected at Source (TCS) on goods. TCS is applicable when a seller's turnover exceeds £10 crore in the previous financial year, and they sell goods exceeding £50 lakh to the same buyer within the current financial year. The TCS is typically calculated on the total value of goods plus GST, not just the product price.

User Avatar

66 Points Posted on 31 October 2020
If Previous Year turnover is 10 Crore than you are under to deduct TDS
but if you sell a debtor whose total sale is more than 50 lakh than you have to deduct tds.

but In your situation you've got a bill so, you can avail this TCS. In this the turnover of your creditor is more than 10 crore that's why he deducted tds @ .075%.
Reply
On 31 October 2020 at 18:18
User Avatar

79 Points Posted on 31 October 2020
Tcs is to be collected on total of product price + gst, and they should collect the tcs if ur purchase crosses 50lakh.
Reply
On 31 October 2020 at 22:12
User Avatar

GST Practitioner
55067 Points Posted on 01 November 2020
The Applicability of TCS

Seller – Whose turnover in preceding F.Y.
exceeds Rs 10 crore
Seller sells his goods value exceeding 50 lac to same purchaser in FY.
Reply
On 01 November 2020 at 02:04

Leave a Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Recent Topics :

  1. Direct Cost booking
  2. TDS on Property Purchase Paid
  3. Cash Purchase Above ₹10,000, ITR/40A(3) Trea
  4. TDS on dividend to non resident shareholders
  5. Best CA Inter classes in Laxmi Nagar for Group 1?
  6. Gst refund
  7. Compliance under Society Act 1860
  8. Hi experts need help
  9. How to object stamp duty value if property is sold
  10. Residential House property and it's loan can shown

More recent discussions | Post

Related Topics :

Loading

Latest Job Openings

View all
Company
19 August 2026
Chartered Accountant - Financial Consolidation & Reporting

Synergy Keystone

Mumbai

CA

View Details
Company
07 August 2026
Chartered Accountant

Devesh Garg and co

New Delhi

CA

View Details
Company
ARTICLESHIP 10 August 2026
Article Assistant

Suraj Garg and Associates

New Delhi

CA Inter

View Details
Company
28 August 2026
Audit Manager

K A R M & CO

Mumbai

CMA

View Details
Company
12 August 2026
Deputy Manager - Finance

RoamPrime Technologies Private Limited

Bengaluru

CA

View Details
Company
13 August 2026
Chartered Accountant (FP&A)

Client of Trellis Consulting

Gurgaon

CA

View Details
Company
19 August 2026
PAID ARTCILE ASSISTANT

My Legal Tax Consultants Pvt. Ltd.

Noida

CA Inter

View Details
Company
28 August 2026
Assistant Manager

NRS AND ASSOCIATES

Kozhikode

CA Inter

View Details
FOLLOW
US ON