Tcs on goods

Others 272 views 3 replies

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

Replies (3)
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%.
Tcs is to be collected on total of product price + gst, and they should collect the tcs if ur purchase crosses 50lakh.
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.


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