Tcs on goods

DEAR ALL MEMBERS GOOD EVENING

MY COMPANY IS PURCHASED ON OF THE ITEMS, HE IS ADDEDED TAX, AND ADDEDED TCS ON ANY GOODS 0.075%

BASICK PRICE IS  -           1,17,600 (DELL LAPTOPS)

CGST 9%             -                 10584

SGST 9%            -                   10584

TCS CATEGORY FOR TCS ON ANY GOODS @ 0.075%-         104

TOTAL BILL COST IS 1,38,872/-

MY DOUTE IS SOME COMPANYS ARE DEDUCTED TCS AND SOME COMPANY ARE NOT DEDUCTED TCS

TCS IS COLLECTED ON ABOVE TURNOVER 50 LAKHS, WITH ONE CUSTOMER, AS ON 01.10.2020, 

IN ABOVE TCS IS COLLECTED OR NOT

PLEASE CLARIFIED THE ISSUE

THANKING YOU

 

G.O.REDDY

 

 

Replies (2)
Quick Summary
This discussion clarifies the applicability of Tax Collected at Source (TCS) on goods. The core question revolves around whether TCS should be levied on a purchase, given that the seller's total turnover with a single customer needs to exceed Rs 50 lakhs for TCS to apply. The consensus is that TCS is collected on sales exceeding Rs 50 lakhs to a customer within a financial year, and the rate is 0.75%, not 0.075% as initially stated.

Hi sir

make sure your purchases from that person exceeds 50L before above bill if exceeds then he is right.
You yourself answered to query.

To be collected on all receipts against sale of goods from buyers from whom receipts of more than 50 lakhs received during the year. (TCS to be collected only on
amount in excess of Rs. 50 lakhs)

Note : It's 0.75% Not 0.075%

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