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TCS ON SALE OF GOODS

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S AGARWAL

Chartered Accountant

26 Points Posted on 21 September 2020

CAN ANYONE HELP ME DEFINE GOODS, AS ONE OF MY CLIENT DEALS IN SELLING OF MACHINE AND EXCAVATORS, WILL THAT BE INCLUDED IN THE DEFINITION. AS CURRENTLY THERE IS NO TCS ON SALE OF MACHINE AND EXCAVATORS. SO WILL IT AFFECT THAT SECTOR AS WELL

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Quick Summary

This discussion clarifies the definition of 'goods' for Tax Collected at Source (TCS) purposes, particularly concerning the sale of machinery and excavators. It addresses whether these items fall under the new TCS rules effective from 1st October 2020, which apply to all goods exceeding Rs 50 Lakhs sold within India. The query also seeks official notifications regarding this change.