TCS is not a tax, buyer will get Credit / refund of same through his/her income tax return. TCS is not an additional tax but is in the nature of advance income-tax/TDS for which the buyer would get the credit against his actual income tax liability and if the amount of TCS is more than his tax liability, the buyer would be entitled for refund of the excess amount along with interest.
How to collect Tcs from buyer at the time invoice generation or at the time of payment or make separate invoice after receiving of payment ? please clarify
If you know at the time of sale that buyer has crossed the threshold limit, then you may charge TCS in invoice, but It is best to charge TCS at the time of receiving consideration value, you may raise Debit Note for the same.
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