TCS ON SALE OF GOODS

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Accountant
115 Points Posted on 25 December 2020
Dear sir/madam ...
My question is...
We run the cotton business and our turnover in previous fy 19-20 is five crore, so if we do business with one party More than 50 lakhs in this fy after September month, in this case should we have collect tcs from our party?
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On 25 December 2020 at 17:20 Report
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Quick Summary
This discussion clarifies the rules around collecting Tax Collected at Source (TCS) on the sale of goods. If your business's turnover in the previous financial year (19-20) exceeded £5 crore, you must collect TCS on sales exceeding £50 lakh to a single party after September in the current financial year. The applicable rate is 0.5% CGST and 0.5% SGST.

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Tax consultant
552 Points Posted on 25 December 2020
No turnover in 19.20 should be more than
10crores n above.
1 Reply
On 25 December 2020 at 19:16
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Accountant
115 Points Posted on 25 December 2020
Thank you
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On 25 December 2020 at 21:58
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Accountant
4533 Points Posted on 26 December 2020
Yes you should collect TCS .5 cgst and point .5% sgst
1 Reply
On 26 December 2020 at 00:13

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