TCS on Sale of goods u/s 206c(1H)

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1238 Points Posted on 01 October 2020
Dear Friends,
Anyone can assist me please;

We didn't made more than 50 Lakh sales to one buyer for all previous financial years.
Last is Turn Over is 5.5 Crores Including GST.
This Year also we will not sell greater than 50 lakh to one single buyer.
This year expected Turnover about 7 Crores.
We are fall under this section or not?
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On 01 October 2020 at 12:42 Report
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Quick Summary
This discussion clarifies the applicability of Tax Collected at Source (TCS) under Section 206C(1H) on the sale of goods. The key criteria for a seller to be liable are having a turnover exceeding Rs. 10 crore in the preceding financial year and selling goods worth Rs. 50 lakh or more to a single buyer in the current financial year. The user's specific scenario, where sales to a single buyer are expected to remain below Rs. 50 lakh, indicates they are not liable for TCS under this section, despite a high overall turnover.

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GST Practitioner
55067 Points Posted on 01 October 2020
No.................you do not
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On 01 October 2020 at 23:57
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1238 Points Posted on 02 October 2020
GM Pankaj Bhai. Let me know few reasons why we are not fall under this? As an Accountant want to know please.....
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On 02 October 2020 at 08:21
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GST Practitioner
55067 Points Posted on 02 October 2020

Dear Mohanraj J (Accountant )

TCS applicable to :

1. Seller whose turnover in preceding FY exceeds Rs. 10 crore.

2.When seller sold goods worth rs.50 lac to same buyer in FY

hence in your case the above condition do not satisfy

 

 

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On 02 October 2020 at 13:16
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1238 Points Posted on 03 October 2020
Thank u so much Pankaj Bhai
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On 03 October 2020 at 12:43

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