Deepak Rajbhoj 30 September 2020
I have one query regarding the upcoming tcs provision. Till now in all TCS cases, seller was collecting the tcs at the time of billing itself by including TCS amount in Tax invoice. But in this new provision TCS is applicable on receipt basis. It means whenever we receive amount , we have to collect TCS. So my question here is Unless we have added TCS value in Tax invoice, How are we going to recover TCS from buyer. This problem will mainly arise when we receive payments for sales executed before 1.10.20. Please through some light on this practical issue. Thanks..