LIVE GST Certification Course by CA Arun Chhajer begins 27th April. Register Now!!

Tcs under gst and income tax

SUMIT BADYAL (709 Points)

11 May 2021

hi, please explain TCS under gst and income tax.

Reply
Follow
Share

2 Replies

CA. Sourav Sarkar (Chartered Accountant ) (24578 Points)
Replied 11 May 2021

Tax Collected at Source (TCS) under GST means the tax collected by an e-commerce operator from the consideration received by it on behalf of the supplier of goods, or services who makes supplies through the operator's online platform.

Tax collected at source (TCS) is the tax payable by a seller which he collects from the buyer at the time of sale. Section 206C of the Income-tax act governs the goods on which the seller has to collect tax from the purchasers.

1 Like

prasad Nilugal (3914 Points)
Replied 11 May 2021

1) For TCS under GST please refer section 52 of the CGST act 2017 .
2)For TCS under Income Tax , please refer section 206C of the Income tax act 1961.

1 Like