TCS under GST reg

Dear Experts,

A firm pays the TCS under the CGST Act 2017,while purchasing the raw materials for its production requirements.

Can this TCS paid , can be set off against its output tax liabilities under the CGST Act, 2017?

Or

Can it be adjusted against its Tax Liability under the Income Tax Act, 1961.

Please clarify.

Thanks in Advance...
Replies (5)
Quick Summary
This discussion explores whether Tax Collected at Source (TCS) paid under the CGST Act can be offset against output tax liabilities or adjusted against Income Tax liabilities. Experts clarify that TCS deducted under GST appears in your cash ledger and can be used to set off GST liabilities. Similarly, TCS deducted under the Income Tax Act can be offset against your Income Tax liabilities. The thread also touches upon GST return filing procedures for businesses exceeding turnover thresholds and individual customer receipts exceeding Rs 50 Lakhs.

1)a person(Government entity or E-commerce operator) deduct tds or tcs under Gst then it's show your cash ledger balance and you have set of Gst liability through cash /tcs or tds.
2 yes a person deduct Tds or tcs under income tax Act then you have set off liablity against tds or tcs
Agree with abt
Thank you for your replies,,,
Your welcome
Dear Expert,

Our firm had crossed the turnover of Rs 10.00 crore during the previous year and current FY.

This year, our receipts from some of our customers individually, crossed Rs 50.00 Lakhs during this current FY 2021-22 recently.

My query as follows:

How we need to file in GST Returns.

please explain the procedures.

Thank you in advance for spending your valuable time for resolving this query.

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