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...
Menu
TCS under GST reg
Replies (5)
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
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.
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.
Recent Topics :
- TDS filing for the 1st quarter of TY 2026-27
- Login into Old Traces Portal
- Professional Income reporting in ITR-3
- Pf exemption in hand of spouse on demised of husba
- Missed deadline to revise ITR for a foreign asset
- Durga Puja 2026 Dates: Mahalaya, Shashthi to Vijay
- Indo-MIM IPO Allotment Date, Status Check and List
- GSTR 1 filed but GSTR 3 B no filed
- ITR FORM FILING REGARDS
- TDS JUSTIFICATION REPORT
Related Topics :
CAclubindia
