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Marimuthu (Manager)     05 August 2021

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?


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

Please clarify.

Thanks in Advance...

 4 Replies

Deepak Kumar

Deepak Kumar   06 August 2021

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

Sourav (Student)     06 August 2021

Agree with abt

Marimuthu (Manager)     06 August 2021

Thank you for your replies,,,

Sourav (Student)     06 August 2021

Your welcome

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