Tcs will charge on what amount in gst

Tax queries 4586 views 9 replies
previously tcs was charged on basic plus excise/vat , but in GST tcs will be calculated on what ?
Replies (9)

Only Basic Value........

only on the transaction value ....
sir, any reference for ur ans.

Collection of Tax at Source [Section 52]

This provision is applicable only for E-Commerce Operator.

  • The operator needs to withhold a percentage (not yet defined) of the amount which is due from him to the supplier at the time of making actual payment to the supplier.
  • Such withheld amount is to be deposited by the 10th of the next month.
  • The amount deposited as TCS will be reflected in the electronic cash ledger  of the supplier.
  • The cash ledger will reflect all deposits made in cash, and TDS/TCS made on account of the taxpayer. The information will be reflected on real time basis. This ledger can be used for making any payment on account of GST.

Notwithstanding anything to the contrary contained in this Act, every electronic commerce operator (hereafter in this section referred to as the “operator”), not being an agent, shall collect an amount calculated at such rate not exceeding one per cent., as may be notified by the Government on the recommendations of the Council, of the net value of taxable supplies made through it by other suppliers where the consideration with respect to such supplies is to be collected by the operator.

eg .if A E commerce operator have received a order for goods value of 10000 RS in value there will be an inclusive of commission of RS 100 then the Amazon person have to deduct 2% 0f TCS ie on 10000)
GST will be paid on 10000 (basic value inclusive of commission )
sir i am asking about TCS as per income tax act u/s 206 C, for scrap sales

As per Section 15(2) of CGST Act,2017, Value of Supply (Transaction Value) shall include -(a) any taxes, duties, cesses, fees and charges levied under any law for the time being in force other than this Act.

The phrase under any law shall include Income Tax Law also.

In view of above GST shall be levied after adding TCS U/s 206C of Income Tax Act.

sir in case of manufactorer sale of ms steel scrap how many % of tcs applicable on that case........


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