TCS on GST included value or excluded value?
Query (Issue) Started By: – CA-Gourav Garg Dated:- 6-3-2018 Last Reply Date:- 9-4-2018 Income Tax
Got 8 Replies
Income Tax
Dear All,
My query is TCS@1% to be collected on sale value included GST or excluded GST?
For Eg.
Sale Value is ₹ 100/-
IGST @18% Rs. 18/-
Total Rs. 118/-
Now TCS @ 1% on which value, whether 100/- or 118/-?
Please provide solution with notification no. or any other documentary evidence.
Reply By KASTURI SETHI:
The Reply:
As per Section 52 of CGST Act, it is net value of taxable supplies.
Reply By CA-Gourav Garg:
The Reply:
Sir
i am asking fot TCS on scrap as per Income tax act
Reply By MUKUND THAKKAR:
The Reply:
TCS applicable on 118/-
Reply By KASTURI SETHI:
The Reply:
Sh.Mukund Thakkar, Sir Your reply for the purpose of Income Tax Act ?
Reply By KASTURI SETHI:
The Reply:
Sh.Gaurav Garg Ji,
There is no mention of words,"Income Tax Act, Scrap etc" in your query as well
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the following case:
Nature of Goods TCS Rate Alcoholic liquor for human consumption 1% Tendu Leaves 5% Timber obtained under a Forest Lease 2.5% Timber obtained by any mode other than Forest Lease 2.5% Any other Forest produce not being forest timber or tendu leaves 2.5% Scrap 1% Minerals being Coal or Lignite or Iron ore 1% Parking Lot, Toll Plaza, Mining and Quarrying 2% Where ANY amount of consideration is received in cash on sale of :-
Bullion (consideration exceeds ₹ 2 Lakhs), Jewellery (consideration exceeds ₹ 5 Lakhs), and with effect from June 1,2016 ,Any other goods and services (exceeding ₹ 2.00 Lakh) if TDS Provision is not applicable 1% Where amount is received by cheque or any other mode on sale of :-
Motor vehicle of the value exceeding ₹ 10.00 Lakh (applicable from June 1,2016) 1% Finance Act, 2016 imposed TCS on sale of goods or services on receiving consideration in cash with effect from 2016, June 1. Finance Act 2016 has made the following a
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collected at the time of debiting of the amount payable to the buyer or at the time of receipt of payment, whichever is earlier. Definition of various Term in TCS
(a) Seller: According to this provision every following person is covered under the scope of the seller for the purpose of TCS:
(i) The Central and State Government.
(ii) Local authority
(iii) Statutory corporation or Authority
(iv) Company
(v) Firm
(vi) Co-operative society
(vii) Individual or Hindu undivided family (HUF),whose books of accounts are liable to be audited under section 44AB of Income Tax Act.
(b) Buyer:
(i) According to the this provision Buyer Means a person who obtains in any sale, by way of auction, tender or any other mode, goods of the nature specified in the Table in sub section(1) or right to receive any goods but does not include
1. Public sector company, Central Government/State Government, Embassy, a High commission, legation, consulate and the trade representation of a foreign s
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ent year specified in that certificate unless cancelled by the AO at any time before the expiry of the period of the validity of the earlier certificate.
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Nil rate /Exemption: Section 206C (1A)/ (1B) Notwithstanding anything contained in sub section (1) of section 206C, No tax shall be deducted from a buyer(resident in India) who purchases specified goods not for the purpose of trading but for the manufacturing, processing, or production of goods/article or thing and gives a declaration in duplicate in Form 27C to the seller. The seller shall deliver one copy, form 27C collected from buyer, to Chief Commissioner/ Commissioner of Income tax. TCS Return: The seller\ contractor i e. deductor has to file a quarterly return in form 27EQ and in Form 27A and has to issue the TCS certificate to Deductee in Form 27D on or before following Due Date: Quarter Due Dates for filing TCS Return Due Dates for issuing TCS Certificate April to June 15th July 30th July July to September 15th
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