TCS- U/S 206C(1H)
According to section 206C(1H) , Seller whose turnover exceeds Rs.10 crores in that preceding financial year will have to collect and deposit the TCS at the rate of 0.1% (0.075% till the 31st march, 2021) on receipt of sale consideration from buyer exceeding Rs. 50 lakhs. Q. Whether TCS payable including GST? Yes, Receipt of Consideration from buyer- including GST (As per circular no. 17/2020. by CBDT) Adjustment of Discount etc.... As This is applicable on Receipt, i.e, discount will be already adjusted hence no need. TCS-on Inter-Branch transfer of Goods not applicable TCS- on Job work or Works Contracts not applicable- as the section 194C is already applied TCS -on Sale of Land, Building, Flats not applicable TCS- on Export of Goods The provisions of section 206C (1H) does not apply to export of goods out of India. however, on goods sold to SEZ units or EOU units, - TCS provisions shall apply.