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.