Web21 jun. 2024 · Select Item on Sales Invoice line. GST Group Code, HSN/SAC Code should not be blank on the Item. For example, there is a sales invoice for INR 10,000 and 18% GST (i.e. 9% CGST and 9% SGST/UTGST in case of Intra-State or Intra-Union Territory transaction or 18% IGST in case of Inter-State transaction) and 1% TCS as per Income … Web13 feb. 2024 · TCS under GST is applicable in the following cases: When carrying out online trading, sellers will receive their payment after a deduction of 1% tax under the IGST Act. This includes 0.5% under SGST and 0.5% under CGST. Registration for all traders and sellers is compulsory under GST.
TCS on Sale of Scrap: Under Section 206C of Income Tax Act - NAVI
Web31 mei 2024 · What is ATM TCS charges? 1) TCS of 5% is deducted only on the amount above 7 lakhs. For example, if you remit Rs 15 lakh in FY 2024, 5% will be calculated on the amount exceeding the existing threshold i.e. – 8 lakhs. Therefore, Rs 40,000 will be deducted as TCS. 2) Any remittance made in FY 2024 will count towards the 7 lakh … Web14 okt. 2024 · Tax Collected at Source (TCS) is the tax payable by the seller which he collects from the buyer at the time of sale, say, while purchasing a motor vehicle … hillberry festival 2020
Tax Collected At Source ( TCS ) Under Goods and Services …
Web2 okt. 2024 · From 1 October 20 New section 206C (1H) is applicable which is TCS on sale of goods but there are lots of confusion about its calculation, Who is liable to collect TCS on sale, When to... Web6 okt. 2024 · TCS is calculated basing on the approach of where the tax has been added to total scrap amount. For instance, if the selling price of scarp is Rs. 10,000 and GST applicable is 12%. Then, the calculation … Web18 sep. 2024 · Any dealer selling goods on online platforms are liable for a 1% rate of TCS Tax under GST. This means the dealer would get the payment from online sources after deducting 1% TCS tax amount under GST. This is stated at 0.5% in CGST & 0.5% in SGCT in IGST Act. 10th of every next month in the due date of filing TCS Tax rate in GST. hillberry festival 2021 lineup