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Taxable value for the purpose of GST not to include TCS amount collected under Income Tax Act:

Tags: seller

 The Finance Act, 2020 has amended the provisions relating to Tax Collection at Source (“TCS”) with effect from October 1, 2020 to provide that Seller of goods shall collect tax @ 0.1 per cent (0.075% up to 31.03.2021) if the receipt of sale consideration from a buyer exceeds Rs. 50 lakh in the financial year. Further, to reduce the compliance burden, it has been provided that a seller would...

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Taxable value for the purpose of GST not to include TCS amount collected under Income Tax Act:

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