Check sibling questions

We know that TCS is applicable on Certain Transactions as per Income Tax Act

Apart from this, TCS is applicable on amount collected by Ecommerce Companies in case of GST

This is called TCS in GST

What is TCS?

TCS Means Tax Collected at Source

It is a tax which is to be collected on Certain Incomes

Suppose A makes Sale of 100000 to B on which TCS @ 1% is applicable

In this Case,

A will be collect 101000 from B (100000 Sales Amount+1000 TCS)

A will deposit 1000 TCS with Government

TCS in GST Image.jpg

 

TDS TCS in GST will also be differed to 1 April 2018  

 

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Davneet Singh

Davneet Singh is a graduate from Indian Institute of Technology, Kanpur. He has been teaching from the past 12 years. He provides courses for Maths and Science at Teachoo.