TCS IN GST

This provision is applicable from 1 Oct 2018

Every E Commerce Company deduct 1% TCS on payments to Dealers @ 1% and deposit it to Government

 

How is Sales Made through Amazon/Flipkart

Goods sold through Amazon/Flipkart do not belong to these websites

Different Dealers and shopkeepers sell their product and services to customers through these websites

These websites collect money from the customer,deduct their commission and pay balance to these dealers and shopkeepers

TCS in GST Case 1.jpg

 

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What is the change from 1 Oct 2018?

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From 1 Oct 2018.jpg

 

 

Till 30 Sep 2018,.jpg

 

How will Seller Adjust TCS Deducted while Paying GST?

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What is Rate of TCS?

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Suppose Sales Made of 1000000.Sales Return of 300000

TCS is to be deducted on which amount

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What is Difference between TCS and TDS in GST?

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Q1

Goods Purchased as Follow

Q 1 GOODS PURCHASED AS FOLLOWS.jpg

20 piece were sold online @ 50400 MRP

PARTICULARS QTY (in kg) RATE AMT
LCD SCREEN 20 45000 900000
Add CGST 6%   6% 54000
Add SGST 6%   6% 54000
TOTAL     1008000

Flikart Deducted 10% Commission on Sales Price(without tax) + 1% TCS

What is amount Received from Flipkart?

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Q2

Goods Purchased as Follows
Q2 Goods Purchased As Follows.jpg

20 piece were sold online @ 50400 MRP

Flikart Deducted 12% Commission+ GST + 1% TCS

What is amount Received from Flipkart?

Note:-

Only 2 Pieces sold in Delhi

All other interstate

4 pieces returned By customer in Mumbai

Calculate GST Payable:-

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  1. GST - Goods and Services Tax, India
  2. GST Computation & Accounting

About the Author

CA Maninder Singh's photo - Expert in Practical Accounts, Taxation and Efiling
CA Maninder Singh
CA Maninder Singh is a Chartered Accountant for the past 9 years. He also provides Accounts Tax GST Training in Delhi and Pune.