Any person who has a gross turnover/receipts/sale from his business in preceding financial year exceeding Rs. 10 Crores (excluding those persons who are notified in official gazette by central Govt)

AND

That person (seller) has sold goods to a buyer in excess of Rs. 50 lacs after 01.10.2020

THEN

On further sale of goods by such person (Seller) to that particular buyer, the seller shall at the time of receipt of the amount, collect TCS @ 0.1% which is in excess of the first Rs. 50 Lacs.

TCS on Sale of Goods

DID YOU KNOW !

  • If the buyer does not provide his PAN or AADHAR then the TCS rate shall be 1% in place of 0.1%.
  • Export sale is not covered by this section, in other words no TCS shall be collected on Export sale.
  • TCS is to be collected at the time of collection of the amount (NOT AT BILLING).
  • Liability to deposit of this TCS is by 7th day of the month subsequent to the month in which the TCS collected by the seller.
  • No TCS is to be charged on first Rs.50 lac sale and even after crossing Rs.50 lac mark, TCS is to be collected only on the sale which is in the excess of Rs.50 lac.
  • The Calculation of Rs.50 lac limit is to be started from 1st October 2020, therefore the sale before 01.10.2020 to that party is not relevant for the coverage of this section.
  • If the buyer is Central Government, State Government, an embassy, a High Commission, legation, commission, consulate and the trade representation of a foreign State, local authority, a person importing good or any other notified person then this section shall not apply to them.
  • If the sale is covered u/s 206C (1)(sale of scrap,tendu leaves, timber etc.), 206C (1F)(sale of motor vehicle exceeding Rs 10lac), 206C (1G)(Remittance in Liberalized remittance scheme) then TCS under this section will not be collected.

50 LACS से ज्यादा की SALE पर TCS U/S (206C 1H)

अगर किसी PERSON की पिछले FINANCIAL YEAR में GROSS SALE / TURNOVER, 10 करोड़ से ज्यादा है (पर वो PERSON GOVT के द्वारा NOTIFIED ना हो )

और

उस PERSON (SELLER ) ने किसी BUYER को  1 अक्टूबर 2020  के बाद 50 लाख से ज्यादा की SALE की है

तो

50 लाख से ऊपर जितनी भी SALE हुई उस पर SELLER 0.1% से TCS COLLECT करेगा

क्या आप जानते थे !

  • अगर BUYER ने अपना PAN या AADHAR प्रस्तुत नहीं किया तो TCS RATE 1 % हो जाएगी I
  • निर्यात अर्थात EXPORT SALE पर ये SECTION लागू नहीं होता I
  • SALE का AMOUNT प्राप्त करते समय TCS COLLECT करना होगा नाकि BILLING के समय I
  • TCS जिस महीने में प्राप्त हो जाए उसके अगले महीने की 7 तारीख तक जमा करना होगा I
  • 50 लाख तक कोई TCS COLLECT नहीं करना सिर्फ 50 लाख के बाद जितना SALE AMOUNT प्राप्त हुआ है केवल उस पर TCS COLLECT करना है I
  • यदि BUYER CENTRAL GOVERNMENT, STATE GOVERNMENT, AN EMBASSY, A HIGH COMMISSION, LEGATION, COMMISSION, CONSULATE AND THE TRADE REPRESENTATION OF A FOREIGN STATE, LOCAL AUTHORITY, A PERSON IMPORTING GOOD OR ANY OTHER NOTIFIED PERSON है तो उन पर भी ये SECTION नहीं लगेगा I
  • SECTION 206C (1)(SALE OF SCRAP,TENDU LEAVES, TIMBER ETC.), 206C (1F)(SALE OF MOTOR VEHICLE EXCEEDING RS 10LAC), 206C (1G)(REMITTANCE IN LIBERALIZED REMITTANCE SCHEME) के अंतर्गत की जाने वाली SALE पर भी ये SECTION नहीं लगेगा
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Author Bio

Qualification: CA in Job / Business
Company: Climatrol Corporation
Location: New Delhi, New Delhi, IN
Member Since: 13 Jul 2020 | Total Posts: 1

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