How do I claim TCS deducted by ecommerce?
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How do I claim TCS deducted by ecommerce?
e-Commerce operators have to file GSTR-8 by 10th of the next month in which the tax was collected. This return will only be filed once the tax collected has been deposited to the respective credit of the government.
How do you remit TCS on sale of goods?
As per this provision, a seller is required to deduct tax at the source on the sale of goods if the aggregate value of such sale exceeds Rs. 50 lakh during the relevant financial year. TCS should be deducted at the time of receipt of such an amount.
How do I claim TCS deducted under GST?
Thus, to get the benefit of GST, the deductee is required to file ‘TDS/TCS credit received’ tab on the GST portal. The portal is designed such that the deducted amount get reflected in Cash Ledger which could be further used for the payment of balance amount of tax after the ITC has been cleared.
When should the e-commerce operator remit the amount of TCS to government and file the necessary returns with the government?
The e-commerce operator shall remit the GST TCS to the Government before 10 days after the end of the month. The entity shall calculate the date from the date of the invoice made.
How can I add TCS to E bill?
Similar to Tax Invoice, E-way Bill and GSTR-1 do not have any field to report TCS amount. NITYA Comments: Under Section 15 of the Central Goods and Services Tax Act, 2017, TCS is not includible in taxable value for computing GST. E-way Bill and GSTR-1 have fields of “Invoice Value”.
Who will deduct TCS?
In other words, TCS is a tax that is payable to the government by the seller who in turn collects from the buyer or lessee. The items which come under this tax are mentioned under the Section 206 C Income Tax Act, 1961.
Who can deduct TCS under GST?
Section 52 has been inserted under the CGST law for all e-commerce aggregators to bring TCS in GST. e-Commerce aggregators are made responsible under the GST law for deducting and depositing tax at the rate of 1\% from each transaction.
Who should deduct TCS?
Tax collected at source (TCS) is the tax payable by a seller which he collects from the buyer at the time of sale. Section 206C of the Income-tax act governs the goods on which the seller has to collect tax from the purchasers.
What is TCS deduction?
TCS is a tax collected by the seller, at the time of sale. Transactions Covered. TDS is applicable on interest, salaries, brokerage, professional fees, commission, purchase of goods, rent, etc. TCS is applicable on the sale of timber, scrap, minerals, liquor, tendu leaves, forest produce, cars, toll tickets.
How can I pay my TCS bill?
How to Pay through Net Banking
- Select Challan 281.
- Fill Challan.
- Select Bank whose Net Banking we are using.
- Click Submit to Bank.
- Click Confirm.
- Bank Website Opens.
- Make Payment by net banking.
- Challan Generated.