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Gst tcs faq

WebDec 4, 2024 · Marg ERP Ltd. -. December 4, 2024. 0. 13204. A seller collects a tax known as “Tax Collected as Source (TCS)” from the buyer as sale consideration for selling the goods with a value above Rs. 50 Lakhs. The rate of TCS on the sale of goods under GST varies on the goods under various categories. The goods categories have been specified … WebApr 23, 2024 · (Sr Nos 6 and 16 of FAQ released by Law Committee of GST Council on 28-9-2024.) Registration of foreign Electronic Commerce Operator– Foreign Electronic Commerce Operator is required to obtain registration under GST.

TDS & TCS Under GST - All you need to know EZTax®

WebMar 24, 2024 · I delivered my order 2 days ago and the client also give me a tip 15$ so now the total amount is 115$ that I am assuming that I am going to receive for my work but What I have seen its that my client paid me 129$ [115$ + 14$ tax I guess] and And only I received 86.75$ in my account. I am attaching a screenshot. WebSep 29, 2024 · Q. From whom such TCS is to be collected? Ans. TCS is to be collected only from those buyers from whom, sale consideration received during the FY exceeds Rs. 50 … free autocad people blocks https://connersmachinery.com

[FAQs] on Payment and Refunds under GST - taxmann.com

WebMar 15, 2024 · Ans. TCS ( Tax Collected at Source) under GST is nothing but the tax collected by an e-commerce operator from the consideration received by it on behalf of … WebDec 19, 2024 · The new TCS rule is introduced vide the Finance Act 2024 with the insertion of sub-section (1H) to section 206C. Accordingly, the seller of the goods who receives any amount as consideration for the sale of … Web169 rows · Jul 31, 2024 · Goods & Service Tax, CBIC, Government of India :: Frequently … bloated artinya

[FAQs] on Payment and Refunds under GST - taxmann.com

Category:FAQs Goods and Services Tax Council

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Gst tcs faq

TCS Q4 growth lacklustre due to weak BFSI spending

WebDec 3, 2024 · Frequently Asked Questions and answers on Tax Collected at Source (TCS) under GST (Updated as on 30.11.2024) Question 1. What is Electronic … WebMay 13, 2024 · TCS refers to the tax which is collected by the e-commerce operator when a supplier supplies some goods or services through its portal and the payment for that …

Gst tcs faq

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WebMar 25, 2024 · Section 41 Sub section, (1) Every registered person shall, subject to such conditions and restrictions as may be prescribed, be entitled to take the credit of eligible input tax, as self-assessed, in his return and such amount shall be credited on a provisional basis to his electronic credit ledger. WebFrequently Asked Questions on TCS Sr. no. Question Answer 1. What is Electronic Commerce? As per Section 2(44) of the CGST Act, 2024, electronic Commerce means the supply of goods or services or both, including digital products over digital or electronic network. 2. Who is an e-commerce operator?

Web1 day ago · For the full year, TCS’s revenue grew 13.7% to $27.9 billion, and growth was led by North America that grew 15.3% and UK at 15%. Its operating margins dropped 120 basis points to 24.1% in the ... WebNov 25, 2024 · The TCS is to be calculated on a buyer basis. The threshold limit u/s 206C (1H) is 50 lakh in a financial year. So, you have to collect @0.1% on over and above Rs 50 lakh. Is TCS applicable to SEZ units? Sales by an SEZ unit is considered as deemed export.

WebApr 19, 2024 · FAQ’s on Section 194Q of the Income-tax Act,1961 12 Min Read By Taxmann Last Updated on 22 February, 2024 Recent Posts Latest from Taxmann 1. Is section 194Q applicable to the purchase of capital goods? Yes, section 194Q applies to purchase of all goods whether on capital or on revenue account. 2.

WebJan 23, 2024 · TCS. Definition. TDS is tax deducted at source by any company or individual making a payment if the payment exceeds the thresholds mentioned under respective sections. TCS is a tax collected …

WebOct 28, 2024 · Login to the GST Portal with valid credentials. Click the Services > Returns > TDS and TCS credit received command. The TDS and TCS credit received page is … bloated and stomach painWebMar 14, 2024 · TCS at the rate of 0.1% shall be collected Key Components of the section 206C (1H) of the Act A Seller A person whose total sales / receipts from the business carried upon by him exceeds INR 10 Crores in the immediately preceding financial year (‘FY’) shall be required to collect TCS from eligible buyers on sale of goods. Key Issues free autocad shape filesWebApr 8, 2024 · Eg- Value of restaurant services charged by Restaurant – Rs. 100. Discount provided by Swiggy – Rs. 10. Net amount charged- Rs. 90. Swiggy would be required to pay tax on Rs. 100. Certain Clarifications has been made regarding Restaurant Services provided through ECO vide Circular No. 167/23/2024-GST dated 17 December 2024. bloated as a blurb