Gst tcs faq
WebApr 10, 2024 · The Notification No. 06/2024 – Central Tax, issued on 31st March 2024, specifies a special procedure for registered persons who have failed to furnish a valid return within 30 days from the service of the assessment order issued on or before 28th February 2024, under sub-section (1) of section 62 of the Central Goods and Services Tax Act ... 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 …
Gst tcs faq
Did you know?
Web2 days ago · TCS's net profit rose to 113.92 billion Indian rupees ($1.39 billion) in the three months ended March 31, from 99.26 billion rupees a year earlier. 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.
WebOct 1, 2024 · Updated FAQs on TCS on sale of Goods U/s 206C (1H) Tax Collected at Source (TCS) is the tax payable by a seller which he collects from the buyer. The rate of … WebJul 1, 2024 · A. Higher TDS/TCS rate for non-filer of income-tax returns. Until now, a higher TDS rate was deducted only for those who didn’t have PAN. But from July 1st, a higher rate would be deducted if you have not filed IT returns in the last two previous years under the newly inserted Section 206AB (for TDS) and 206CCA (for TCS) in the Income-Tax Act ...
WebNov 26, 2024 · TDS & TCS Under GST FAQ's 1. Do I need to file GSTR 7 even if no TDS is deducted in the tax period? It is not mandatory to file nil return in such case. 2. Do I need to file GSTR 8 even if no tax is collected in the tax period? Filing of GSTR 8 is not mandatory for every tax period. 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 …
WebOct 27, 2024 · In case of non-submission of PAN/Aadhar, TCS rate would be 10% instead of 5% under LRS and overseas tour program package. However, in case of remittances made under LRS for the purpose of...
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. cheap and good skin care productsWebApr 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. cute book character costumesWebMar 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. cheap and good restaurantsWebTax at Source on Tour Packages. With effect from 1 st April, 2024 the overseas tour packages sellers are required to deduct and collect 5% TCS from the buyer. There is no lower limit on this so for e.g. if a person purchases an overseas package of Rs. 10000/- tour operator is required to deduct 5% of Rs.10000/- which will be Rs.500/-. cheap and good sushi singaporeWebMar 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 cheap and good sofaWebDec 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 … cheap and good smartphones 2019WebAug 25, 2024 · – For the seller to collect the TCS on the selling of goods Rs. 10 Crore Limit shall be Consider each year. If in the preceding FY Turnover exceed Rs. 10 Cr only then this provision shall be applicable otherwise not. – Same case with the buyer, the limit of Rs. 50 Lac shall be checked every year. cheap and good samsung phones