We are hoteliers and e commerce websites like Oyo and Fab deduct TCS of 1% on our sales. Please confirm if TCS of 1% is being calculated by them on the taxable income for a month or the amount inclusive of GST? Say sales are for INR 100 in a month so will the tcs of 1% be deducted on INR 100 or on 100 + 12% gst (our slab)= INR 112 ?
Hi,
For the purpose of determination of value of supply under GST, Tax collected at source (TCS) under the provisions of the Income Tax Act, 1961 would not be includible as it is an interim levy not having the character of tax.
Corrigendum to Circular No. 76/50/2018-GST issued on 7th March 2019.
So, it would be tcs of 1% on INR 100 .
- TCS will be collect on the amount of Rs. 100 whereas market place fees will be collected on Rs.112.
Hello Sir,
TCS@1% will be deducted on on INR 100.
Sir it would be collected on ₹100.
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Thank you.
Hello,
TCS would be collected @ 1% on the amount of Rs. 100.
Regards,
CA Hunny Badlani
Hi
On taxable income only..
Hi,
TCS will be collected on INR 100.
