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TCS on Sale of Goods [30 FAQs]

FAQ 1: Who is required to collect tax at source under section 206C(1H) and what rate?
With effect from 1st October, 2020, a seller of goods is liable to collect TCS at the rate of 0.1 percent of the sale consideration received from a buyer in a previous year in excess of fifty lakh rupees.
“Seller” means a person whose total sales, gross receipts or turnover from the business carried on by him exceed ten crore rupees during the financial year immediately preceding the financial year.

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