| Summary: | Removal of TCS on Sales invoices | ||
|---|---|---|---|
| Product: | [01.IMIS] IMIS AR | Reporter: | rkumar <rakesh.kumar> |
| Component: | IMIS AR FORMS AND REPORTS | Assignee: | Mahender <mahender.singh> |
| Status: | RESOLVED USER TO VERIFY | ||
| Severity: | critical | CC: | sharad.sharma |
| Priority: | Normal | ||
| Version: | unspecified | ||
| Hardware: | All | ||
| OS: | All | ||
| Database: | Module ID: | ||
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Comment 1
Mahender
2020-11-06 16:25:06 IST
Dear Sir, Please note that TCS is not applicable on sales from M/s Himalayan Springs (Y4), Please remove TCS from M/s Himalayan Springs. The provisions of sub-section (1H) of section 206C has been made effective from 1st October 2020 and state that: A Seller of Goods is liable to collect TCS from Buyer on Sale of any goods; Turnover of seller is more than ¿ 10 Crores in preceding financial year; TCS to be collected if the Value/Aggregate Value received for Goods from a buyer is more than ¿ 50 Lakhs in a financial year; TCS to be collected on [ Total Sale Value received ¿ ¿ 50 Lakhs]; Rate of TCS is 0.1%, if PAN of buyer is available [1% if PAN not Available]. Thanks Rakesh Baranwal |