Bug 4999 - Removal of TCS on Sales invoices
Summary: Removal of TCS on Sales invoices
Status: RESOLVED USER TO VERIFY
Alias: None
Product: IMIS AR
Classification: 01.IMIS
Component: IMIS AR FORMS AND REPORTS (show other bugs)
Version: unspecified
Hardware: All All
: Normal critical
Assignee: Mahender
URL:
Depends on:
Blocks:
 
Reported: 2020-11-04 12:59 IST by rkumar
Modified: 2020-11-06 16:25 IST (History)
1 user (show)

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Comment 1 Mahender 2020-11-06 16:25:06 IST 
This is done check and confirm
Description rkumar 2020-11-04 12:59:45 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