Often asked: How To Claim Tcs Credit In Gst?


How do I claim my TCS refund?

Credit of TCS during the year has to be claimed in your ITR in a manner similar to that for TDS. To claim the TDS credit in ITR-1 available on the online platform, the details have to be filled in the ‘Tax details’ section of the form.

Can TCS credit be claimed?

TCS (tax collected at source) could have been paid by you if the motor vehicle you purchased was worth more than Rs 10 lakh. Credit of TCS during the year has to be claimed in your ITR in a manner similar to that for TDS. However, one must check that all the TDS credits have been correctly pre-filled in the ITR form.

Is TCS collected on GST?

52/2018 under CGST Act and 02/2018 under IGST Act. This means for an intra-state supply TCS at 1% will be collected, i.e 0.5 % under CGST and 0.5% under SGST. Similarly, for a transaction between the states, the TCS rate will be 1%, i.e under the IGST Act.

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Is TCS applicable on GST amount?

Whether GST can be charged on tax invoice issued under GST Act? Ans. Yes. Since, seller is responsible to collect the TCS on consideration received by him on receipt basis, Seller needs to be charged on the invoice then only it will be recovered.

On which amount TCS is calculated?

For example: If TCS base amount was 10,000.00 in advance payment and line amount is 20,000.00 on sales invoice, then TCS will be calculated on 10,000.00 on sales invoice. TCS is calculated after adjusting the TCS amount which was earlier calculated on advance payment.

What is a TCS Treas 449 tax refund?

If your client’s refund is less than expected and you see a coinciding TCS TREAS 449 offset, this means that the tax payers refund has been reduced to repay a debt collected through the Treasury Offset Program. This program is designed to collect delinquent debts that are owed to states and federal agencies.

Who gets the credit of TCS?

‘TDS/ TCS credit received’ tile is provided for all taxpayers from whom tax has been deducted or collected at source by registered TDS deductors/ TCS collectors respectively. After deduction/collection all the deductors/collectors are required to file GSTR-7 or GSTR-8 respectively before 10th of the succeeding month.

What is TCS example?

Tax Collected at Source (TCS)

Nature of Goods Rate applicable from 01.04.2020 to 13.05.2020 Rate applicable from 14.05.2020 to 31.03.2021
A forest produce other than Tendu leaves and timber 2.5% 1.875%
Scrap 1% 0.75%
Minerals like lignite, coal and iron ore 1% 0.75%
Purchase of Motor vehicle exceeding Rs. 10 Lakhs 1% 0.75%
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How do I claim my GST refund?

The balance in Electronic Cash Ledger can be claimed as a refund by submitting a refund application form RFD-01. This can be done online on the GST Portal/GSTN The excess GST paid can be claimed as a refund within two years from the date of payment.

What happens if TCS is not collected?

As per section 206C(7), if the person responsible for collecting tax does not collect the tax or after collecting the tax fails to pay it to the credit of Government within the due date prescribed in this regard, then he shall be liable to pay simple interest at the rate of 1% per month or part thereof on the amount of

How is TCS calculated on scrap GST?

For example, we are selling the scrap of Rs 10,000 and the GST applied here is GST 12%. The invoice value or selling price is Rs 11200.00. So the TCS is calculated on this total amount. Means we added “ Scrap value + GST 12%” to arrive at the total “Sales value”.

What is new TCS rule?

A new TDS/ TCS rule will come into effect from tomorrow. Under the new rule, non-filers of income tax returns for two financial years will be subjected to higher TDS or TCS. To enforce the rule, the Central Board of Direct Taxes has introduced a utility tool, known as the Compliance Check for Section 206AB & 206CCA.

Can we claim TCS on car purchase?

In case the buyer has not any tax liability, then TCS amount will be refunded after filing of Income Tax Return. The TCS collected by the buyer is credited against the PAN of the buyer. Your tax statement 26AS will show it and you can claim credit for it by deducting it from total tax payable for the year.

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Which tax will not be subsumed into GST?

Stamp duty is not subsumed in GST and will be subsumed as per the tax levied by the government.

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