TCS on Sale of goods section 206C (1H) w.e.f 01.10.2020 (India)

[jagan4]

Hi Experts,

The above Tax is applicable to AR invoices, if invoice amount exceeds 50 Lakhs and also accumulation of 50 Lakhs from previous invoices based on PAN number we have to deduct 0.10% to that Customer and if the Customer don't have PAN number then we have to deduct 1%.

Regards,

Jagankumar

[former_member373307]

Dear Experts,

With regard to the above section 206(C), may we know how TCS for incoming invoices (vendor) will be booked in MIRO & FI. I understand the discussion hereinabove is with regard to TCS from Customer's perspective but it is also important to know the process of booking TCS for incoming invoices too.

Regards,

Sudhir