As per the notification from Govt. of India to implement TCS on sales of any product from 1st of Oct 2020 TCS will be applied.
If seller’s turnover exceeds INR10 Crores in preceding financial year. (NOTE: Does not apply to Tendu Leave, Liquor, Timber, Scrap, Toll ticket, Cars or goods liable to TDS)
Sale to single customer of 50 lakhs in a preceding financial year.( NOTE: If the buyer is liable to deduct TDS, Govt., Embassy or high)
Whether the buyer has furnished PAN/Adhar. (NOTE: TCS will be payable including GST amount.)
• If Yes, Collect TCS @0.1% on excess. (Covid-19 25% relaxation available till 31-3-2021)
• If No, Collect TCS @1% on excess. . (Covid-19 25% relaxation available till 31-3-2021)
Microsoft has released the hotfix (CU59)for the same and we are ready with the Demo and deployment.
PFA the PPT to understand the TCS and its terms.