Removing doubt on Tax Collection at Source on certain goods under Finance Act 2020

Finance Act, 2020 amended provisions relating to TCS with effect from 1st October, 2020 to provide that seller of goods shall collect tax @ 0.1 per cent (0.075% up to 31.03.2021) if the receipt of sale consideration from a buyer exceeds Rs. 50 lakh in the financial year. Further, to reduce the compliance burden, it has been provided that a seller would be required to collect tax only if his turnover exceeds Rs. 10 crore in the last financial year. Moreover, the export of goods has also been exempted from the applicability of these provisions.

Removing doubt on Tax Collection at Source on certain goods under Finance Act 2020

Published by Aakash Choudhary

Hello everyone, I'm a fauji brat and I'm here to talk and share about military. I will be covering about world military since the times the Almighty has known mankind and mankind has known geographies, land, water, air, civilizations, countries, borders, war craft.

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