CBDT issues clarification on New TCS provisions but complications & difficulties to continue




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CBDT issues clarification on New TCS provisions but complications & difficulties to continue

CBDT issues circular No 17 clarifying TDS/TCS provisions which are coming in force from 1st October,2020.
It has clarified that:
1. TCS to be collected and paid on all payment received on or after 1st October ,2020 including amount of GST.
2. Receipt against Sales made prior to 1st October, 2020 also liable for GST.
3. The threshold of Rs. 50 lakhs is year based and hence payment received before 1st October,2020 are to be considered.
Admittedly, even after above clarification,  applicability shall be on payment received on or after 1st October, 2020.
So, Compliance of this new provision is going to be a big challenge for all taxpayers whose sales in previous year has exceeded Rs  10 crores




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