My Blog List

Saturday, March 9, 2019

No want to pay GST on tax at source on purchase of goods, says govt


In a explanation that settles the dust over the fee of goods and services tax (GST) on income tax gathered at supply (TCS) on purchases of select objects, the government has stated that GST does now not observe on the TCS quantity.

In an earlier circular dated December 31, 2018, the central board of indirect taxes and customs (CBIC) said GST should be levied on the entire amount of purchase including the amount added due to tax collected at source. TCS is usually applied to a list of nearly 10 items which includes cars costing above Rs 1,000,000 and scrap articles.

"This explanation comes as pretty a remedy for companies specifically the automobile region. at the same time as maximum industry players already believed that GST should now not be leviable at the income tax TCS thing, they were pretty frightened of litigation on this issue".

No comments:

Post a Comment