Can TCS be claimed in GST?

Asked by: Derrick Homenick MD  |  Last update: February 9, 2022
Score: 4.5/5 (17 votes)

TDS and TCS credit received is a facility available after logging in to the GST portal. It can be filed by all the taxpayers who are making specified sales on the e-commerce platforms and/or entered into any kind of works contract with Government departments.

Can TCS be claimed as refund in GST?

What is the procedure to claim this TCS as refund? Answer: GST TCS can be claimed by filing TDS /TCS Return under GST Portal. After logging in to the GST account in GST Portal (, under Services è Returns è TDS and TCS credit received, after selecting year and month, this return can be filed.

Can a supplier take credit of the TCS?

The supplier can claim credit of tax collected and reflected in the return by the Operator in his [supplier's] electronic cash ledger.

What is TCS under GST?

The TCS or Tax Collected at Source is the tax that is collected from the buyer by the seller while the purchase of some specific goods category by the buyer. This TCS rate depends on the category of the items and this tax collected from the buyer needs to be deposited to the government by the seller.

Can TCS be reversed?

10 lakhs, TCS shall not be reversed as this case is spread across two financial years. However, in case further sales are made in the next year and then this amount is adjusted from such sales, the TCS may be made on the net amount for the next financial year.

How to claim TCS in GST portal for Amazon and Flipkart seller

24 related questions found

What is TCS tax refund?

If your client's refund is less than expected and you see a coinciding TCS TREAS 449 offset, this means that the tax payers refund has been reduced to repay a debt collected through the Treasury Offset Program. This program is designed to collect delinquent debts that are owed to states and federal agencies.

Is TCS deducted refundable?

Both TDS (Tax Deduction at Source) and TCS (Tax Collection at Source) is in the nature of Advance Tax. Therefore, both are utilised for meeting the tax liability. Any excess deduction/payment in excess of the tax liability is thus refundable.

How do I claim TCS in GST?

Steps to file 'TDS and TCS credit received' on GST portal
  1. Step 1: Login toGST portal.
  2. Step 2: Go to 'Services' > 'Returns' > 'Returns Dashboard'
  3. Step 3: Select the return period of GSTR-3B being filed and proceed to 'TDS/TCS credit received' tile.

What is section 206cl?

Under section 206C the seller has to collect Tax at Source (TCS) at the rate of 1% from purchaser while selling the specified items or services beyond specified limits. Assesses which are liable to collect TCS.

Can I claim tax on car purchase?

You can deduct your sales tax on vehicle purchases whether the purchase including the sales tax was financed or not. Again, you'll need to itemize your deductions to do this. The tax is charged to you in the year the vehicle was purchased even if the payments from the financing are spread out over many years.

What is new rule of TCS?

WHAT IS THE NEW TDS RULE? The CBDT said the rate of TDS or TCS will be higher for people who have not filed income tax returns for two years. TDS or TCS will be charged at double the rate specified in the relevant provision of the Income Tax Act or 5 per cent.

What happens if TCS is not collected?

If the person fails to file the TCS return on or before the due date prescribed in the income tax law, a fee of Rs 200 per day must be paid, during which the failure continues. However, the amount of late fees shall not exceed the amount of TCS. One should deposit the late filing fees before filing the TCS return.

How is TCS calculated on GST invoice?

Suppose a supplier chooses to charge TCS in the invoice,
  1. Value of goods = Rs. 1,00,00,000.
  2. GST at 18% = Rs. 18,00,000.
  3. Total = Rs. 1,18,00,000.
  4. TCS on the total value = Rs. 8,850.
  5. Total invoice value will be = Rs. 1,18,08,850.

How much car expenses can I claim?

72 cents per kilometre from 1 July 2020 for the 2020–21 income year. 68 cents per kilometre for 2018–19 and 2019–20. 66 cents per kilometre for the 2017–18, 2016–17 and 2015–16.

What purchases are tax-deductible?

Here are some tax deductions that you shouldn't overlook.
  • Sales taxes. You have the option of deducting sales taxes or state income taxes off your federal income tax. ...
  • Health insurance premiums. ...
  • Tax savings for teacher. ...
  • Charitable gifts. ...
  • Paying the babysitter. ...
  • Lifetime learning. ...
  • Unusual business expenses. ...
  • Looking for work.

What car expenses are deductible?

Actual Car or Vehicle Expenses You Can Deduct

Qualified expenses for this purpose include gasoline, oil, tires, repairs, insurance, tolls, parking, garage fees, registration fees, lease payments, and depreciation licenses. Report these expenses accurately to avoid an IRS tax audit.

How can I file TCS return?

Procedure for TCS/ TDS return filing in the ITD e-filing portal
  1. Visit ITD's e-filing home page (ITD e-filing) and login using TAN and Password.
  2. After successful login, go to TDS menu >> Upload TDS.
  3. In the form provided select the appropriate statement details, viz.

How can I deposit TCS Online?

How to file TDS/TCS challan online?
  1. Select Challan. For TDS select Challan ITNS 281.
  2. Choose Deductee type. Select Deductee type which will be based on TDS deducted by you. ...
  3. Enter TAN and Assessment Year. ...
  4. Fill up deductor details. ...
  5. Enter Nature of payment. ...
  6. Enter Details of payment.

How do I claim TCS on foreign remittance?

The TCS will be collected by a dealer (which is usually a bank) at the time of receipt of the amount for remittance, or at the time of debiting the amount payable, whichever is earlier. TCS will apply only on the amount above Rs. 7 lakh in a financial year, instead of the total amount.

Is TCS a Pakistani company?

TCS is a Pakistani courier and logistics company which is based in Karachi, Pakistan. It was founded by a former Pakistan International Airlines (PIA) flight engineer, Khalid Nawaz Awan, in 1983.

What is TCS in a car?

DSC/TCS(Dynamic Stability Control system and Traction Control System) ... The system guards against skidding by optimally controlling engine output and the braking force applied to each wheel through the combined control of the 4-wheel antilock braking system and the Traction Control System (TCS).

Can you drive with the TCS light on?

It is only safe to drive with the TCS light on if it appears when you are losing traction: it means the system is engaging. Driving without traction control can make your vehicle susceptible to spinning out and sliding around on the road. ... This allows you to maintain control of your vehicle at all times.