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TCS

Title- How to Calculate TCS on Sale in Marg Erp [Hindi]
Description- Tax Collected at Source (TCS) is a tax which the seller collects from the buyer at the time of selling the goods. The Government has added a New Sub Section (1H) under Section 206 C which means that a seller who is selling goods within India may require collecting TCS from the buyer. If the turnover of the seller is greater than Rs. 10 crore for the previous financial year (FY) and sells goods exceeding Rs. 50 Lakhs with in India and along with it if the buyer has provided the PAN Card then the seller will collect 0.075% TCS on the bill amount from the buyer. If the buyer does not provide a PAN Card then the seller will collect 0.1% TCS from the buyer. This amendment will take effect from 1st October 2020.
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