Now TCS will need to provide businessmen with GST
There will be some changes within the tax rules from October. it’s vital for you to understand about the change. Especially the businessmen, whose annual turnover is quite 10 crores, should know well about the change. Now, alongside GST, these traders also will need to pay TCS (Tax Collected at Source). Although TCS is sort of low, it’s important to understand it.
According to the knowledge received from tax experts, the businessmen will need to pay 0.1 percent as TCS with GST i.e. if your turnover is taken into account to be 20 crores, then you’ve got to pay TCS of around two lakhs. Chetan Tarawani, a tax expert and former president of tax Bar Association, said that from October it’ll be mandatory for such traders to beat TCS alongside GST.
What is TDS?
It is deducted from the source of your income i.e. your salary. TDS is merely a neighborhood of the tax. The taxpayer has already paid it. Its settlement is formed while filing tax returns (ITR). If the TDS deducted from your salary is quite your total liabilities, it’s returned to you thru ITR filing. Overall, it’s a process through which the govt collects the tax immediately.
Who gives TDS
The paying person or institution (company) is liable for filing TDS. These are called deductors. At an equivalent time, the tax deductor has named the deductee. the quantity deducted as TDS is required to be deposited within the Government account.
What is TCS?
TCS stands for Tax Collected at Source. it’s the tax collected at source (tax collected from income). TCS is paid by the vendor, dealer, vendor, shopkeeper. However, he charges the customer or customer while selling any goods. After collection, it’s the duty of the vendor or shopkeeper. It’s controlled in section 206B of the tax Act. Only sellers of certain items collect it. these things include timber wood, scrap, mineral, tendu leaves.
The faceless appeal is going to be applicable from 25 September
Along with this, the faceless appeal goes to be implemented from 25th September this month. After its implementation, there’ll be more transparency in tax, and in no way will acquaintance or kinship work. In Faceless Appeal, you’ll not know where you’re going and where you’re going. Similarly, the officer also will haven’t any information about you.