EAP-92-Tax Collection At Source - India Statutory Requirement
(Doc ID 2722743.1)
Last updated on DECEMBER 16, 2020
Applies to:PeopleSoft Enterprise FIN Payables - Version 9.2 and later
Information in this document applies to any platform.
On : 9.2 version, India GST
Tax Collection at Source - India Statutory Requirement
Tax Collection at Source(TCS) rule is getting enforced from 01st Oct. 2020.
The Finance Act 2020 (“Act”) has introduced Tax Collection at Source (TCS) [Section 206C(1H)] on sale of goods. The rate of TCS levy would be 0.075 percent till 31st March 2021 and thereafter 0.1 percent. However, if the buyer fails to furnish PAN or Aadhaar, the rate of TCS shall be 1 percent. Levy of TCS will be effective from 1st October 2020 and given that the levy & collection of TCS is at the time of receipt of sale consideration on sale of any goods in any previous year, ABC shall levy & collect TCS as per attached communication.
Tax Collection at Source (TCS) on sale of goods will be effective October 01st, 2020. The rate of TCS levy would be 0.075% till 31st March 2021 and thereafter 0.1%. We have received the below communication from ABC wherein, ABC will be deducting TCS on sale of goods.
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