Swipe through the latest business and wealth clues with our android app

Govt clarifies no GST applicable on TCS on automobiles

In a relief for the automobile sector, the government has clarified that no GST shall be applicable on the tax collected at source (TCS) levied under the Income Tax Act. Dealers are required to collect TCS from customers at a rate of 1% on automobiles priced above Rs 10 lakh. An earlier directive from the CBIC had mandated collection of GST by dealers on the invoice value plus TCS.  


©2019 TheNewsClues