With the introduction of Sec 206 C(1H) from 1st October 2020, every person being a seller, who receives any amount as consideration for sale of any goods of the value or aggregate of such value exceeding fifty lakh rupees in any previous year, other than the goods being exported out of India will have at the time of receipt of such amount, collect from the buyer, a sum equal to 0.1 % of the sale consideration(0.075% upto 31st March 2021) exceeding fifty lakh rupees as Tax Collected at Source (TCS) which will be an additional compliance burden on the assesses said CA Kailash Jogani while addresing a Webinar on Fiscal Laws organised by COSIA ,Vidarbha.
He further said that as obligation to collect TCS triggers on receipt basis it will be charged on invoice value including GST and to be deposited in Government account by the seller in challan no 281 before the 7th of next month.Its return need to be filed quarterly & TCS certificate needs to be issued by the seller to the buyer.
In case the buyer does not provide PAN details ,TCS will be charged @ 1%,he added.
GST expert from Mumbai Adv.Shailesh Sheth deliberated on various issues impacting MSME due to GST complexities in this challenging phase of Covid 19.He said that the MSME sector is a catalyst for growth & if MSME sector flourishes the country can achieve sustainable growth in real terms.And the mantras for survival & revival is flexibility,financial fitness, fastidiousness, frugality, farsightedness & foresightedness,he explained.He also deliberated on the burning legal issues concerning GST & elaborated it by discussing various case studies & case laws.
At the outset ,Chairman of COSIA,Vidarbha Shri Mayank Shukla in his opening remarks said that it’s a continuous endeavor of COSIA to apprise the stakeholders of the latest changes & updates from expert speakers of the country. More & more participants from.all round the country are attending the virtual programs organised by COSIA & taking benefits.Vice Chairman CA Julfesh Shah informed the participants that detailed guidelines in FAQ form has been issued by the CBDT on TCS which will be helpful in clearing the doubts.
He also coordinated the webinar & took up the queries of the participants which were resolved by the speakers.Shri Pranav Ambaselkar introduced the speakers & proposed vote of thanks. Shri Sandip Parikh,Vice President COSIA,Shri Ninad Jaywant, Secretary,COSIA,CA Ashok Chandak,Past President,ICAI,CA Naresh Jakotiya, Treasurer, VIA, Pravin Tapadia.Past President VIA, Shrenik Mehta,Ashok Reddy,Adv.Purnima Singh,Ajay Pandey, President ISHRAE,CA Sachin Jajodia,CA Girish Deodhar,CA Damodar Sarda,Subhash Jobanputra,Jyotindra Patel were prominently present in the webinar.