Question

Explain brief about tcs and steps for its calculation

Answer 1

I am not able to understand this question actually

Answer 2

TCS refers to the Tax Collected at Source which has to be paid by the seller or which he has collected at the time of sale from the buyer.

TCS is done only for goods that are bought for trading purposes. TCS percentage changes depending on the type of product and is calculated from the final bill amount including GST.

For example, TCS for scraps is 1%. Assume you have bought scraps worth 30,000 INR. Then the final bill is as follows

Scraps 30,000 INR

GST(12%) 3,600 INR

Total 33,600 INR

TCS(1%) 336 INR

Final Invoice 33,936 INR"