TCS to be collected by seller from October 1 only if turnover exceeds Rs 10 crore: CBDT
In a statement, the Central Board of Direct Taxes (CBDT) clarified that TCS shall be applicable only on the amount received on or after October 1, 2020 and a seller would be required to collect TCS only if his turnover exceeds Rs 10 crore in the last financial year. Moreover, the export of goods has been exempted from the applicability of the provisions of TCS, it added.