TCS Tax Full Form & Meaning

TCS Tax Full Form – Tax collected at source (TCS) is the tax to be paid by a supplier which they would easily be collecting from the consumer at the time of selling goods. And As you know that Section 206C of the Income-tax act governs the products on which the vendor has to bring together tax from the purchaser.

TCS Tax Meaning & TCS Tax Full Form

Tax collected at source under GST
  • TCS Tax Meaning – Tax collected at source (TCS). Any seller selling products online should acquire the payment from the online stage after deducting an amount tax @ 1 % below IGST Act. (0.5% in CGST & 0.5% in SGST)
  • The tax should have to be put down to the government by the 10th of them after month.
  • Every seller is necessary to get register under GST mandatory.
  • These requirements are valuable from 1st Oct 2018.

Example: Mr. Akshay(seller) is a dealer who sells Food items online on Flipkart (buyer). They receive an order for Rs 12, 000 include of commission. Flipkart should be deducting tax for Rs 120 (1% of Rs. 12,000). TCS Tax Full Form – Tax collected at source (TCS).

Please Read as well – CCR Full Form in banking & HD Stands For

All Popular TCS Tax Stands For & TCS Tax Abbreviation I have explained below please go through.

  1. Traction Control System – Transportation
  2. TATA Consultancy Services – Companies & Firms
  3. Tata Consultancy Services Limited – Business
  4. Taking Children Seriously – Educational
  5. Teaching Company Scheme – Business
  6. Trash Can Sinatras – Miscellaneous
  7. Total Customer Satisfaction – Business
  8. Temporary Change of Station – Military
  9. Telephony Control Specification – Computing
  10. Tucson Computer Society – Computing
  11. Tobin Cinema Systems – Business
  12. Torsion Control System – Transportation
  13. Thermal Control Subsystem – NASA
  14. Television Corporation Of Singapore – Companies & Firms
  15. Terminal Capability Set – Military
  16. The Christmas Song – Music
  17. Touch Control Steering – Transportation
  18. Tactical Communications System – Military
  19. Tool Control System – Business
  20. Total Communication Solutions – Companies & Firms
  21. Touring Club De Suisse – Sports
  22. Tactical Counter Strike – Military
  23. Trillion Credit Squadron – Miscellaneous
  24. Technical Control Station – Military
  25. Trusted Configuration Space – Drivers
  26. Tactical Computer Terminal – Military
  27. Temperature Controlled for Safety – Business
  28. Total Customer Support – Business
  29. Trash Can Sinatra – Miscellaneous
  30. Ton of Crude Steel – Miscellaneous
  31. Transform Compost Systems – Companies & Firms
  32. Total Cleaning Systems – Business
  33. Technology Communication Supplies – Military
  34. Temperature Coefficient Sensitivity – Academic & Science
  35. Televic Conference System – Computing
  36. Tomorrow Customers Society – Non-Profit Organizations
  37. Tele Centro Sul Participacoe – NYSE Symbols
  38. Television Company Of Singapore – Companies & Firms
  39. Total Chaos Systems – Companies & Firms
  40. Type Creator Server – General Computing
  41. Traffic Control System – Academic & Science
  42. Topical Corticosteroids – British Medicine
  43. Temperature Control System – Aircraft & Aviation
  44. Tonic-Clonic Seizure – British Medicine

Conclusion

I have explained about TCS Tax Full Form and TCS Tax meaning or TCS Tax Stands for, I hope you understand. Thank You.