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).
All Popular TCS Tax Stands For & TCS Tax Abbreviation I have explained below please go through.
- Traction Control System – Transportation
- TATA Consultancy Services – Companies & Firms
- Tata Consultancy Services Limited – Business
- Taking Children Seriously – Educational
- Teaching Company Scheme – Business
- Trash Can Sinatras – Miscellaneous
- Total Customer Satisfaction – Business
- Temporary Change of Station – Military
- Telephony Control Specification – Computing
- Tucson Computer Society – Computing
- Tobin Cinema Systems – Business
- Torsion Control System – Transportation
- Thermal Control Subsystem – NASA
- Television Corporation Of Singapore – Companies & Firms
- Terminal Capability Set – Military
- The Christmas Song – Music
- Touch Control Steering – Transportation
- Tactical Communications System – Military
- Tool Control System – Business
- Total Communication Solutions – Companies & Firms
- Touring Club De Suisse – Sports
- Tactical Counter Strike – Military
- Trillion Credit Squadron – Miscellaneous
- Technical Control Station – Military
- Trusted Configuration Space – Drivers
- Tactical Computer Terminal – Military
- Temperature Controlled for Safety – Business
- Total Customer Support – Business
- Trash Can Sinatra – Miscellaneous
- Ton of Crude Steel – Miscellaneous
- Transform Compost Systems – Companies & Firms
- Total Cleaning Systems – Business
- Technology Communication Supplies – Military
- Temperature Coefficient Sensitivity – Academic & Science
- Televic Conference System – Computing
- Tomorrow Customers Society – Non-Profit Organizations
- Tele Centro Sul Participacoe – NYSE Symbols
- Television Company Of Singapore – Companies & Firms
- Total Chaos Systems – Companies & Firms
- Type Creator Server – General Computing
- Traffic Control System – Academic & Science
- Topical Corticosteroids – British Medicine
- Temperature Control System – Aircraft & Aviation
- Tonic-Clonic Seizure – British Medicine
I have explained about TCS Tax Full Form and TCS Tax meaning or TCS Tax Stands for, I hope you understand. Thank You.