CBIC issues corrigendum to clarify that tax collected at source under Income Tax Act need not be included in value of supply under GST

CBIC issues corrigendum to clarify that tax collected at source under Income Tax Act need not be included in value of supply under GST

March 8, 2019 Fiscal, Industries, states 0

Central Board of Indirect Taxes and Customs (CBIC) has issued Corrigendum to Circular No. 76/50/2018- GST dated 7th Match, 2019 to clarify that for the purpose of determination of value of supply under GST, Tax collected at source (TCS) under the provisions of the Income Tax Act, 1961 would not be includible as it is an interim levy not having the character of tax.
Source: Central Board of Indirect Taxes & Customs

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