Eye Share : GST on TCS – Right or wrong – Part I

Recent CBIC Circular No. 76/50/2018-GST stipulating that taxable value for GST purpose shall include tax collected at source (TCS) seems to have gone beyond Section 15 of CGST Act. Section 15 specifies that value of supply shall include “any taxes, duties cesses, fees and charges levied under any law for the time being in force other than this Act, the SGST Act, the UTGST Act and the GST (Compensation to States) Act, if charged separately by the supplier”.Mr. Prateek...