CBIC : Clarifies that TCS under IT Act not to be considered for GST determination

CBIC clarifies that Tax Collected at Source (TCS) under Income-tax Act not to be included for determining value of supply under GST; Relies upon CBDT clarification that TCS is not a tax on goods but an interim levy on the possible “income” arising from the sale of goods by the buyer and to be adjusted against the final income tax liability of the buyer. : CBIC...