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of <h1>GST Valuation Update: TCS Excluded from Taxable Value After Clarification with CBDT, Circular No. 76/50/2018-GST Revised.</h1> The corrigendum to Circular No. 76/50/2018-GST revises the valuation methodology for GST on Tax Collected at Source (TCS) under the Income Tax Act. Initially, the circular included TCS in the taxable value for GST purposes. However, after consultation with the Central Board of Direct Taxes, it is clarified that TCS is an interim levy on potential income, not a tax on goods. Therefore, TCS should not be included in the GST value of supply. Relevant authorities are requested to issue trade notices to disseminate this update, and any implementation difficulties should be reported to the Board.
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