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of <h1>GST Circular Update: TCS Excluded from GST Valuation u/s 15(2) of RGST Act After Clarification.</h1> The corrigendum to GST Circular No. 01/2019 clarifies the treatment of Tax Collected at Source (TCS) under the Income Tax Act for GST valuation. Initially, it was stated that TCS should be included in the taxable value for GST purposes. However, after consultation with the Central Board of Direct Taxes, it has been clarified that TCS is an interim levy on potential income, not a tax on goods. Therefore, TCS should not be included in the GST valuation as it does not have the character of a tax. This amendment aligns with Section 15(2) of the RGST Act.
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