Tax collected at source excluded from GST valuation as an interim levy, not a tax, under revised circular. For valuation under GST, Tax Collected at Source (TCS) under the Income Tax Act is not includible in the value of supply because it is an interim levy on potential income rather than a tax on goods; the earlier circular's instruction to include TCS in the taxable value is withdrawn and stakeholders are asked to report implementation difficulties.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Tax collected at source excluded from GST valuation as an interim levy, not a tax, under revised circular.
For valuation under GST, Tax Collected at Source (TCS) under the Income Tax Act is not includible in the value of supply because it is an interim levy on potential income rather than a tax on goods; the earlier circular's instruction to include TCS in the taxable value is withdrawn and stakeholders are asked to report implementation difficulties.
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