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of <h1>Goa Govt Clarifies GST Valuation: TCS Excluded from Taxable Value per Income Tax Act; Aligns with CGST Act 2017.</h1> The corrigendum to Circular No. 38/2018-19 - GST, dated 15th January 2019, issued by the Government of Goa, addresses the valuation methodology for GST concerning Tax Collected at Source (TCS) under the Income Tax Act. Initially, the circular included TCS in the taxable value for GST purposes. However, after consulting with the Central Board of Direct Taxes, it was clarified that TCS is an interim levy on potential income and should not be included in the GST value of supply. This adjustment aligns with similar changes made under the Central Goods and Services Tax Act, 2017.
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