Tax collection at source on qualifying motor vehicle and notified-goods sales is collected by sellers on each eligible transaction. Tax collection at source applies to sale consideration for a motor vehicle or other goods notified by the Central Government where the consideration for a ... Summary
Tax collection at source on qualifying motor vehicle and notified-goods sales is collected by sellers on each eligible transaction.
Tax collection at source applies to sale consideration for a motor vehicle or other goods notified by the Central Government where the consideration for a sale exceeds Rs. 10 lakh. The seller must collect tax at the rate of 1% on qualifying transactions. The threshold applies transaction-wise, and collection is confined to sales whose consideration exceeds the prescribed limit. The collection obligation is placed on the seller and covers both motor vehicles and centrally notified goods meeting the sale-consideration condition.
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