TCS (Tax Collected at Source)
Definition
Tax collected by the seller from the buyer at the time of sale. Applies to specific goods (scrap, minerals) and e-commerce operators. HelloBooks supports TCS calculation and reporting.
Related Terms in India GST
E-Invoice (India)
An electronic invoicing system where B2B invoices are registered on the GST Invoice Registration Portal (IRP). Each invoice gets an IRN (Invoice Reference Number) and signed QR code. Mandatory for businesses above Rs. 5 crore turnover.
E-Way Bill
An electronic document required for transporting goods worth more than Rs. 50,000 within or between states. Generated on the GST portal. HelloBooks auto-generates e-way bills with delivery challans.
Reverse Charge Mechanism (RCM)
A GST provision where the recipient of goods/services pays the tax instead of the supplier. Applies to specific services (legal, GTA) and purchases from unregistered dealers.
GST (Goods and Services Tax)
India's unified indirect tax replacing multiple central and state taxes. After the GST 2.0 rationalisation (effective 22 September 2025) it applies at 0%, 5%, 18%, and 40% rate slabs, plus special rates for precious stones and metals (0.25% / 1.5% / 3%). Includes CGST (central), SGST (state), and IGST (inter-state). HelloBooks fully supports GST compliance.
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