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
GST (Goods and Services Tax)
India's unified indirect tax replacing multiple central and state taxes. Applied at 5%, 12%, 18%, or 28% rates. Includes CGST (central), SGST (state), and IGST (inter-state). HelloBooks fully supports GST compliance.
CGST & SGST
Central GST (CGST) and State GST (SGST) are levied equally on intra-state supplies. For example, 18% GST on a local sale = 9% CGST + 9% SGST. Both go to different government levels.
IGST (Integrated GST)
GST levied on inter-state supplies and imports. IGST equals the full GST rate (e.g., 18% IGST vs 9% CGST + 9% SGST). The central government distributes the state portion to the destination state.
GSTIN
A 15-digit GST Identification Number assigned to every registered taxpayer in India. Format: 2 digits state code + 10 digits PAN + 1 digit entity number + 1 blank + 1 check digit. Must appear on all GST invoices.
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