TCS on Foreign Remittance (LRS)
Definition
Tax collected at source on certain outward remittances under India's Liberalised Remittance Scheme and on overseas tour packages, at rates that depend on the purpose and amount. It is credited against the remitter's tax.
Related Terms in India GST
Nil GST Return
A GST return filed for a period in which a taxpayer had no outward supplies, no tax liability and no input tax credit to claim. Filing it keeps the registration compliant even when there is no activity.
Job Work under GST
Processing or treatment of goods belonging to another registered person. GST has specific rules allowing a principal to send inputs to a job worker without immediate tax, provided the goods return within prescribed time limits.
ITC-04
A declaration a principal files to report goods sent to and received from a job worker under GST. It supports the tax-free movement of inputs for job work and tracks compliance with the return timelines.
GST on Advance Payment
The GST treatment of advances received for a supply. For services, tax is generally due when an advance is received; rules for goods have changed over time, so the current position should be confirmed.
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