So in addition to GST, the Govt has now introduced a Tax Collection at Source (TCS), where the seller has to collect and remit, 0.1% of the turnover of all merchants, who purchase more than Rs 50 Lakhs from the seller.
This is, on top of GST.
This govt is not leaving anything
Now how does a seller decide if a merchant is going to do a business of 50 Lakhs this year? Not mentioned.
How to account for discounts and other settlements, which can affect his sales? We don't know.
But we want tax. And that too immediately.
Will he get credit for it? Not mentioned
What about their sellers? If that merchant is doing a business of more than 10 Cr per annum, they also have to debit 0.1% for all their big customers
And why immediately, Because in the circular, it mentions the word, immediately
Govt needs money. 95% of India is out of the taxation bracket. But we will impose more taxes on the 5% that actually bothers paying.
And we will use 70% of the money generated on salaries, perks, facilities and propping up loss making PSUs.
But complain we don't have money.
At this point in time, Captain Russell's taxation scheme for the Champaner villagers, looks more benovelent and reasonable than what Govt of India's for our businesses.
If only we could organize a cricket match against the govt for tax waivers...
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