No GST on TCS levied on goods, clarifies tax authority

The Central Board of Indirect Taxes and Customs (CBIC) has clarified that for the purpose of calculation of GST on a particular good, the tax collected at source (TCS) would not be included in the price of the good as the same is an interim levy. A clarification in this regard was issued by the CBIC after representation from the industry and consultation from the Central Board of Direct Taxes (CBD…