#Scope of petrol pump management system software
The software also alerts you if the PAN number is not provided for the selected customer as for Non PAN card holder the rate of TCS is Also please note, when mouse is moved to Is TCS Applicable to Customer CheckBox then it will display the total receipt for the customer till date in the tooltip as shown in the image above. Mark if TCS is applicable to Selected CustomerĪlso make sure to provide the PAN number for the customer so as to apply TCS rate or as configured in the system. Start the Software and go to Administration->Configuration screen and Enable/Disable TCS system, which by default is enabled automatically for you. New customers can contact to purchase/downloadĢ.
![scope of petrol pump management system scope of petrol pump management system](https://i.ytimg.com/vi/k6_i_9wLEio/maxresdefault.jpg)
#Scope of petrol pump management system download
All existing users can just download the updated version of software from Help->Whats New->MyFav button and select option … to download the latest GST version available. 206C(1H) for a petroleum retail outlets.Īll you need to do is download the update:ġ. Since, Quicksoft is catering to petrol-pumps, we have covered the TCS compliance seamlessly and are pleased to announce that as always we have updated the Quicksoft ArtRM software swiftly for petrol-pumps for compliance of new TCS provisions u/s. The TCS, so Charged and collected from customer have to be paid by 7th of the next month…. With effect from 01st October 2020 all oil companies have started to charge TCS to all the petrol-pump dealers and correspondingly all dealers have to charge TCS of 0.1% (0.075% till 31st March, 2021 as covid relief) on sale of goods subject to amount received against the sales consideration of GOODS (not services) exceeding 50 lacs subject to dealers aggregate turnover is above 10 crores (which normally always exceeds in case of petrolpumps). Gupta for detailed explanation on TCS u/s 206C and know more about it. Sub-section (1) of the said section, inter-alia, provides that every person, being a seller shall, at the time of debiting of the amount payable by the buyer to the account of the buyer or at the time of receipt of such amount from the said buyer in cash or by the issue of a cheque or draft or by any other mode, whichever is earlier, collect from the buyer of certain goods a sum equal to a specified percentage, of such amount as income-tax. Section 206C of the Act provides for the collection of tax at source (TCS) on business of trading in alcohol, liquor, forest produce, scrap etc. 50 Lakh in any previous year shall at the time of receipt of such amount collect from the buyer, a sum equal to 0.10% (which is reduced to 0.075% as a covid relief till 31st March 2020) of the sale consideration exceeding fifty lakhs as income tax. As a result of the said amendment, a seller who receives any amount as consideration for the sale of any goods of the value or aggregate of such value exceeding Rs.
![scope of petrol pump management system scope of petrol pump management system](https://i1.rgstatic.net/publication/324412291_The_growing_importance_of_petrol_stations_as_channels_for_expanding_the_retail_services/links/5accbff54585151e80ac49db/largepreview.png)
The Finance Act, 2020 has made an amendment by insertion of sub-section (1H) in section 206C of the Income Tax Act, 1961 (hereinafter referred to as “the Act”) which is effective from.
![scope of petrol pump management system scope of petrol pump management system](https://www.coursehero.com/thumb/eb/b0/ebb0a6bf3010df8dc7ec4f21bbabe80c525add66_180.jpg)
![scope of petrol pump management system scope of petrol pump management system](https://image.made-in-china.com/226f3j00bNDPplknfiWq/Professional-Senior-Gasoline-Powered-Water-Pump-with-Good-Service.jpg)
Provisions relating to TCS has been enumerated in section 206C of the Income Tax Act, 1961. Tax Collected at source (TCS) is Income Tax which is required to be collected by the seller (Collector) from the Buyer along with the Price of Goods and applicable taxes.