GST TCS on customer payments
GST TCS can be liable on cash or bank payment from customer. The GST TCS entries, which aren't reversed are part of settlement. Business user can reverse the GST TCS entries before settlement is posted. The GST TCS entries, which have Credit Availed field 'TRUE' are shown on settlement page. User can manually enter amount in GST TCS Credit Utilized field for utilizing against the liability.
- [!INCLUDE [open-search](../../includes/open-search.md)] Enter Bank Receipt Voucher or Cash Receipt Voucher, and then choose the related link.
Fill in the fields as described on Bank Receipt Voucher or Cash Receipt Voucher.
Field Description Posting Date Specify the posting date of the document. Document Type Specify as 'Payment' Account Type Specify as 'Customer' Account No. Select the relevant customer code. Amount Specify the amount. Bal. Account Type Specify G/L Account or Bank Account. Location Code Specify the relevant location code. GST TDS/TCS Base Amount Specify the GST TCS calculation base amount. GST TDS/GST TCS Select TCS.
The customer must have GST Customer Type set to Registered. Business Central compares the location state with the customer's bill-to state to determine the jurisdiction.
For example, INR 1000 paid by the customer and 1% GST TCS (0.50% CGST, 0.50% SGST for Intra-State or Intra-Union Territory and 1% IGST for Inter State) has to be charged on the payment amount.
GST Calculation appears in the Fact Box on Bank or Cash Receipt Voucher as following:
Component Amount Payment Amount 1000 GST Transactional Value 1,000 CGST Amount 5 SGST Amount 5 IGST Amount 10 On posting of voucher for GST TCS - Intrastate Transaction, GL Entries are as following:
Particulars Amount Customer Account -1000 CGST TCS Receivable Account 5 SGST/UTGST TCS Receivable Account 5 Bank Account 990 On posting of voucher for GST TCS - Interstate Transaction, GL Entries are as following:
Particulars Amount Customer Account -1000 IGST TCS Receivable Account 10 Bank Account 990
Calculate GST TDS on a customer payment
GST TDS is applicable for Registered Customers. User can calculate GST TDS on cash or bank payment from customer, user needs to enter GST TDS/TCS Base Amount manually for calculating GST TDS.
Use Update GST TDS Certificate Details to record a received certificate. Settlement includes unreversed, unpaid TDS entries for which Certificate Received and Credit Availed are selected.
User can reverse the GST TDS entries before certificate is received. An additional option has been provided to user to modify GST TDS Certificate Details. The GST TDS Credit received are shown on settlement page.
User can manually enter amount in GST TDS Credit Utilized field for utilizing against the liability.
- [!INCLUDE [open-search](../../includes/open-search.md)] Enter Bank Receipt Voucher or Cash Receipt Voucher, and then choose the related link.
Fill in the fields as described on Bank Receipt Voucher or Cash Receipt Voucher.
Field Description Posting Date Specify the posting date of the document. Document Type Specify as 'Payment' Account Type Specify as 'Customer' Account No. Select the relevant customer code. Amount Specify the amount. Bal. Account Type Specify G/L Account or Bank Account. Location Code Specify the relevant location code. GST TDS/TCS Base Amount Specify the GST TDS calculation base amount. GST TDS/GST TCS Select TDS.
For example, INR 1000 received from customer and 2% GST TDS (1% CGST, 1% SGST for Intra-State or Intra-Union Territory and 2% IGST for Inter State) has to be charged.
GST calculation appears in the Fact Box on Cash or Bank Receipt Voucher as following:
Component Amount Payment Amount 1000 GST Transactional Value 1,000 CGST Amount 10 SGST Amount 10 IGST Amount 20 On posting of voucher for GST TDS - Intrastate Transaction, GL Entries are as following:
Particulars Amount Customer Account -1000 CGST TDS Receivable Account 10 SGST/UTGST TDS Receivable Account 10 Bank Account 980 On posting of voucher for GST TDS - Interstate Transaction, GL Entries are as following:
Particulars Amount Customer Account -1000 IGST TDS Receivable Account 20 Bank Account 980
Record or correct a GST TDS certificate
- [!INCLUDE [open-search](../../includes/open-search.md)] Enter Update GST TDS Certificate Details, and then choose the related link.
- Enter Customer No., Certificate No., and Date of Receipt. To correct existing certificate details, select Rectify.
- Choose Update TDS Cert. Details to open the matching entries.
- Select Certificate Received consistently for every component of each document to update, and then choose Update TDS Cert. Details.
For a new certificate, the page lists unreversed TDS entries without a certificate number. For rectification, it lists unreversed, unpaid entries for the specified certificate. All components of a document must have the same Certificate Received selection.
The rates in the payment examples illustrate the calculations. Use the rates applicable to the transaction date. CGST and SGST are alternatives to IGST, not additional components on the same transaction.