GST: TCS Deduction u/s. 206C(1H) Of Income Tax Act 1961 At AR Invoice (Transactions) Level
(Doc ID 2885235.1)
Last updated on MARCH 23, 2023
Applies to:
Oracle Financials for India - Version 12.1 and laterInformation in this document applies to any platform.
Goal
As per the finance bill 2020 (u/s. 206C(1H) of Income Tax Act 1961), seller of goods, whose immediately preceding year gross turnover exceeds Rs. 10 crores, is liable to collect TCS from the buyer for sale of goods more than Rs.50 lacs in a financial year. TCS rate is 0.1 % for PAN/Aadhar registered customers and 1% for PAN/ Aadhaar not registered cases.
As per the current functionality TCS deduction is at receipt level.
The business requirement is to deduct the TCS in the sales invoice as per the applicable TCS% for threshold crossed customers as per TCS Act.
Solution
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In this Document
| Goal |
| Solution |
| References |