TCS (TAX COLLECTED AT SOURCE) Implementation
TCS (Tax Collected At Source) in SwilERP (RetailGraph)
Tax collected at source (TCS) is the tax payable by a seller which he collects from the buyer at the time of sale. Section 206C of the Income-tax act governs the goods on which the seller has to collect tax from the purchasers. In this article, we will see the required settings to be done in RetailGraph to apply TCS.
TCS integration has been done in the new RetailGraph version (3.2.09.06 or above) so one must need to update the RetailGraph version at his end to apply TCS. After getting it updated, the following settings need to be done in RetailGraph:
1. TCS Registration:
In RetailGraph, first we have to do TCS registration and for the same, we need to go to Start>Accounts> TCS Registration. While clicking on TCS Registration, the following screen appears on the screen:
In the above image, it can be seen that there is a password required for the registration and the same will be issued by SWIL according to the details of the firm. Other mentioned details are put in as per the current government guidelines for TCS and it may change later if there are any changes in guidelines. After putting the password, we need to click on the Register tab to get the TCS registration in RetailGraph.
2. System Defaults:
After getting the TCS registration done, we need to mark the Calculate TCS option in system default. It can be found in RetailG settings section as shown in the below image:
3. Customer Master:
In Customer master, an attribute will be added to the Customer automatically while updating its current RetailGraph database to a new RetailGraph version(3.2.09.06 or above) if total sales to the respective customer have crossed as defined in TCS Registration Form. And this attribute needs to be added manually if sales to the customer exceed the amount which has defined in the TCS Registration form later in the current financial year as shown in the below image:
And after clicking on the Attribute Detail tab, the below image appears on the RetailGraph screen:
PAN No.
Make sure that the License no has selected in system default for PAN no as shown below.
In the below-given Sales Invoice, it is shown that TCS will be applied on this customer as its total Sales have crossed INR 50 Lac.
So by following the above-mentioned steps, TCS integration can be done in RetailGraph and it can get printed on the Sales Invoice printing as per defined formats.
Purchase Invoice (Handling of TCS in Purchase Invoice)
To handle the TCS in Purchase Invoice you have to define billing head TCS PAID as shown in the below image.
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