TCS Entries for GST in Tally in E-Commerce from Oct 1

October 23, 2018 Editor Ecommerce 0

create GST Tax Ledgers in Tally.We are now going to look at TCS credit under GST and its accounting entry in Tally.TCS Credit under GST and its Accounting Entry in Tally I am going to reveal you the finest thing about Tally right now . And, that is you don’t need to produce a different entry to take

the credit of GST and TCS in Tally.The entry for taking TCS credit was the same journal entry that we produced above.You just need to modify the above journal entry a bit and that’s it. This is how you have to do it.Open that journal entry and click Stat Modification or press ALT+J which is the shortcut in Tally for
Stat Adjustment.

Stat Change in TCS Credit Entry for GST in Tally Option is Type of Duty/Tax– Select GST Second Option is Nature of Change– Select Increase of Input Tax Credit Side Note:

Decrease of Tax Liability is not like Boost of Input Tax
Credit.In Additional Information– Select TCS Change That is it.Now, this entry will likewise show up in the GSTR– 2 in Tally which is utilized for recording purchases under GST.This is how the TCS entries for GST in Tally ERP 9 for E-Commerce are done which will apply for October 1, 2018. Now, we are going

to take a look at the appropriate

returns that are required to be filed under GST for TCS deductions.Relevant GST Returns that are needed to be declared TCS deduction A regular monthly return in Type GSTR-8 requirements to be filed. That means every month GSTR-8 is to be filed.Also, a yearly declaration in Type GSTR-9B is to be filed.But, there are good news for you. You do not need to submit any of the above returns.Only e-commerce operators require to submit this extra regular monthly return and the annual declaration.

That means only companies like Amazon, Flipkart etc. require to file these returns.E-commerce providers like you and me do not need to file these returns. It will not reveal up in your Tally also.This also suggests that you as an e-commerce provider needs to do less TCS entries for GST

in Tally overall.How will this TCS Reduction impact the GST System Overall With this move, now e-commerce operators will need to compulsorily deduct TCS prior to making any payment to e-commerce suppliers.Because of this, both the e-commerce providers and operators need to get registered themselves with GST if they wish to take the credit of TCS which they all wish to take.So, this is a step to consist of all the people in a supply
chain in GST tax net. Now, there will be less evasion of tax as
many of individuals will be registered with GST.Also, the matching of invoices
will eliminate any small opportunity of averting or avoiding GST.It is an excellent move since there are a very couple of e-commerce operators as compared to e-commerce suppliers and therefore, GST department can track anyone straight through an e-commerce operator.TCS Entries for GST in Tally– Video Conclusion I have described the precise procedure
of TCS Entries for

GST in Tally for E-Commerce right from the sales to the customer to taking the TCS credit.And, the best thing is, this all has been finished with just 3 entries. Isn’t that incredible? One more thing, I would like you to keep in mind is that Tally Solutions has actually not yet released the upgraded version for TCS reduction by e-commerce operators so this post is before the updated version.But, even without the updated version, you can still submit your GST Returns with this Tally ERP 9, Release 6.4.7. If you have any doubts or difficulties or concerns that you want to ask, please comment down below and I will be delighted to help you out.I reply to each and every comment.Cheers!P.S.– If you have a better method of creating or passing TCS entries for GST in Tally, please let me understand in the comments so everyone can gain from it. Sign Up With TallySchool & Start finding out Tally with GST for Free!

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