ERPNext GST
What is TCS (Tax Collected at Source) in ERPNext?
- TCS (Tax Collected at Source) in ERPNext
- TCS in ERPNext automates Tax Collected at Source deduction on high-value sales transactions as required under Indian income tax law.
What is TCS?
Tax Collected at Source (TCS) is a tax collected by the seller from the buyer at the time of sale of specified goods (scrap, minerals, etc.) or on aggregate sales exceeding ₹50 lakh to a single buyer in a year.
ERPNext Handling
ERPNext's Tax Withholding Category supports TCS. When a sales invoice crosses the threshold, TCS is automatically calculated and added to the invoice.
Filing
TCS collected must be deposited with the government by the 7th of the next month and reported in Form 27EQ quarterly. ERPNext generates the required reports.
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