How to show GST TDS/TCS in Accounts
This query is : Resolved
31 October 2020
If someone deducts tax at source or collects tax at source from GST, How shall I account for the same in the Books of Accounts? plz guide me.
31 October 2020
You can debit TDS/TCS receivable and credit customer. When you take credit in Cash ledger under GST,the you can credit TDS/TCS receivable and debit GST Cash Ledger deposit account.
31 October 2020
ok and finally Shall I adjust the debited "GST Cash Ledger deposit account" with Cash/Bank Account ?
01 November 2020
No, It is to be shown under loans and advances - deposits with Govt.
Message likes :
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01 November 2020
thank you so much
05 November 2020
Tds or TCS dedicated can be adjusted against tax liability it is as good as cash ledger.
09 November 2020
can you plz explain it in details?
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