Record a Journal Voucher for TCS Adjustment in GST
An e-commerce operator can deduct TCS on the goods and services received. The deductee, who has supplied the goods or rendered the service, can claim the TCS amount as tax credit.
- Gateway of Tally > Vouchers > press F7 (Journal).
Alternatively, press Alt+G (Go To) > Create Voucher > press F7 (Journal). - Press Alt+J (Stat Adjustment) , select the options as shown below:
- Type of duty/tax – GST.
- Nature of Adjustment – Increase of Input Tax Credit.
- Additional Details – TCS Adjustment.
- Press Enter to save and return to the journal voucher.
- Debit the integrated tax/central tax/state tax/UT tax/cess ledger and enter the amount that can be claimed as credit.
- Credit the ledger grouped under Current Assets.
- Accept the screen. As always, you can press Ctrl+A to save.