How to show GST TDS/TCS in Accounts
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.
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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?