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How to show GST TDS/TCS in Accounts

This query is : Resolved 

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.

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.

ok and finally Shall I adjust the debited "GST Cash Ledger deposit account" with Cash/Bank Account ?

No, It is to be shown under loans and advances - deposits with Govt.

thank you so much

Tds or TCS dedicated can be adjusted against tax liability it is as good as cash ledger.

can you plz explain it in details?



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