Menu
Tcs /gst on advance received from customer
We have received Rs 10 lakh as advance for sale of scrap. We have to collect TCS and GST against the said advance. Can anybody help me how to calculate TCS and GST against advance received from customer ? Rate of TCS is 1 % and GST rate /s 5%.
Replies (2)
Total value recd is 10 Lakh gst is 5% 10 Lac divide by 1.05 =952380.95 and TCS on total amt received 10 lac * 1% is Rs 10000
10L = 1.01
So 10,00,000/1.01, = 990099
990099/1.05= 942951.44
Sale = 942951.44
I/S/C GST 47147.56
TCS 9901.00
Recent Threads
- Key Corporate Compliance Requirements for Private
- Gst Non Filling Return Notice
- GSTR 2B ( MULTIPLE MONTHS )
- Eway bill generation for export material.
- International Tax clarification UK.
- E way bill expired penalty
- Best SME Focused AIF Funds in India for High Growt
- How does employee management software help in stat
- Clarification Required – Section 18 of Wage
- How to split freelance project income with a frien
Related Threads
CAclubindia
