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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
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