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Tcs /gst on advance received from customer

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Deputy Manager
783 Points Posted on 29 October 2017
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%.
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On 29 October 2017 at 15:46 Report
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303 Points Posted on 29 October 2017

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

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On 29 October 2017 at 22:42
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abc
3 Points Posted on 25 July 2018

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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On 25 July 2018 at 11:47


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