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TCS on Purchase

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full details of gst and hsn code
233 Points Posted on 18 January 2021
If we pay TCS on our purchase if we purchase more than 50 lakh from one supplier.
So, my question is what to do with this TCS??
Can I treat as a direct experse?
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On 18 January 2021 at 23:43 Report
Replies (6)
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133 Points Posted on 19 January 2021
Purchase account DR
TCS receivable Account Dr
TO PARTY ACCOUNTANT
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On 19 January 2021 at 00:29
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full details of gst and hsn code
233 Points Posted on 19 January 2021
But what to do with tcs?
Is this our expense??
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On 19 January 2021 at 00:37
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133 Points Posted on 19 January 2021
Tcs is in the form of tax which can be adjusted by the buyer against his taxability.
So it should be shown under the head Duties and taxes which you can adjust at the time of filing your income tax return just like TDS.
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On 19 January 2021 at 00:43
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Chartered Accountant
86505 Points Posted on 19 January 2021
TCS is not your cost as it is refundable at the time of income tax return filing. Show it in Capital A/c.
814 Reply
On 19 January 2021 at 03:25
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full details of gst and hsn code
233 Points Posted on 19 January 2021
Thank You very much Sir
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On 19 January 2021 at 10:17
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Chartered Accountant
86505 Points Posted on 20 January 2021
Welcome.....
814 Reply
On 20 January 2021 at 22:16


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