TCS, TDS, GST journal entries

This discussion explores the correct journal entries for Tax Deducted at Source (TDS), Tax Collected at Source (TCS), and Goods and Services Tax (GST) when selling scrap. It addresses the applicability of both TDS and TCS on sales exceeding 60 lakhs and clarifies that TDS is generally preferred unless specific provisions dictate otherwise. The conversation also touches upon calculating these taxes on the taxable value (including GST) and mentions using SAP for these entries.