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An e-commerce operator can deduct TCS on the goods and services received. The deductee, who has supplied the goods or rendered the service, can claim the TCS amount as tax credit.
To record a journal voucher for TCS adjustment in GST
1. Go to Gateway of Tally > Accounting Vouchers > F7: Journal.
Note: You can also create a journal voucher from Gateway of Tally > Display > Statutory Reports > GST > GSTR-1 or GSTR-2.
2. Click J: Stat Adjustment.
3. In the Stat Adjustment Details screen, select the options as shown below:
4. Press Enter to save and return to the journal voucher.
5. Debit the integrated tax, central tax, state tax/UT tax, cess ledger and enter the amount that can be claimed as credit.
6. Credit the ledger grouped under Current Assets.
7. Press Ctrl+A to accept the journal voucher.