Dear Experts
We have requirement for the Tax Collection at Source (TCS) which is applicable in every sale with below condition from October 2020.
TCS- Changes required in SAP ISU
- The change in law will require us to collect TCS @ 0.1% on all sale of goods which will be charged on our invoice.
- Applicable to the only sale of goods (in our case, sale of natural gas, which is a built-in IS-U module).
- Applicable only if the sale exceeds Rs 50 Lakhs for the individual customers for the Financial Year (Apr-March).
- TCS has to be collected only on the excess of 50 Lakhs (ie If during the FY 20-20, the total sales to a customer is 54 Lakhs, TCS has to be collected only on 4 Lakhs).
- TCS has to be calculated on the Taxable Value.
- If PAN no of the buyer is not available then the TCS will be 1%.
Please provide your expert solution for the same and let me know if you need any more information.
Thanks & Regards
Suresh Kumar
Bluesky
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