India GST: How to apply TCS in Deskera Books?

TCS means Tax Collected at Source, a tax levied by India's government.

TCS is payable by the seller who collects the Tax, in turn, from the buyers at the time of business transactions.

How to add TCS rate in Deskera Books?

1. Login to your Deskera account.
2. Click on Books on Deskera Console and the system will direct you to Deskera Books' main dashboard.

3. Click on Settings via the sidebar menu. Then, select the TCS setup option and click on the Add button.

4. A pop-up will appear, and you need to fill in the fields below:

• Nature of collection: Choose or create a new nature of collection here
• TCS Rate: Enter the TCS rate
• Tax Name: Enter the tax name
• TCS Payable Account: Choose the relevant account for TCS payable
• TCS Receivable Account: Choose the applicable account for TCS Receivable

5.  Once you are done, click on the Save button.

6.  You can edit the TCS rate after creating it. However, you cannot delete the TCS rate after you have saved it.

How to apply TCS in a bill document?

1. Go to the Buy tab.
2. Next, create a bill document.

3.  Once you have added the contact and product, scroll to the bottom of the document. Click on the drop-down arrow on the TCS section. You can choose from the current TCS rates available or create a new rate here.

4.  Click on the Save button.

How to apply TCS in the invoice document?

1. Go to the Sell tab.
2. Next, create an invoice document.

3.  Once you have added the contact and product, scroll to the bottom of the document. Click on the drop-down arrow of the TCS section. You can choose from the current TCS rates or create a new rate here.

4.  Click on the Save button.