Tax Collected at Source in India for Receivables Invoices
SummaryIs Tax Collected at Source functionality available in Fusion Cloud on the Receivables side?
Below are the requirements on the AR invoice side.
1. If we are invoicing a PAN legal entity for more than INR 5 Mn in a year (April to Mar), then we need to add a TCS amount of 0.1% in the invoicing which will be accumulated in a liability account and paid to the Govt.
2. The System needs to check for the accumulation of invoicing to INR 5Mn as per PAN number and then trigger for application and calculation of TCS in invoicing as an additional line item over and above the invoice value.