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India GST Tax Collected at Source Calculation On Sales Orders Effective April 2020

in Financial Management - PSFT (MOSC) 1 commentAnswered

Do we have functionality which Supports Tax Collected at Source on Sales Order (TCS) in PeopleSoft. Calculation is needed on sales order invoices in India beginning of April 2020 based on the fiscal year turnover of a customer.

Government of India, in the recent budget, have notified below provision, TCS (tax collection at source) needs to collect from all the customers where sales including taxes is more than 50 lakhs in a financial year (1st April to 31st March), in this case, if TCS needs to be charged , that additional TCS of 0.1% should be shown on the invoice itself.

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