{"id":525,"date":"2021-07-21T10:11:08","date_gmt":"2021-07-21T10:11:08","guid":{"rendered":"https:\/\/www.saturotech.com\/blog\/?p=525"},"modified":"2024-03-18T19:36:11","modified_gmt":"2024-03-18T19:36:11","slug":"how-to-handle-tax-collection-at-source-tcs-in-netsuite","status":"publish","type":"post","link":"https:\/\/saturotech.com\/blog\/how-to-handle-tax-collection-at-source-tcs-in-netsuite\/","title":{"rendered":"How to handle Tax Collection at Source (TCS) in NetSuite"},"content":{"rendered":"\n<p><\/p>\n\n\n\n<p>A <strong>tax collected at source (TCS)<\/strong> is the tax paid by a seller to the government which he collects from the buyer (customer) at the time of sale. Section 206C of the Income-tax act governs the goods on which the seller has to collect tax from the purchasers.&nbsp;<\/p>\n\n\n\n<p>TCS (Tax collection at source) is a tax collected additionally by a seller of specified goods from the buyer (customer) at the time of sale, is over and above the sale + GST amount and is remitted to the government account. As per ITC Act, 1961 certain people must collect a specified percentage of tax from the seller at the time of receipt of the amount from their buyers or at the time of debiting the account of the buyer whichever is the earliest.&nbsp;<\/p>\n\n\n\n<p><strong>Note:<\/strong>&nbsp;New section 206 (1H) was introduced in October 2020 for collecting TCS from the buyers, if last financial year cross Rs 10 crore turnover and cross Rs 50 lakhs in a current financial year.&nbsp;<\/p>\n\n\n\n<p><strong>List of&nbsp;Goods covered under TCS and rates&nbsp;<\/strong>&nbsp;<\/p>\n\n\n\n<p>Below is the list of goods covered under TCS with rates based on categories. Tax is applicable to them only when mentioned goods are used for trading purposes. If goods are used for production or manufacturing, then tax will not be applicable.&nbsp;&nbsp;<\/p>\n\n\n\n<figure class=\"wp-block-image size-large is-resized\"><a href=\"https:\/\/www.saturotech.com\/blog\/wp-content\/uploads\/2021\/07\/Table.jpg\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/www.saturotech.com\/blog\/wp-content\/uploads\/2021\/07\/Table-1024x1016.jpg\" alt=\"\" class=\"wp-image-538\" width=\"472\" height=\"468\" srcset=\"https:\/\/saturotech.com\/blog\/wp-content\/uploads\/2021\/07\/Table-1024x1016.jpg 1024w, https:\/\/saturotech.com\/blog\/wp-content\/uploads\/2021\/07\/Table-300x298.jpg 300w, https:\/\/saturotech.com\/blog\/wp-content\/uploads\/2021\/07\/Table-150x150.jpg 150w, https:\/\/saturotech.com\/blog\/wp-content\/uploads\/2021\/07\/Table-768x762.jpg 768w, https:\/\/saturotech.com\/blog\/wp-content\/uploads\/2021\/07\/Table-78x78.jpg 78w, https:\/\/saturotech.com\/blog\/wp-content\/uploads\/2021\/07\/Table-100x100.jpg 100w, https:\/\/saturotech.com\/blog\/wp-content\/uploads\/2021\/07\/Table.jpg 1063w\" sizes=\"auto, (max-width: 472px) 100vw, 472px\" \/><\/a><\/figure>\n\n\n\n<p>For now, NetSuite didn\u2019t provide tax collection at the source with&nbsp;suitetax&nbsp;engine. So, we have to customize a solution that will be suitable with India&nbsp;suitetax&nbsp;engine.&nbsp;&nbsp;&nbsp;<\/p>\n\n\n\n<p><strong>For example<\/strong>, we are selling item&nbsp;<strong>A<\/strong>&nbsp;of Rs 15,000 and the GST applied here is GST 18%.&nbsp;<\/p>\n\n\n\n<p>Now the calculation is as below.&nbsp;<\/p>\n\n\n\n<p>Item&nbsp;<strong>A<\/strong>&nbsp;value: Rs 15,000&nbsp;<\/p>\n\n\n\n<p>GST 12%: Rs&nbsp;2,700&nbsp;<\/p>\n\n\n\n<p>Total&nbsp;Invoice&nbsp;value: Rs 17,700&nbsp;<\/p>\n\n\n\n<p>The invoice value or selling price is Rs 17700.00. So,&nbsp;the TCS is calculated on this total amount.&nbsp;<\/p>\n\n\n\n<p>TCS 1% on this \u201cInvoice&nbsp;Value\u201d is Rs 177.00.&nbsp;<\/p>\n\n\n\n<p><strong>The total Invoice value is Rs 17877.00<\/strong>&nbsp;<\/p>\n\n\n\n<p><strong>For TCS implementation in NetSuite:<\/strong>&nbsp;<\/p>\n\n\n\n<ol class=\"wp-block-list\"><li>We&nbsp;can&nbsp;create&nbsp;a&nbsp;service Item to map TCS GL&nbsp;and select&nbsp;an&nbsp;income account.&nbsp;<\/li><\/ol>\n\n\n\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/www.saturotech.com\/blog\/wp-content\/uploads\/2021\/07\/image-4.png\"><img loading=\"lazy\" decoding=\"async\" width=\"650\" height=\"148\" src=\"https:\/\/www.saturotech.com\/blog\/wp-content\/uploads\/2021\/07\/image-4.png\" alt=\"\" class=\"wp-image-530\" srcset=\"https:\/\/saturotech.com\/blog\/wp-content\/uploads\/2021\/07\/image-4.png 650w, https:\/\/saturotech.com\/blog\/wp-content\/uploads\/2021\/07\/image-4-300x68.png 300w\" sizes=\"auto, (max-width: 650px) 100vw, 650px\" \/><\/a><\/figure>\n\n\n\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/www.saturotech.com\/blog\/wp-content\/uploads\/2021\/07\/image-1.png\"><img loading=\"lazy\" decoding=\"async\" width=\"650\" height=\"124\" src=\"https:\/\/www.saturotech.com\/blog\/wp-content\/uploads\/2021\/07\/image-1.png\" alt=\"\" class=\"wp-image-527\" srcset=\"https:\/\/saturotech.com\/blog\/wp-content\/uploads\/2021\/07\/image-1.png 650w, https:\/\/saturotech.com\/blog\/wp-content\/uploads\/2021\/07\/image-1-300x57.png 300w\" sizes=\"auto, (max-width: 650px) 100vw, 650px\" \/><\/a><\/figure>\n\n\n\n<ol class=\"wp-block-list\" start=\"2\"><li>Create a checkbox field in the invoice by the name &#8216;Apply TCS&#8217;, it will indicate that on this invoice TCS will be applied. Since TCS is not going to apply on all invoices so this checkbox needs to select manually by the user.&nbsp;<\/li><\/ol>\n\n\n\n<ol class=\"wp-block-list\" start=\"3\"><li>Now for apply TCS, when the user checks the checkbox of the \u201cApply TCS\u201d filed, then the \u201cTCS TAX PERCENTAGE\u201d filed can be filled auto for default tax percentage of TCS since the field will&nbsp;be editable&nbsp;so the user can change the tax percentage when required.&nbsp;<\/li><\/ol>\n\n\n\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/www.saturotech.com\/blog\/wp-content\/uploads\/2021\/07\/image-2.png\"><img loading=\"lazy\" decoding=\"async\" width=\"650\" height=\"118\" src=\"https:\/\/www.saturotech.com\/blog\/wp-content\/uploads\/2021\/07\/image-2.png\" alt=\"\" class=\"wp-image-528\" srcset=\"https:\/\/saturotech.com\/blog\/wp-content\/uploads\/2021\/07\/image-2.png 650w, https:\/\/saturotech.com\/blog\/wp-content\/uploads\/2021\/07\/image-2-300x54.png 300w\" sizes=\"auto, (max-width: 650px) 100vw, 650px\" \/><\/a><\/figure>\n\n\n\n<ol class=\"wp-block-list\" start=\"4\"><li>After saving the invoice a button will appear on the invoice by the name \u201cApply TCS\u201d to apply TCS on the invoice.&nbsp;<\/li><\/ol>\n\n\n\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/www.saturotech.com\/blog\/wp-content\/uploads\/2021\/07\/image-5.png\"><img loading=\"lazy\" decoding=\"async\" width=\"650\" height=\"206\" src=\"https:\/\/www.saturotech.com\/blog\/wp-content\/uploads\/2021\/07\/image-5.png\" alt=\"\" class=\"wp-image-531\" srcset=\"https:\/\/saturotech.com\/blog\/wp-content\/uploads\/2021\/07\/image-5.png 650w, https:\/\/saturotech.com\/blog\/wp-content\/uploads\/2021\/07\/image-5-300x95.png 300w\" sizes=\"auto, (max-width: 650px) 100vw, 650px\" \/><\/a><\/figure>\n\n\n\n<ol class=\"wp-block-list\" start=\"5\"><li>We can create a workflow that will use to add a button on the saved invoice if apply TCS checkbox is checked.&nbsp;&nbsp;<\/li><\/ol>\n\n\n\n<ol class=\"wp-block-list\" start=\"6\"><li>We can create a script, which will run the calculation and set the TCS item on the invoice with the TCS amount.&nbsp;&nbsp;<\/li><\/ol>\n\n\n\n<ol class=\"wp-block-list\" start=\"7\"><li>When the user clicks on the button, the workflow will run the script and add the item on the invoice with the calculated TCS tax amount.&nbsp;<\/li><\/ol>\n\n\n\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/www.saturotech.com\/blog\/wp-content\/uploads\/2021\/07\/image.png\"><img loading=\"lazy\" decoding=\"async\" width=\"650\" height=\"150\" src=\"https:\/\/www.saturotech.com\/blog\/wp-content\/uploads\/2021\/07\/image.png\" alt=\"\" class=\"wp-image-526\" srcset=\"https:\/\/saturotech.com\/blog\/wp-content\/uploads\/2021\/07\/image.png 650w, https:\/\/saturotech.com\/blog\/wp-content\/uploads\/2021\/07\/image-300x69.png 300w\" sizes=\"auto, (max-width: 650px) 100vw, 650px\" \/><\/a><\/figure>\n\n\n\n<ol class=\"wp-block-list\" start=\"8\"><li>A filed &#8220;TCS Amount&#8217; field can be created on the invoice which will hold the TCS amount so customers can see the TCS amount separately.&nbsp;<\/li><\/ol>\n\n\n\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/www.saturotech.com\/blog\/wp-content\/uploads\/2021\/07\/image-3.png\"><img loading=\"lazy\" decoding=\"async\" width=\"650\" height=\"92\" src=\"https:\/\/www.saturotech.com\/blog\/wp-content\/uploads\/2021\/07\/image-3.png\" alt=\"\" class=\"wp-image-529\" srcset=\"https:\/\/saturotech.com\/blog\/wp-content\/uploads\/2021\/07\/image-3.png 650w, https:\/\/saturotech.com\/blog\/wp-content\/uploads\/2021\/07\/image-3-300x42.png 300w\" sizes=\"auto, (max-width: 650px) 100vw, 650px\" \/><\/a><\/figure>\n\n\n\n<p>To Know more about NetSuite Cloud ERP, feel free to reach us on: <\/p>\n\n\n\n<p><strong>Website:<\/strong>\u202f<a rel=\"noreferrer noopener\" href=\"http:\/\/saturotech.com\/\" target=\"_blank\">http:\/\/saturotech.com\/<\/a><\/p>\n\n\n\n<p><strong>Email ID:<\/strong> <a rel=\"noreferrer noopener\" href=\"mailto:info@saturotech.com\" target=\"_blank\"><\/a><a href=\"mailto:info@saturotech.com\">marketing@saturotech.com<\/a><\/p>\n\n\n\n<p><strong>Read More: <a href=\"https:\/\/www.saturotech.com\/blog\/?p=508\">Suite Script 2.0<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>A tax collected at source (TCS) is the tax paid by a seller to the government which he collects from &hellip; <\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-525","post","type-post","status-publish","format-standard","hentry","category-cloud-computing"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>How to handle Tax Collection at Source (TCS) in NetSuite<\/title>\n<meta name=\"description\" content=\"A tax collected at source (TCS) is the tax paid by a seller to the government which he collects from the buyer (customer) at the time of sale. 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