TCS 206c 1h & TDS 194Q Journal entries

July 5, 2021 By Damodhar C Off

Details TCS collected by Seller u/s 206C 1H TDS deducted by Buyer u/s 194Q
  Rs Rs
Goods Sold 1,10,000.00 1,10,000.00
(-)Discount -10,000.00 -10,000.00
Taxable Value [Sales] 1,00,000.00 1,00,000.00
GST@18% 18,000.00 18,000.00
Value Including GST 1,18,000.00 1,18,000.00
TCS@0.1% on Value including GST 118.00
TOTAL INVOICE VALUE 1,18,118.00 1,18,000.00
TDS@0.1% on Taxable Value 100.00
     
Amount Collected By Seller from Buyer 1,18,118.00 1,17,900.00
TCS paid by seller on behalf of buyer to GOVT -118.00  
TDS paid by buyer on behalf of Seller to GOVT 100.00
GROSS SALE TO SELLER 1,18,000.00 1,18,000.00
     
Journal Entries    
At the time of Invoice    
Buyer A/c Dr 1,18,118.00  
Sales A/c Cr 1,00,000.00  
GST A/c Cr 18,000.00  
TCS u/s 206C [1H] @0.1% Cr 118.00  
     
Purchase A/c Dr   1,00,000.00
GST A/c Dr   18,000.00
Seller A/c Cr   1,17,900.00
TDS u/s 194Q @0.1% Cr   100.00
     
Advance Payment    
Cash/Bank A/c Dr 1,18,118.00  
Buyer A/c Cr 1,18,000.00  
TCS u/s 206C [1H] @0.1% Cr 118.00  
     
Seller A/c Dr   1,18,000.00
Cash/Bank Cr   1,17,900.00
TDS u/s 194Q @0.1% Cr   100.00
     
At the time of TDS/TCS Payment    
TCS u/s 206C [1H] @0.1% Dr 118.00  
Cash/Bank Cr 118.00  
     
TDS u/s 194Q @0.1% Dr   100.00
Cash/Bank Cr   100.00