2977615 - GST India TCS Scenario: How to Post the Documents with TCS Tax Codes for Sales Documents

As per the new legal change, tax collected at source (TCS) must be collected at the time of receiving the sale consideration: As part of this change, while posting the invoice,

• the TCS tax lines will be posted to the deferred/interim general ledger (GL) account,
• the movement of the TCS tax lines from the interim GL account to actual GL account will occur at the time of invoice payment.

Going forward, an error will occur at the time of the invoice posting if you have not maintained the deferred/interim tax GL account for the output tax against the tax type TCS in the chart of accounts.

Error message: 'Account determination is missing for item type Deferred Output Tax'

Affected tax codes: 593 to 603 (both included)

Country: India

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