Reg:TCS amount calculation

[Former Member]

Dear All,

I raised one scrap sale for a material in this i got details as follows,

On Customer  : 4500 /-

On Scrap sale:  4243.29 /-

VAT 5%         :  212.16

TCS 1%        :  44.55

Please tell me how the system calculates the TCS & VAT for the given total amount.

Regards,

Nageswara Rao.D

[rahul_vishwakarma2]

Hi Friend,

   Kindly Note,

   The Customer Sale = 4500.

          Scarp Sales = 4234.29.

          Vat 5% which is calculating on Scarp Sale Value So the Value becomes now = 212.1645

          TCS 1% which is calculating on Customer Sale Value, So the Value becomes now = 45

In this way the Value is calculating.

hope this will help you.

Regards,

Kundan

[Former Member]

VAT is calculated on actual Scrap sale which is

4243.29 * 5% = 4,455.45 in Subtotal.

up on which TCS 1% is calculated

4,455.45* 1%= 4500.

Regards

Hari.