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scrap sales

May 22, 2017 at 12:24 PM

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TCS deductible on scrap sales at the prescribed rates - AS per my understanding TCS values flow from SD side to FI side and the same needs to be paid in challan and reported in quarterly returns, hence to enable all these processes and for it to work like a normal FI document after the SD side processing is over, we need to configure tax type tax codes for TCS. Yes we have to maintain conditions as well as the tax type tax codes for TCS so as to enable smooth flow of value from SD side to FI side for further processing. So that means there are quite a few configurations that needs to be done in the system. Please suggest your inputs on the above scenario.

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Former Member May 27, 2017 at 11:08 AM
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Yes you are right, you have to configure Condition type V/06, assign the condition type in tax procedure, give account key against procedure, GL account determination will be based on account key and tax code.

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