How to implement TCS in Marg Software ?

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How to implement TCS in Marg Software ?

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Overview of Tax Collected at Source (TCS) in Marg ERP Software

Process of Tax Collected at Source (TCS) in Marg ERP Software

How a Buyer Generates Purchase Bill along with the TCS in Marg ERP Software

Process to Print TCS Amount & % on the Bill in Marg ERP Software

Process to File Return of TCS in Marg ERP Software

OVERVIEW OF TAX COLLECTED AT SOURCE (TCS) IN MARG ERP SOFTWARE

Tax Collected at Source (TCS) is a tax which the seller collects from the buyer at the time of selling the goods. The Government has added a New Sub Section (1H) under Section 206 C which means that a seller who is selling goods within India may require collecting TCS from the buyer.

With Marg ERP Software, the user can easily enable & collect TCS at the time of creating the Sale bill against the goods sold to different parties.

The user can mention in the software from which date the TCS must be calculated and at which condition it must be applicable i.e. when Party’s Sale crosses 50 lakhs. More

If the turnover of the seller is greater than Rs. 10 crore for the previous financial year (FY) and sells goods exceeding Rs. 50 Lakhs with in India and along with it if the buyer has provided the PAN Card/ Aadhaar Card then the seller will collect 0.01% TCS on the bill amount from the buyer.
If the buyer does not provide a PAN Card/ Aadhaar Card then the seller will collect 1% TCS from the buyer.
With TCS feature in Marg ERP Software, the user can also generate the required reports and file return.
This amendment will take effect from 1st October 2020.

PROCESS OF TAX COLLECTED AT SOURCE (TCS) IN MARG ERP SOFTWARE

The Marg Software must be updated with Latest exe. Update Software

Go to Masters > Marg Setups > Control Room.

A ‘Control Room’ window will appear.

The user will select ‘Search in All’. Press Enter.

A ‘Controls’ window will appear in which the user will Search 'TCS'.

Now click on ‘Accept’.

A ‘TCS’ window will appear with different fields:

a. TCS on Y-Amount + All Tax, O-Amount + GST, E-Amount, N-No: This means that whether the user needs to collect the TCS on which basis. So, select it as per the requirement.

If the user wants that TCS must be collected on the Bill amount along with all the taxes like GST, CESS etc.; select ‘Y’.

If the user wants that TCS must be collected on the Bill Amount along with the GST; select ‘O’.

If the user wants that TCS must be collected only on the Taxable Amount; select ‘E’.

Suppose select ‘Y’.

b. Calculate only if Customer Sales Crosses: It means that if the sale of the customer crosses 50 lakhs then TCS will get calculated on it.

c. Calculate from Date: As TCS is applicable from 1^st October 2020 so by default that date will already been mentioned in it i.e.01-10-2020.

d. % on PAN/ Aadhaar Card Customer: This means that if the customer provides their PAN Card/ Aadhaar Card then 0.1% TCS will get collected. So, mention 0.1 here.

e. % on Without PAN/Aadhar Card Customer: If the customer does not provide a PAN Card / Aadhaar Card then 1% TCS will be charged. So, mention 1% here.

At the time of creating a New Financial Year; the ledgers in which the user has set ‘Charge’; it will change to ‘Auto Check & Charge’. And in the ledgers in which the user has set ‘Ask Charge’ that will change to ‘Auto Check & Ask’ option.

Now press ‘Escape’ key.

Then click on ‘Yes’ to save the changes.

Go to Masters > Ledger Master > Modify Ledger.

The user will select the Party and press ‘Enter’ on it.

Suppose, Select 'Ahuja Medicine Centre'.

Then select ‘Other Detail’ option.

A ‘Party’ (Ahuja Medicine Centre) window will appear.

In ‘TCS Applicable’ field, there are 4 options i.e.:

a. Charge: It means that if the user needs to charge TCS on the bill amount for this particular party then select ‘Charge’.

b. Ask Charge: It means that if the user needs that the software must ask before charging TCS on the bill amount for this particular party then select ‘Ask Charge’.

c. Auto Check & Charge: It means that if the user needs that if the Total sales crosses 50 lakhs then the software must first auto check and then charge TCS on the bill; select ‘Auto Check & Charge’.

Once the software has auto checked and charged TCS on the bill amount then from next time it will directly charge TCS on the bill amount for this particular party.

d. Auto Check & Ask: It means that if the user needs that if the Total Sales crosses 50 lakhs then the software must first auto check and then ask whether to charge TCS on the bill or not for this particular party; select ‘Auto Check & Ask’.

Once the software has auto checked and Ask TCS on the bill amount then from next time it will directly charge TCS on the bill amount for this particular party.

Suppose, select ‘B-Ask Charge’.

Then Press ‘Page Down’ key and Save it.

Now, let’s create a Sale Bill. Press ‘Enter’.

Select the ‘Ledger’.

Suppose, select 'Ahuja Medicine Centre'. Press ‘Enter’.

An ‘Items’ window will appear.

Select the ‘Item’.

Suppose, select ‘Amlogard 5 MG’.

Then press ‘Tab’ key and save the bill.

Now the user can view that an alert message of TCS has been displayed i.e. this particular party has a PAN No. and 0.1% TCS is applicable on the bill amount.

If the user needs to charge TCS from this party then select ‘Yes’ otherwise ‘No’.

Suppose, select ‘Yes’.

So, in this way the software will automatically charge TCS at the time of billing only.

The user will now save the bill.

HOW A BUYER GENERATES PURCHASE BILL ALONG WITH THE TCS IN MARG ERP SOFTWARE

In order to generate a Purchase Bill, go to Transactions >> Purchase >> Bill.

A ‘Purchase Entry’ window will appear. Press ‘Enter’.

A ‘Ledgers’ window will appear in which the user will select the Ledger.

Suppose, select ‘Ahuja Distributors’.

The user will firstly go to ‘Other Detail’ of that particular supplier from whom the purchase is been done and then from the dropdown of ‘TCS Applicable’ field, select ‘B. Ask Charge’.

Then enter the ‘Party No.’ Press ‘Enter’.

Suppose, enter ‘2350’.

An ‘Items’ window will appear. The user will select the Items as per the requirement.

Suppose, select ‘Acnederm Lot’. Press ‘Enter’.

Now, the user will Save the Bill by pressing ‘Tab’ key.

The user can now view that that an alert message of TCS has been displayed i.e. this particular party does not have a PAN No. and 1% TCS will be applicable on the bill amount.

If the user needs to charge TCS from this party then select ‘Yes’ otherwise ‘No’.

Suppose, select ‘Yes’.

Now, the software will automatically charge TCS at the time of Purchase Bill.

Then the user will save the bill.

PROCESS TO PRINT TCS AMOUNT & % ON THE BILL IN MARG ERP SOFTWARE

Go to Masters > Marg Setups > Self Format.

A ‘Self Format’ window will appear in which the user will enter the Password.

A ‘Formats’ window will appear.

The user can print the TCS Amount and % both in GUI and DMP Format.

Select ‘B. Invoice Format-GUI’.

An ‘Invoice Format-GUI’ window will appear. Press ‘Enter’.

The user will select ‘B. Bill Format’ option.

A ‘Bill Format-GUI-AC’ window will appear. Select ‘E. Grand Total’.

Now, the user will select and copy the highlighted/ selected part displayed on the screen by pressing ‘Ctrl + C’ key.

Then go to the top of the window and press ‘Ctrl +V’ in order to paste that highlighted/ selected part.

Fig. 1.1 View of Command Window in Marg ERP Software

Now, the user will press ‘F1’ key.

A ‘Formats Variable’ window will appear.

The user will search ‘TCS’ and then press ‘Enter’ key on TCS% field.

Fig. 1.2 View of Format Variables Window in Marg ERP Software

Then the user will select the part (as show in the image) and press ‘F3’ key in order to paste the command.

Fig. 1.3 View of Command Window in Marg ERP Software

After that the user will Type ‘TCS’ in a single quotes >> Insert a ‘+’ sign (as shown in the image) >> Insert a ‘%’ sign in single quotes by giving a space.

Fig. 1.4 View of Command Window in Marg ERP Software

This command indicates that firstly TCS will appear then % of TCS will appear along with the % sign.

Again press ‘F1’ key and search ‘TCS’.

Fig. 1.5 View of Command Window in Marg ERP Software

Then press ‘Enter’ key on ‘TCS Amount’ field.

Now the user will select the part (as show in the image) and press ‘F3’ key in order to paste the command.

Fig. 1.6 View of Command Window in Marg ERP Software

The user will press ‘CTRL+W’ to save the commands.

Then click on ‘Save’ and by pressing ‘Escape’ key, the user will go the home screen of the software.

Now the user will generate the Sale Bill.

Fig. 1.7 Process to Create Sale Bill Marg ERP Software

Fig. 1.8 Process to Create Sale Bill Marg ERP Software

Once the bill is been generated, the user will press ‘Tab’ key in order to save the bill.

Fig. 1.9 Process to Save the Sale Bill Marg ERP Software

Fig. 1.10 Process to Save the Sale Bill Marg ERP Software

Now in order to view the Print Preview of the bill, the user will simply press ‘F’ key from the keyboard.

The user can view that the TCS% and TCS Amount has been printed on the bill.

PROCESS TO FILE RETURN OF TCS IN MARG ERP SOFTWARE

Go to Masters > Marg Setups > TDS Details.

A ‘TDS Setup’ window will appear with different options.

The user will mention the ‘Tax Deduction A/c No. of the Deductor’ and PAN No. of the Deductor’.

Then mention the ‘Authorized Person’, ‘Designation’ and ‘Place’.

Click on ‘Accept’.

Now go to GST > TDS/TCS Reports > MISC Deductor Detail.

A ‘Details of TDS and Person Responsible for Deduction of Tax’ window will appear.

The user will fill the required details of that person who is responsible for Tax deduction and click on ‘Ok’.

Now in order to file the return, go to GST >> TDS/TCS Reports >> Form 27 EQ (TCS).

A ‘Select TCS Ledger’ window will appear. The user will select ‘TCS on Sale’ by pressing ‘Spacebar’ key.

A ‘Form 27 EQ Details’ window will appear with different fields:

a. Select Period of the TCS Return: Select the period of TCS Return. Suppose select 3^rd Quarter.

As the user will enter the period then all the other details will get auto filled and will get displayed i.e. TAN, PAN, Responsible person, Designation etc.