GST and TCS taxation
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Hello wordpress and WCFM developers. I want to know that how I can add GST and TCS on the commission and sales of vendor.
How GST is charge:
GST is charge on the commission earned bye the admin / ecommerce operator by 18%How TCS tax is charge:
TCS is the tax charge on the total sales of the vendor by 1%(or as guided by goverment)
example:
Value of shirt = 500
GST charged on Shirt @ 5% = 25
Amount to be paid by buyer/customer = 525
commission charge by admin @ 10% = 50
GST Charge on Commission @18% = 9
TCS Collected by admin @ 1% on value of shirt i.e 500 = 5
Amount to be paid to the vendor = 461NOTE:
GST above is charge twice means the first GST is charge on the shirt which is sold to customer and 2nd time the GST is charge on the commission earn by the admin.
GST in simple words is charged on goods and services sold by seller
case 1 : goods are sold to customer for cash
case 2 : services are sold to sellers for commissionTCS collected is collected from vendors sale in over example sale value is 500 so 1% of 500 is 5, therefore our TCS is 5
MAIN QUESTION :
I can collect GST on commission by making commission taxable in commission settings.
But how I collect TCS on sale value of vendor also how I collect TCS on reverse withdrawal.
I HAVE TRIED TO EXPLAIN THESE TAX SYSTEM IN AS EASY AS POSSIBLE BECAUSE I HAVE SEEN PEOPLE OR THE SUPPORT TEAM ARE CONFUSED ABOUT GST AND TCS
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