The Indian version of LS Central also supports Tax Collected at Source (TCS), allowing sellers to comply with India’s tax regulations by collecting tax at the time of sale for certain transactions. The collected tax is then deposited with the government.
TCS key features:
- TCS applies to transactions over ₹10 Lakhs, with an option to adjust this threshold based on business needs.
- When an item’s base value (for example, a car) exceeds ₹10 Lakhs, the seller must collect 1% TCS.
- The system allows flexibility in setting both the threshold and the TCS percentage to suit different business requirements.
- TCS can be applied along with other taxes, like GST, in a single transaction.
- TCS is applicable only when prices are exclusive of tax.
- The system can handle GST, GST Cess, and TCS on the same item, with configurable options to adapt to various tax rules and business practices.