GST Payments and TDS Payments to Governments
Both GST Payments and TDS Payments are statutory payments from the businesses and missing it could create problems to the business from Government. Business have to follow the Payment deadline for every month before which the payments are made to Govt.
GST Payable
This is the net amount against which the payment is made to Government. Here you pay to Government the Net of Input and Output taxes. Today GST is covered for many items and services. Example you will do the GST Payments to Products, GST Payments on advance Payments and Receipts, GST Payments for services like commissions or any services provided by consultants etc. Even Bank charges are added with GST service charges too.
TDS (Tax Deducted at sources)
Customer deducts a %age of Tax amount from the total money to be paid to Vendor and its deposited directly by him to Government. This TDS money is reimbursed by Government to the Service Provider as he submits his annual Income Tax Returns. These rules are made to ensure that Payee is responsible to collect the taxes and paid to Government.
These payments are done in online mode.
How to do GST Payments and TDS Payments in ACTouch ERP?
It is important that the TAX PAYMENT should be done from this menu. The reason is, ACTouch takes care of the internal tax detail and identifies what is “OPEN” and what is “PAID”.
Step-1: Go to GL -> Tax transfer menu and select the DATE Ranges and type of TAX to pay
Step-2: Now application will show the Input and Output tax amounts and the difference to PAY GOVT
Step-3: Please create a supplier / vendor as “Govt GST Payable”. To this VENDOR make the Voucher from the above screen
Use this menu to complete the PAYMENTS and this creates the respective Payments vouchers too.
ACTouch also supports those companies that use VAT Sales taxes and its business practices.
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