All the country’s government wants to track each and every transaction take place in businesses to avoid corruption and earn taxes in order to lift up their economy.
GST in E-commerce business plays a vital role to get in compliance with the government rules and regulations.
Recently India has also announced its new E-commerce policy by keeping in mind the benefits for the businesses and themselves.
Benefits of GST for E-commerce business
- Uniformity in GST rates in different states which allow us to take ITC easily
- Simplified returns
- It attracts a large number of suppliers
- It is uprising the concept of an online marketplace
GST returns for an E-commerce Operator
Every E-commerce operator who is required to deduct TCS under section 52 of the CGST Act, 2013 is required to file GSTR-8 which can be filed through the GST portal through your GST ID and password.
What is the due date for GST Return?
Every E-commerce operator need to file its GST return on the 10th of following month as per section 52 of CGST Act.2017
Things to keep in mind
- Return for 20th March can be filed till the 10th of April.
- Any return for the next month cannot be filled if the present month’s return is not filled.
- GSTR-8 is mandatory to file even if the sale is NIL.
What is the penalty for not filing the GST return within the due date?
If any E-commerce operator failed to file the return within the due date then a penalty of Rs 50/day in case of value return and Rs20/day for the NIL return, till the default in filing the return continues.
Revision in GST Return
As per section 52 (6), any revision in GSTR-8 is not allowed.
If any mistake has occurred in the GST return then it can be rectified only in next month’s return when it is identified, subject to the payment of interest @ 18 % P.A as specified in section 50(1).
Details to be provided in GSTR-8
β’ GSTIN
β’ Business Name
β’ Details of Supplies made through E-commerce operator
β’ Amendments to details of Supplies in respect of any earlier statement
β’ Details of Interest
β’ Tax payable and paid
β’ Interest payable and paid
β’ Refund claimed from Electronic cash ledger
β’ Debit entries in cash ledger for TCS/Interest Payment
Annual Return
Every E-commerce operator shall furnish an annual statement electronically, containing the details of supplies of goods and services or Both effected through it, including the supplies of goods and services or Both returned through it, and the amount of TCS collected during the financial year, in such form and manner as may be prescribed, before the 31st December following the end of such financial year.
Useful resources