GST Returns for E-commerce operator and sellers

• The sellers / aggregators who are registering themselves for E commerce platform shall register themselves underneath Goods and Services Tax.

• There are number of returns to be filed underneath Goods and Services Tax for e-commerce operators and suppliers.

• In contrast to common companies, there is not any threshold exemption for e-commerce suppliers and operators.

• These e-commerce entities come underneath the GST compliance regardless of the worth of provide and therefore are required to file Goods and Services Tax return on-line.

• GST return type contains the small print equivalent to purchases, gross sales, output GST and Enter Tax Credit score (ITC) that are to be submitted on month-to-month, quarterly or annual foundation.

GST return submitting kinds for E commerce operators and sellers:

• E-commerce suppliers / aggregators are required to file Type GSTR-1, GSTR 2, GSTR 3 month-to-month and GSTR-9 is to be filed yearly.
• E commerce operators are required to file their GST return in type GSTR 8 in month-to-month foundation.

GSTR 1:

• Businesses with turnover of up to INR 1.5 crore will be allowed to file quarterly returns, other businesses with a turnover of above INR 1.5 crore must file monthly returns.

• Each enterprise registered underneath Items and Companies Tax should file GSTR-1.

• The due date for submitting GSTR-1 for E commerce sellers can be – Monthly basis GSTR-1 [11^th of Subsequent month] and Quarterly basis GSTR-1 [Last of the date of the month following the end of the quarter].

GSTR 2:

• GSTR-2 is a month-to-month return for inward provides of products or providers or each obtained throughout a tax interval.

• The submitting of GSTR 2 makes them eligible to avail Enter Tax Credit score whereby the taxpayer can declare the refund of tax on purchases or deduct that a lot quantity from the tax payable on outward provides.

• GSTR-2 does not require you to declare all the details of the incoming supply.

• GSTR 2A will be an exact copy of GSTR 2, in which your suppliers will have the details declared in GSTR 1

• The due date for GSTR 2 can be 15th of subsequent month. GSTR 2A means a statement of Input Tax Credit and you need not have to file GSTR 2A legally

 GSTR-3:

• GSTR-3 is a consolidated month-to-month return which incorporates particulars of tax legal responsibility together with the tax collected on outward provides and tax paid on inward provides by registered E commerce provider / vendor.

• It’s an auto-populated course of by way of GSTR-1 and GSTR-2 of the registered particular person.

• It is detailed summary of both GSTR-1 and GSTR-2(including the details of all invoices for Sales and purchase).

• The due date for GSTR 3B return submitting can be 20th of the subsequent month.

Note- As per the GST Council Meeting, filing of GSTR-2 and GSTR-3 is suspended

 GSTR-8:

• GSTR-8 is a monthly return form to be furnished by all e-commerce operators who are required to deduct TCS (Tax Collected at Source) under Goods and Services Tax.

• GSTR-8 is without doubt one of the most necessary type which have to be taken utmost look after an e-commerce operator.

• GSTR-8 is an announcement that should be filed by e-commerce operators each month. It should include the small print of provides made to prospects by way of the taxpayer’s e-commerce portal by each registered taxable individuals and unregistered individuals, prospects’ fundamental data, the quantity of tax collected at supply(TCS) (to be counted at 1%) , tax payable, and tax paid.

• The GSTR-8 due date is the 10th of the following month.

 GSTR 9: