Is it mandatory for e-commerce operator to obtain registration? – Question 3 – Draft-Bills-Reports – Electronic Commerce – FAQ on GST (2nd Edition) dated 31.3.2017 – Question 3 – Q 3. Is it mandatory
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Question 4 – Draft-Bills-Reports – Electronic Commerce – FAQ on GST (2nd Edition) dated 31.3.2017 – Question 4 – Q 4. Whether a supplier of goods or services supplying through e-commerce operator would be entitled to threshold exemption? Ans. No. The threshold exemption is not available to such suppliers and they would be liable to be registered irrespective of the value of supply made by them. This requirement, however, is applicable only if the supply is made through such electronic commerce
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Question 5 – Draft-Bills-Reports – Electronic Commerce – FAQ on GST (2nd Edition) dated 31.3.2017 – Question 5 – Q 5. Will an e-commerce operator be liable to pay tax in respect of supply of goods or services made through it, instead of actual supplier? Ans. Yes, but only in case of certain notified services. In such cases tax shall be paid by the electronic commerce operator if such services are supplied through it and all the provisions of the Act shall apply to such electronic commerce opera
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Question 6 – Draft-Bills-Reports – Electronic Commerce – FAQ on GST (2nd Edition) dated 31.3.2017 – Question 6 – Q 6. Will threshold exemption be available to electronic commerce operators liable to
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Question 7 – Draft-Bills-Reports – Electronic Commerce – FAQ on GST (2nd Edition) dated 31.3.2017 – Question 7 – Q 7. What is Tax Collection at Source (TCS)? Ans. The e-commerce operator is required to collect an amount calculated at the rate not exceeding one percent of the net value of taxable supplies made through it, where the consideration with respect to such supplies is to be collected by such operator. The amount so collected is called as Tax Collection at Source (TCS). – Statutory Prov
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What is Electronic Commerce? – Question 1 – Draft-Bills-Reports – Electronic Commerce – FAQ on GST (2nd Edition) dated 31.3.2017 – Question 1 – 8. Electronic Commerce Q 1. What is Electronic Commerce?
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Who is an e-commerce operator? – Question 2 – Draft-Bills-Reports – Electronic Commerce – FAQ on GST (2nd Edition) dated 31.3.2017 – Question 2 – Q 2. Who is an e-commerce operator? Ans. Electronic Co
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Question 26 – Draft-Bills-Reports – GST Payment of Tax – FAQ on GST (2nd Edition) dated 31.3.2017 – Question 26 – Q 26. What is Tax Collected at Source (TCS)? Ans. This provision is applicable only for E-Commerce Operator under section 52 of CGST/SGST Act. Every ECommerce Operator, not being an agent, needs to withhold an amount calculated at the rate not exceeding one percent of the net value of taxable supplies made through it where the consideration with respect to such supplies is to be col
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Question 27 – Draft-Bills-Reports – GST Payment of Tax – FAQ on GST (2nd Edition) dated 31.3.2017 – Question 27 – Q 27. What does the expression Net value of taxable supplies mean? Ans. The expression net value of taxable supplies means the aggregate value of taxable supplies of goods or services, other than services notified under Section 9(5), made during any month by all registered taxable persons through the operator reduced by the aggregate value of taxable supplies returned to the supplie
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Question 28 – Draft-Bills-Reports – GST Payment of Tax – FAQ on GST (2nd Edition) dated 31.3.2017 – Question 28 – Q 28. Is the pre-registration of credit card necessary in the GSTN portal for the GST payment? Ans. Yes. The taxpayer would be required to pre-register his credit card, from which the tax payment is intended, with the Common Portal maintained on GSTN. GSTN may also attempt to put in a system with banks in getting the credit card verified by taking a confirmation from the credit card
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Question 22 – Draft-Bills-Reports – GST Payment of Tax – FAQ on GST (2nd Edition) dated 31.3.2017 – Question 22 – Q 22. What is an E-FPB? Ans. E-FPB stands for Electronic Focal Point Branch. These are branches of authorized banks which are authorized to collect payment of GST. Each authorized bank will nominate only one branch as its E-FPB for pan India Transactions. The E-FPB will have to open accounts under each major head for all governments. Total 38 accounts (one each for CGST, IGST and on
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Question 23 – Draft-Bills-Reports – GST Payment of Tax – FAQ on GST (2nd Edition) dated 31.3.2017 – Question 23 – Q 23. What is TDS? Ans. TDS stands for Tax Deducted at Source (TDS). As per section 51, this provision is meant for Government and Government undertakings and other notified entities making contractual payments where total value of such supply under a contract exceeds ₹ 2.5 Lakhs to suppliers. While making any payments under such contracts, the concerned Government/authority s
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Question 24 – Draft-Bills-Reports – GST Payment of Tax – FAQ on GST (2nd Edition) dated 31.3.2017 – Question 24 – Q 24. How will the Supplier account for this TDS? while filing his return? Ans. Any a
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Question 25 – Draft-Bills-Reports – GST Payment of Tax – FAQ on GST (2nd Edition) dated 31.3.2017 – Question 25 – Q 25. How will the TDS Deductor account for such TDS? Ans. TDS Deductor will account for such TDS in the following ways: 1. Such deductors needs to get compulsorily registered under section 24 of the CGST/SGST Act. 2. They need to remit such TDS collected by the 10th day of the month succeeding the month in which TDS was collected and reported in GSTR 7. 3. The amount deposited as T
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Question 19 – Draft-Bills-Reports – GST Payment of Tax – FAQ on GST (2nd Edition) dated 31.3.2017 – Question 19 – Q 19. What is a CIN and what is its relevance? Ans. CIN stands for Challan Identification Number. It is a 17-digit number that is 14-digit CPIN plus 3-digit Bank Code. CIN is generated by the authorized banks/ Reserve Bank of India (RBI) when payment is actually received by such authorized banks or RBI and credited in the relevant government account held with them. It is an indicati
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Question 20 – Draft-Bills-Reports – GST Payment of Tax – FAQ on GST (2nd Edition) dated 31.3.2017 – Question 20 – Q 20. What is the sequence of payment of tax where that taxpayer has liabilities for previous months also? Ans. Section 49(8) prescribes an order of payment where the taxpayer has tax liability beyond the current return period. In such a situation, the order of payment to be followed is: First self-assessed tax and other dues for the previous period; thereafter self-assessed tax and
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What does the expression “Other dues” referred to above mean? – Question 21 – Draft-Bills-Reports – GST Payment of Tax – FAQ on GST (2nd Edition) dated 31.3.2017 – Question 21 – Q 21. What does the ex
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What is a CPIN? – Question 18 – Draft-Bills-Reports – GST Payment of Tax – FAQ on GST (2nd Edition) dated 31.3.2017 – Question 18 – Q 18. What is a CPIN? Ans. CPIN stands for Common Portal Identificat
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Question 14 – Draft-Bills-Reports – GST Payment of Tax – FAQ on GST (2nd Edition) dated 31.3.2017 – Question 14 – Q 14. What is the linkage between GSTN and the authorized Banks? Ans. There will be real time two-way linkage between the GSTN and the Core Banking Solution (CBS) of the Bank. CPIN is automatically routed to the Bank via electronic string for verification and receiving payment and a challan identification number (CIN) is automatically sent by the Bank to the Common Portal confirming
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Question 15 – Draft-Bills-Reports – GST Payment of Tax – FAQ on GST (2nd Edition) dated 31.3.2017 – Question 15 – Q 15. Can a tax payer generate challan in multiple sittings? Ans. Yes, a taxpayer can partially fill in the challan form and temporarily save the challan for completion at a later stage. A saved challan can be edited before finalization. After the tax payer has finalized the challan, he will generate the challan, for use of payment of taxes. The remitter will have option of printing
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Question 16 – Draft-Bills-Reports – GST Payment of Tax – FAQ on GST (2nd Edition) dated 31.3.2017 – Question 16 – Q 16. Can a challan generated online be modified? Ans. No. After logging into GSTN portal for generation of challan, payment particulars have to be fed in by the tax payer or his authorized person. He can save the challan midway for future updation. However once the challan is finalized and CPIN generated, no further changes can be made to it by the taxpayer. – Statutory Provisions,
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Is there a validity period of challan? – Question 17 – Draft-Bills-Reports – GST Payment of Tax – FAQ on GST (2nd Edition) dated 31.3.2017 – Question 17 – Q 17. Is there a validity period of challan?
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Question 10 – Draft-Bills-Reports – GST Payment of Tax – FAQ on GST (2nd Edition) dated 31.3.2017 – Question 10 – Q 10. What are E-Ledgers? Ans. Electronic Ledgers or E-Ledgers are statements of cash and input tax credit in respect of each registered taxpayer. In addition, each taxpayer shall also have an electronic tax liability register. Once a taxpayer is registered on Common Portal (GSTN), two e-ledgers (Cash &Input Tax Credit ledger) and an electronic tax liability register will be aut
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What is a tax liability register? – Question 11 – Draft-Bills-Reports – GST Payment of Tax – FAQ on GST (2nd Edition) dated 31.3.2017 – Question 11 – Q 11. What is a tax liability register? Ans. Tax L
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What is a Cash Ledger? – Question 12 – Draft-Bills-Reports – GST Payment of Tax – FAQ on GST (2nd Edition) dated 31.3.2017 – Question 12 – Q 12. What is a Cash Ledger? Ans. The cash ledger will reflec
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