Is the e-commerce operator required to submit any statement? What are the details that are required to be submitted in the statement?

Question 14 – Draft-Bills-Reports – Electronic Commerce – FAQ on GST (2nd Edition) dated 31.3.2017 – Question 14 – Q 14. Is the e-commerce operator required to submit any statement? What are the details that are required to be submitted in the statement? Ans. Yes, every operator is required to furnish a statement, electronically, containing the details of outward supplies of goods or services effected through it, including the supplies of goods or services returned through it, and the amount co

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How can actual suppliers claim credit of this TCS?

Question 13 – Draft-Bills-Reports – Electronic Commerce – FAQ on GST (2nd Edition) dated 31.3.2017 – Question 13 – Q 13. How can actual suppliers claim credit of this TCS? Ans. The amount of TCS deposited by the operator with the appropriate government will be reflected in the cash ledger of the actual registered supplier (on whose account such collection has been made) on the basis of the statement filed by the operator. The same can be used at the time of discharge of tax liability in respect

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What is meant by “net value of taxable supplies”?

Question 9 – Draft-Bills-Reports – Electronic Commerce – FAQ on GST (2nd Edition) dated 31.3.2017 – Question 9 – Q 9. What is meant by net value of taxable supplies ? Ans. The net value of taxable supplies means the aggregate value of taxable supplies of goods or services or both, other than the services on which entire tax is payable by the e-commerce operator, made during any month by all registered persons through such operator reduced by the aggregate value of taxable supplies returned to t

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It is very common that customers of ecommerce companies return goods. How these returns are going to be adjusted?

Question 8 – Draft-Bills-Reports – Electronic Commerce – FAQ on GST (2nd Edition) dated 31.3.2017 – Question 8 – Q 8. It is very common that customers of ecommerce companies return goods. How these returns are going to be adjusted? Ans. An e-commerce company is required to collect tax only on the net value of taxable supplies. In other words, value of the supplies which are returned are adjusted in the aggregate value of taxable supplies. – Statutory Provisions, Acts, Rules, Regulations, Taxati

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What is Tax Collection at Source (TCS)?

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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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?

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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Whether a supplier of goods or services supplying through e-commerce operator would be entitled to threshold exemption?

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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Who is an e-commerce operator?

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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What is Electronic Commerce?

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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Is the pre-registration of credit card necessary in the GSTN portal for the GST payment?

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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What does the expression “Net value of taxable supplies” mean?

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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What is Tax Collected at Source (TCS)?

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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How will the TDS Deductor account for such TDS?

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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What is TDS?

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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What is an E-FPB?

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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What is the sequence of payment of tax where that taxpayer has liabilities for previous months also?

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 is a CIN and what is its relevance?

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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What is a CPIN?

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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