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John Den Mark
Hey Guys M John Den Mark and M content writer and blogger with interest in outreach content.
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John Den Mark 2019-05-30
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The GSTR-8 return form is monthly returned to be filed by e-commerce companies.

E-commerce companies are mandatorily registered under GST and required to deduct TCS (Tax Collected at Source) under GST.Form GSTR-8 showcases the details of supplies made by E-commerce platform to the registered, unregistered customer, tax paid, and tax payable along with the amount of tax collected at source from sellers.Important Features of GSTR-8 Return FormGSTR-8 is a mandatory form that has to file by every registered E-commerce operatorIt has to be filed on or before 10th of the coming month of a tax period.GSTR- 8 contains 8 headings, most of which are auto-populated.The details furnished by an e-commerce operator in GSTR-8 is available in part D of GSTR 2A.E-commerce portal deducts the Tax collection at source(TCS) from the supplier of the goods and services and returns it to the governmentE-commerce operators pay 1% TCS on all the goods and services sold out via their portal.Eligibility for E-commerce TCS Deduction Under GSTCentral Board of Indirect Taxes and Customs (CBIC) have clarified that entities having aggregate turnover less than INR 20 lakhs (or INR 10 lakhs in case of mentioned special category states) in a specific financial year are free from having mandatory registration.How GST defines E-commerce Operator?Section 43B(d) of the Model GST Law defines E-commerce as the platform that let an online market to receive/ supply the goods and services from/ to different vendors and customers respectively.

For an e-filing of GSTR-8 via tools like Gen GST software, an e-commerce operator should be registered under GST.GSTR-8 EligibilityEvery E-commerce operator is eligible to file GSTR-8.

Common Abbreviation Related To GSTR-8GSTIN: Goods and Services Taxpayer Identification NumberUIN: Unique Identification NumberUQC: Unit Quantity CodeHSN: Harmonised System of NomenclatureSAC: Services Accounting CodePOS: Place of Supply of Goods and ServicesB2B: Business to Business (from a registered person to another registered person)B2C: Business to Consumer (from a registered person to an unregistered person)Interest & Penalty on Late or Non-payment of GSTAs per the GST norms, each subsequent non-payment of taxes will accrue 18 percent interest on the GST tax payable starting from the due date till the taxes are paid.

For the detailed knowledge about it, you can check detailed interest guides in chapter 10, point 50 via below mentioned link: https://cbec-gst.gov.in/CGST-bill-e.htmlFor Instance: When a taxpayer fails to pay GST within the due dates there the interest will be calculated starting from the due date i.e.

0.49 per day at approx.

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0
John Den Mark 2019-05-28
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Is not it enthralling that a salaried person with an annual income up to Rs 7.75 lakh can now pay nil tax? Yes, it's amazingly fine under the Budget 2019 proposals, a salaried person with gross total income up to Rs 7.75 lakh can come under no liability to pay taxes. Availing different deductions will drop the taxable income to Rs 5 lakh and lead to no tax liability for FY 2019-20. It is anticipated that such a salaried individual can save tax of Rs 15080 in comparison to tax payable in current FY 2018-19. The Budget 2019 proposes to elevate the standard deduction of Rs 40,000 available for the current financial year by Rs 10,000. Moving forward to the deduction for PPF, EPF, etc or use tuition fees paid for children, one can invest Rs 1.5 lakh in any such eligible tax-saving avenue under section 80C and claim it as a deduction from the gross total income.
collect
0
John Den Mark 2019-05-30
img

The GSTR-8 return form is monthly returned to be filed by e-commerce companies.

E-commerce companies are mandatorily registered under GST and required to deduct TCS (Tax Collected at Source) under GST.Form GSTR-8 showcases the details of supplies made by E-commerce platform to the registered, unregistered customer, tax paid, and tax payable along with the amount of tax collected at source from sellers.Important Features of GSTR-8 Return FormGSTR-8 is a mandatory form that has to file by every registered E-commerce operatorIt has to be filed on or before 10th of the coming month of a tax period.GSTR- 8 contains 8 headings, most of which are auto-populated.The details furnished by an e-commerce operator in GSTR-8 is available in part D of GSTR 2A.E-commerce portal deducts the Tax collection at source(TCS) from the supplier of the goods and services and returns it to the governmentE-commerce operators pay 1% TCS on all the goods and services sold out via their portal.Eligibility for E-commerce TCS Deduction Under GSTCentral Board of Indirect Taxes and Customs (CBIC) have clarified that entities having aggregate turnover less than INR 20 lakhs (or INR 10 lakhs in case of mentioned special category states) in a specific financial year are free from having mandatory registration.How GST defines E-commerce Operator?Section 43B(d) of the Model GST Law defines E-commerce as the platform that let an online market to receive/ supply the goods and services from/ to different vendors and customers respectively.

For an e-filing of GSTR-8 via tools like Gen GST software, an e-commerce operator should be registered under GST.GSTR-8 EligibilityEvery E-commerce operator is eligible to file GSTR-8.

Common Abbreviation Related To GSTR-8GSTIN: Goods and Services Taxpayer Identification NumberUIN: Unique Identification NumberUQC: Unit Quantity CodeHSN: Harmonised System of NomenclatureSAC: Services Accounting CodePOS: Place of Supply of Goods and ServicesB2B: Business to Business (from a registered person to another registered person)B2C: Business to Consumer (from a registered person to an unregistered person)Interest & Penalty on Late or Non-payment of GSTAs per the GST norms, each subsequent non-payment of taxes will accrue 18 percent interest on the GST tax payable starting from the due date till the taxes are paid.

For the detailed knowledge about it, you can check detailed interest guides in chapter 10, point 50 via below mentioned link: https://cbec-gst.gov.in/CGST-bill-e.htmlFor Instance: When a taxpayer fails to pay GST within the due dates there the interest will be calculated starting from the due date i.e.

0.49 per day at approx.

John Den Mark 2019-05-28
img
Is not it enthralling that a salaried person with an annual income up to Rs 7.75 lakh can now pay nil tax? Yes, it's amazingly fine under the Budget 2019 proposals, a salaried person with gross total income up to Rs 7.75 lakh can come under no liability to pay taxes. Availing different deductions will drop the taxable income to Rs 5 lakh and lead to no tax liability for FY 2019-20. It is anticipated that such a salaried individual can save tax of Rs 15080 in comparison to tax payable in current FY 2018-19. The Budget 2019 proposes to elevate the standard deduction of Rs 40,000 available for the current financial year by Rs 10,000. Moving forward to the deduction for PPF, EPF, etc or use tuition fees paid for children, one can invest Rs 1.5 lakh in any such eligible tax-saving avenue under section 80C and claim it as a deduction from the gross total income.