GST Forms required under E-Commerce

GST Forms required under E-Commerce

INTRODUCTION

 

As we all know that one of the major impacts of GST on E-commerce players across the country is the increased compliance activity. The operators under the E-Commerce platform have to announce the supplies by the Sellers and in turn, the announced supplies are to be matched with the sales report of the Sellers at the end of every month. Any difference between the two reports will be added to the turnover of the sellers which will consequently not be liable to GST.

The E-commerce operator needs to note down the HSN code of every item included in the sales made by the supplier and has to report the same. Further, they have to ensure that the TCS is charged at the right value of the individual item.

It is mandatory for E-commerce operators to be registered under GST Registration Online in each state and to submit a monthly report. If the operator doesn’t have an establishment in the state then any representative of the operator shall pay the tax on his behalf.

Various GST Forms

The following list contains different GST Forms for operators as well as sellers.

GSTR-1

The form stresses on the statement to file a monthly/quarterly return of all the outward supplies by the registered dealers/suppliers. Every person has to fill the form irrespective of the period of his transactions. The following people are exempted from filing the GSTR form 1-

Input Service Distributors, composition dealers, etc.

Businesses with a turnover of INR 1.5 Crore and more have to fill the form quarterly and monthly respectively.  The sellers have to fill the name of their business, their respective GST numbers, etc. while filling the form.

The penalty fee for not filing the GST Form 1 on time is INR 200/day. The fee is being charged after the due date.

GSTR-2

It is the form that contains the data of all inward supplies by the operator. It is a form used by the government to match the data of sales recorded by both seller and operator. Example: Rahul buys 50 pens of Rs 200 from Sarthak Stationery. Sarthak Stationery must show Rs 200 sales in his GSTR-1 form and similarly, Rahul must show the purchases of Rs 200 in GSTR- 2 form to claim Input Tax Credit. When both the sides match, then only Rahul can claim ITC.

GSTR form 2 has to be filled by all the registered operators even if the transactions didn’t occur in any particular month except Input services distributors, composition dealers, etc. Entities with annual turnover up to 1.5 crores and more have to file GST returns quarterly and monthly respectively.

Heavy fines have to be paid for not submitting the form on time. The penalty fees range from Rs200/day to Rs 5000. 

Any mistakes done during the filling of the form GSTR-2 can’t be revised. The mistake can be revised in the next month’s return only. 

GSTR-2A is a component of GSTR-2 that records the information filled by the seller in GSTR-1 and it automatically generates for each business by the GST portal. It is only for information purposes and can be verified.

Know all about GST Registration in Delhi

 

GSTR-3

It is a combined form of GSTR-1 and GSTR-2 which records the monthly sales and purchase transactions along with the amount liable to GST that has to be paid.

Late filing of the GST Return leads to heavy fines and penalties ranging from Rs. 200/day to a maximum of Rs. 5000. 

Direct revision in the GSTR-3 is not possible.  The changes can only be made in the GSTR-1 and GSTR-2 of the next month.

GSTR-3 must be filled after paying the tax liability. GSTR-3B is a component of GSTR-3 that is used for paying the remaining tax liability if the above condition is not fully filled.

There are 15 sections under the GSTR-3 form that needs to be filled like GSTIN, taxpayer’s name, turnover of the business, inward and outward supplies, etc.

GSTR-8

It is a form that has to be filled out by the registered E-Commerce operators under GST. It is a monthly return form that records all the supplies on the E-Commerce platform and the amount of TCS deducted from the respective supplies.

All the E-Commerce operators under the GST Registration Online who operate their business via E-Commerce platform have to file this monthly return.

Late filing of return leads to a penalty of Rs. 200/day which gets charged after the deadline. The maximum limit of the fine can reach up to Rs. 5000. In addition to this an interest of 18% is charged annually.

The monthly return cannot be revised once it is filled. Any mistake or the error can be omitted in the next month’s return.

You can file the GSTR-8 form by using the GSTIN, name registered under GST, supplies made via E-Commerce platform, Debit entries, etc.

GSTR-9

All normal taxpayers have to file GST-9 return once in a year that shows the inward and outward supplies under different taxes like CGST, IGST, etc. It comprises of all the details mentioned in GSTR-1, GSTR-2, and GSTR-3.

For filing this return the taxpayer has to be registered once in a financial year. It is a detailed and transparent return. The late fees for filing the return are Rs 200 Per day.

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