GSTR 8: Filing Requirement, Due Date & Late Fee
GSTR 8 is a monthly return for e-commerce operators. This return was introduced to bring transparency to the digital marketplace. The GSTR 8 contains details about the supplies made and the tax collected at source by e-commerce operators. It facilitates proper monitoring and collection of taxes on transactions carried out on e-commerce platforms. Every registered e-commerce operator has to file this return monthly.
Filing GSTR 8 for each tax period is not mandatory. In the tax period in which the e-commerce operator has dealt on an online platform and collected TCS, only for that particular period GSTR 8 has to be filed.
Pre-conditions to File GSTR 8?
- An e-commerce operator has collected TCS amount
- Have a valid user ID and pass ward
- The operator must be a registered person under the GST and have an active GSTIN for the period for which he or she intended to file the return
- An operator has a valid & non-expired/non-revoked digital signature where DSC is required
- The operator must have collected TCS for the tax period
Importance of GSTR 8
- Helps in improving credit profile resulting in creating better loan opportunities for business
- Proper monitoring and collection of tax on transactions
- Give business credibility and promote transparency
- It also helps the government to secure taxes and promote legal trade
Due Date to File GSTR 8
All the taxpayers who meet the pre-conditions have to file the return before or on the 10th of each month. Avoid filing the return attracts heavy penalties and may disturb the functioning of the business, therefore make sure that you have filed the form before the due date.
Also note that in table 4 of the GSTR 8, details cannot be amended so be cautious while filing the return. Once the supplier has accepted the TCS details, no amendments can be made on the e-commerce operator’s part.
Late Fee for GSTR 8
There is a Rs 200 (Rs 100 for each CGST and SGST) fee charged per day for each delayed day until the return is filed. The maximum late fees can be equal to the amount of TCS collectible and the interest is charged in overdue tax at the rate of 18% per annum.
When Can Amendments Be Made?
Under the following scenarios, amendments can be made to the monthly GSTR 8 returns.
- Under Table 4, an e-commerce operator can amend the data or records when the supplier has not taken any action for the previous tax period
- If the supplier has rejected the records, they will be auto-populated in the form and the e-commerce operator can amend them
Get Started with TaxDunia
TCS liability can be discharged only through an electronic cash ledger if the balance in it is sufficient. If the balance is not sufficient in the electronic cash ledger, then the operator can create a challan.
To get quick and easy services for filing monthly or annual returns and other advice in the field of finance, you can reach the team of TaxDunia. We have a tech-savvy and seasonal team of professionals. Let us start working today to reap better results in the future.
