Now here we explain the effects on E-commerce firms that operates the digital way to sell the products online here is the effects on E-commerce platform firms because of GST:
E-COMMERCE WITHOUT REGISTRATION OUT FROM ONLINE SPACE: This is the major change that comes here it means those E-commerce must have to be register in GST else they are out from the online space permanently.
FULL TAX: In this there is a limit that those firms have 20 lakhs and more earning per year have to register in GST and pay the tax but in case of E-commerce every firm have to pay the tax for every penny they earn.
EVERY RETAILER BE SAME WITH GST: Before GST all the E-commerce firm applies the concept that those have lower tax rates comes first on their portal so that cheap items zoom all the time.But with GST the tax rate is same here so it means all the retailers are same and cost of products not vary much here.
TAX COLLECTED AT SOURCE: There is a TCS(TAX COLLECTED AT SOURCE) 2% will be deducted on every transaction made through E-commerce platform. This tax to be given to govt by E-commerce firms but this is only for the online not for the offline retailers.
NOT- ELIGIBLE FOR THE COMPOSITE SCHEME: Those suppliers have turn over less than 50 lakhs are not eligible for the composite scheme.
FOR E-COMMERCE SUPPLIERS:
Full return process for E-commerce suppliers is listed below:
E-COMMERCE WITHOUT REGISTRATION OUT FROM ONLINE SPACE: This is the major change that comes here it means those E-commerce must have to be register in GST else they are out from the online space permanently.
FULL TAX: In this there is a limit that those firms have 20 lakhs and more earning per year have to register in GST and pay the tax but in case of E-commerce every firm have to pay the tax for every penny they earn.
EVERY RETAILER BE SAME WITH GST: Before GST all the E-commerce firm applies the concept that those have lower tax rates comes first on their portal so that cheap items zoom all the time.But with GST the tax rate is same here so it means all the retailers are same and cost of products not vary much here.
TAX COLLECTED AT SOURCE: There is a TCS(TAX COLLECTED AT SOURCE) 2% will be deducted on every transaction made through E-commerce platform. This tax to be given to govt by E-commerce firms but this is only for the online not for the offline retailers.
NOT- ELIGIBLE FOR THE COMPOSITE SCHEME: Those suppliers have turn over less than 50 lakhs are not eligible for the composite scheme.
FOR E-COMMERCE SUPPLIERS:
Full return process for E-commerce suppliers is listed below:
- Full details of supplies through E-commerce platform is subjected to be filled on 10 th of every month.
- On 15th of the month all the details of the tax filled by suppliers can be accept or modify.
- A supplier can make changes in form GST ITC-1 on 21 th of every month that provided by the E-commerce about the supplies.
List of GST EFFECTS ON MULTIPLE SECTORS HERE:
Comments
Post a Comment