September 13, 2021
With respect to GSTR 8 meaning, it is a Goods and Service Tax Return that has to be filed by an e-commerce operator on a monthly basis.
GSTR 8 is a GST return that is to be filed by the e-commerce operator who needs to deduct TCS (Tax Collected at Source) under GST. GSTR 8 includes the supply details done through the eCommerce platform by both registered and unregistered persons, customer’s basic information, and TCS amount collected on such supplies.
All GST registered e-commerce operators are required to file Ecommerce GST via GSTR 8 returns. GST Act defines the e-commerce operator as a person who owns or handles a digital or electronic facility or electronic platform like Flipkart, Amazon, etc. All such eCommerce operators have to mandatorily get a GST registration as well as registered for TCS.
An E-commerce operator is a person who owns or handles digital platforms for electronic commerce such as Flipkart, Amazon, etc. Through the eCommerce platform, sellers could reach out to a large customer base. It is also beneficial for the customers as they gain access to multiple sellers and competitive prices for the products.
GSTR 8 returns indicate the supply details done through the eCommerce platform and the TCS amount collected on such supplies. In terms of TCS applicability, the supplier could take the input credit of that TCS deducted by the eCommerce operator. The TCS amount would be shown in Part C of Form GSTR 2A of the supplier.
Unless GSTR 8 is filed on time, a penalty of Rs 100 under CGST and Rs 100 under SGST would be imposed per day. The total would be Rs 200 /Day. The maximum penalty is Rs 5000. In case of delay in filing, no late fee on IGST is imposed.
18 % interest per annum has to be paid in addition to the late fee. It should be assessed by the taxpayer on the tax to be paid. The time period would be the next day of filing to the payment date.
After filing GSTR8, it cannot be revised. The mistakes made in the returns could be revised in the next month’s return. For example, in case of a mistake made in October GTSR 8, the correction could be made in November GSTR 8 or in later months as the error is recognized.