How much TCS should the marketplace have collected?
Put in one month’s net sales on one marketplace and see what it should come to, head by head, and how far the portal’s figure is from it.
Updated
This is tax collected, credited to your cash ledger once the operator files its GSTR-8 and you accept it on the portal and file that acceptance. It is not the figure in Table 14 of your GSTR-1, which reports the sales.
Three steps, and nothing leaves the page.
- 01Take one marketplace and one month.
- 02Enter net sales before GST, to buyers in your state and in other states.
- 03Add the figure from the portal’s TDS and TCS credit received statement to compare.
Each rule, and what it does when it fails.
No. Table 14 reports the sales you made through each marketplace, not the tax it collected.
Usually timing: a sale dated in a different month, or returns against an earlier month.
Section 52(1) of the CGST Act, with Notifications 52/2018-Central Tax and 2/2018-Integrated Tax from 1 October 2018, and 15/2024-Central Tax and 1/2024-Integrated Tax from 10 July 2024. The base is the net value of taxable supplies through the marketplace in the month: sales less returns, before tax. Services on which the marketplace pays the tax itself under section 9(5) are left out.
Once the marketplace has filed its GSTR-8, and you have accepted the entry in the portal’s TDS and TCS credit received statement and filed that statement, it is credited to your electronic cash ledger under section 52(7).
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This check and every other, on every return, with the GSTR-2B, the GSTR-3B draft and Tally. Free for 2 GSTINs and 6 prepared returns a month.