The Central Board of Indirect Taxes and Customs ( CBIC ) has enabled the new functionalities made available for Tax Collection at Source ( TCS ) and Composition Taxpayers.
Provision to make amendment, multiple times, in Table 4 of Form GSTR-8
- Earlier, if no action was taken on TCS details, auto-populated in TDS/TCS credit form, by the supplier or if the same were rejected by them in the said form, the TCS (e-commerce operators) could amend the details only once.
- Based on requests received from stakeholders, the restriction of amending the transaction details only once, in table 4 (i.e. amendment table) of Form GSTR-8, has now been removed.
- Thus, details of table 4 (i.e. amendment table) of Form GSTR-8, can now be amended multiple times, by e-commerce operators liable to collect tax at source under section 52, while filing their Form GSTR-8.
TCS facility extended to composition taxpayers
- The taxpayers under the composition scheme, who are permitted to make supplies through E-Commerce Operators, e.g. Restaurant Services, will now be able to view and take necessary actions in their TDS/TCS credit received form.
- E-commerce operators would now be able to add GSTIN of such composition suppliers, in their Form GSTR-8 and file the Form.
- The amount of tax collected at source, reported by E-Commerce Operators in their Form GSTR-8, will now be populated to ‘TDS /TCS credit received’ form of respective composition taxpayers.
- The amount so reported by e-commerce operators will now be available to respective composition taxpayers, for accepting or rejecting the same, in their ‘TDS and TCS credit received’ form.
- For accepted transactions, the amount would be credited to the cash ledger of composition taxpayers, after the successful filing of the ‘TDS/ TCS Credit received’ form.
- For rejected transactions, the amount would be shown to e-commerce operators for correction.
