SJY & Associates Chartered AccountantsSectors
CA for traders and online sellers in Pune
Compliance points that commonly arise for wholesalers, retailers and sellers on online marketplaces.
A trader's books depend on reconciliation. Sales on the register, payments received, stock in hand and the GST returns should all tell the same story. Differences usually come from returns, discounts and credit notes recorded in one place and not in another.
Marketplace sellers receive a settlement rather than a sale value. The marketplace deducts commission, shipping, GST TCS and income-tax TDS before paying. The sale has to be recorded at its full value, and each deduction has to be matched to the marketplace's statement and to the credit shown on the portal.
Registration needs care as well. GST registration rules for sellers on online marketplaces differ from those for ordinary traders, and stock held in another State's warehouse generally calls for registration there.
Related services
- GST & indirect tax in Bhosari, Pune
- Income tax & TDS in Bhosari, Pune
- Business advisory in Bhosari, Pune
Common questions
Why does the marketplace payment differ from my sales?
The payment is net of commission, shipping, returns, TCS and TDS. The books should show the full sale and each deduction separately.
How do I claim the TCS and TDS deducted by a marketplace?
GST TCS reaches the electronic cash ledger after the seller accepts it on the portal. Income-tax TDS is claimed in the income-tax return, against the portal's tax credit statement.
Also
Contact
SJY & Associates, Chartered Accountants
Shop No. 1, 1st Floor, above Lokmanya Multipurpose Co-operative Bank, Pune–Nashik Highway, opposite Mankikar Hospital, Bhosari, Pune 411039. Monday to Friday, 9:30 am to 6:30 pm.