How to file GSTR 8 on GST Portal? – A step by step guide

Introduction

The GSTR-8 is a monthly report that all e-commerce businesses with GST registrations are required to submit. The GSTR-8 form must contain information on taxable supplies as well as the tax that the e-commerce operator has collected at source. By the 10th of the next month, the return in Form GSTR-8 must be submitted on the GST (Goods and Service Tax) Portal. Here, in this article information related to “What is GSTR 8?”, Importance of filing GSTR 8 on GST Portal, and “How to file GSTR 8 on GST Portal?”

What is GSTR 8 Form?

The e-commerce companies who are required to deduct TCS (Tax Collected at Source) under GST must file a return known as GSTR-8. The information on supplies made through an e-commerce platform, as well as the amount of TCS received on those goods, is contained in GSTR-8.

Importance of filing GSTR 8 on GST Portal

• The information on the supplies made possible by the e-commerce platform is displayed in GSTR-8, together with the TCS that was paid for those supplies.
• If TCS (Tax Collected at Source) is available, the supplier may claim the ITC (Input Tax Credit) for any TCS that was deducted by the e-commerce operator after the e-commerce operator filed the GSTR-8.

Prerequisites for GSTR 8 Form

You must meet the requirements specified below in order to file a GSTR 8 return.

• You must have 15 digit GSTIN (Goods and Service Tax Identification Number).
• Your business should generate more than INR 20 lakhs in annual income.
• You must operate an online marketplace where other merchants and companies sell their items to customers in order to be an e-commerce operator.
• The filing of this return is not permitted by non-resident taxpayers.
• For all transactions made through your online platform, you are required to keep thorough records of all taxes that were collected at the point of sale.
• Every eligible tax filer must have a valid Digital Signature Certificate (DSC) and a phone number that is registered on the portal.

How to file GSTR 8 on GST Portal?

• Log on to the GST Portal, with a valid user ID.
• Select the Returns Dashboard command under Services
• In the dialogue box below GSTR-8, click “PREPARE ONLINE.”
• Each tile that displays on the dashboard needs information entered. The following three tiles are shown on the following screen:
  • Tile 3 – Information regarding Tax collected at source (TCS) for the current month must be supplied here.
  • Tile 4 – You can edit the information pertaining to the prior era using this option. There will not be any revisions in the first month because the GSTR-8 for the month of October 2018 is the first return.
  • Tile 5 – View the information on the interest that is due for late payment of taxes collected to the government in tile 5.
• In the third tile, “Details of Supplies attracting TCS,” includes all the information and press “Save.” Below information that needs to be added:
  • GSTIN of Supplier (auto-populated with Supplier’s name)
  • The total dollar amount of goods produced and returned to that Supplier by both registered and unregistered parties;
  • Submit the amount gathered at the source under the IGST, CGST, and SGST headings.
• In Tile 4, “Amendment to details of Supplies attracting TCS,” enter the accurate information in place of any incorrect details that were uploaded for any of the prior months. There are two situations where filing modifications to the returns are necessary:
  • uploaded by the online retailer Under this option, the e-commerce operator’s earlier mistakenly submitted supplier-specific information for the specific month and financial year maybe corrected.
  • Supplier rejects Details of transactions that the supplier refused or amended will show up under the option of “Rejected by Supplier”. Click Save after inserting the updated data to return to the Amendment menu.
• Once all the information has been uploaded, select “Preview GSTR 8.” Verify the uploaded data, and then click “Proceed to File.”
• The “Ready to File” status for GSTR-8 will enable tiles 5 for “Details of Interest” and tiles 6 and 7 for “Payment of Tax.”
• If there is any, you can view the interest under the “Details of Interest” tile for the delay in paying the TCS debt, filing the TCS return, etc.
• Click the “Payment of Tax” tile after viewing the interest tile to input the information about taxes paid for that particular month;
• Finally, one can acknowledge the declaration for filing the GSTR-8 and examine the draught GSTR-8. Next, select “File GSTR 8.” Use the authorized signatory’s Digital Signature Certificate (DSC) or an Electronic Verification Code (EVC).

Summing Up

Once submitted, GSTR-8 cannot be changed. Any errors can be fixed in the return for the next month. This means that if an error is made in the September GSTR-8, it maybe corrected in the October GSTR-8 or in subsequent months when the error or omission is discovered. As a result, it is crucial for the taxpayer to complete the form accurately.