• GST and Accounting query on IT services provided by us

We are providing IT services through some global marketplace platforms. Needs to consult for the accounting part of that.
Asked 13 days ago in GST

I can do the same. Let me know suitable time to.connect 

Vidya Jain
CA, Kolkata
897 Answers
25 Consultations

4.8 on 5.0

I don't have your contact no. Can you provide that 

Vidya Jain
CA, Kolkata
897 Answers
25 Consultations

4.8 on 5.0

Dear Sir,

 

Hope you are doing well !!

 

We may assist you in entire procedure.

Payal Chhajed
CA, Mumbai
4896 Answers
91 Consultations

5.0 on 5.0

It is advisable to take a phone consultation for detailed discussion.

Payal Chhajed
CA, Mumbai
4896 Answers
91 Consultations

5.0 on 5.0

It's not coming. You need to take paid service to contact us 

Vidya Jain
CA, Kolkata
897 Answers
25 Consultations

4.8 on 5.0

It is advisable to take a phone consultation for detailed discussion.

 

You can contact us through Taxfull.

Payal Chhajed
CA, Mumbai
4896 Answers
91 Consultations

5.0 on 5.0

Hi Sir,

Please share your query as a part of control measure we have to communicate through taxfull

 

Shubham Bansal
CA, Amritsar
22 Answers

5.0 on 5.0

Hello,

 

You can raise your queries here.

 

Regards,

CA Hunny Badlani

Hunny Badlani
CA, Madhya Pradesh
2517 Answers
8 Consultations

5.0 on 5.0

For a detailed resolution of your query, you can contact us directly or take a phone consultation.

Hunny Badlani
CA, Madhya Pradesh
2517 Answers
8 Consultations

5.0 on 5.0

Hi

 

You may contact us through phone consultation request.

Lakshita Bhandari
CA, Mumbai
5245 Answers
351 Consultations

5.0 on 5.0

Or you may describe your query here.

Lakshita Bhandari
CA, Mumbai
5245 Answers
351 Consultations

5.0 on 5.0

We maintain accounts for our clients on quickbooks who are into similar services. Quickbooks can be accessed from anywhere as it is online. You may book a consultation with me and I can help you with same.

Ruchi Goel Anchal
CA, Gurgaon
404 Answers
2 Consultations

5.0 on 5.0

Hi

 

We may assist you .

Karishma Chhajer
CA, Jodhpur
2272 Answers
15 Consultations

5.0 on 5.0

Hi

 

You need to take phone consultation 

Karishma Chhajer
CA, Jodhpur
2272 Answers
15 Consultations

5.0 on 5.0

Hi

 

We need a detailed discussion please have a phone consultation.

Karishma Chhajer
CA, Jodhpur
2272 Answers
15 Consultations

5.0 on 5.0

Dear Sir,

 

Here are the compliances applicable to Marketplace in India:

 

1. GST-TCS as per GST Act:

GST-TCS means tax collected as a source as per the GST Act. As per section 52 of the CGST Act, 1% of the sale amount (Sale Price excluding GST) transferred to sellers should be deducted as GST-TCS and paid to the GST department on seller’s behalf. 

2. TDS as per Income Tax Act:

As per the Finance Act 2020, section 194O was introduced to impose TDS liability on e-commerce operators. From 1st October 2020 onwards, every e-commerce must deduct 1% TDS on the gross amount transferred to the seller for providing goods services through the e-commerce platform. 

 

Above provisions are specifically applicable to Marketplace in India. Apart from these various other compliances in GST and TDS are also applicable.

 

In regard to Accounting:

Accounting of E-commerce companies are guided by the Accounting Standard issued by ICAI and notified by the Ministry of Corporate Affairs. Accounting standard 9 “Revenue Recognition” and Indian Accounting Standard 115 “Revenue from contracts with customer” will be applicable for E-commerce companies to recognize the revenue. As of now, there is no specific accounting standard issued by ICAI for “Accounting for E-commerce”. Recently an Exposure Draft is issued by ICAI specifically for “E-commerce accounting” meaning thereby a separate standard or guidance note can be expected soon.

 

Thanks and Regards 

Divya Chugh

Divya Chugh
CA, Delhi
178 Answers
1 Consultation

5.0 on 5.0

Hi can you help you with the same

Vishrut Rajesh Shah
CA, Ahmedabad
773 Answers
22 Consultations

5.0 on 5.0

- You can contact me at aroravivek1982@gmail

Vivek Kumar Arora
CA, Delhi
3800 Answers
242 Consultations

5.0 on 5.0

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