GST and Accounting query on IT services provided by us

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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

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