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CMA Final · Indirect Tax Laws and Practice · TDS and TCS under GST

Zenith Retail Ltd, an e-commerce operator, collected TCS during a month. Which statement correctly states the filing and payment consequence for the operator?

The e-commerce operator files a monthly statement of tax collected at source in FORM GSTR-8 by the 10th day of the following month and remits the collected amount to the Government. It is not an annual or quarterly filing, and suppliers' returns do not replace it.

  1. AThe operator furnishes a monthly statement of TCS in FORM GSTR-8 by the 10th of the following month and pays the amount collected to the GovernmentCorrect
  2. BThe operator furnishes an annual statement of TCS by 31 December of the next year and pays it then
  3. CThe operator furnishes the statement within 20 days of the quarter-end and pays only if it exceeds Rs 2,50,000
  4. DThe operator need not file any statement since the suppliers report the TCS in their GSTR-1

Explanation

An operator liable to collect tax furnishes a monthly statement in FORM GSTR-8 by the 10th of the next month and pays the tax collected. The annual, quarterly and no-filing options contradict this.

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