Selling on Flipkart|Flipkart Commission Invoice|Know your TDS Liability|TDS Return|TDS Certificate|

Hello Friends. I am CA Devesh Thakur. Today in this video we will learn about tax compliances in context with commission invoice raised by Flipkart This video is perquisite for you if you are selling goods on Flipkart Today we will learn about the TDS liability on monthly commission invoices raised by Flipkart on the basis of your turnover & other services after knowing your TDS liability how to deduct TDS and to file TDS Return at the end, you must issue TDS certificate for TDS reimbursement. Flipkart will reimburse you the amount of TDS after you will upload your Form16A digitally signed. (For faster TDS reimbursement) it will reimburse your TDS amount in your registered bank account. This is your seller dashboard let’s see for TDS compliance what reports you need to get download For TDSCompliance go to reports>Report Centre Types of Reports>Invoices>Commission invoices Select Period>generate In our video, we have taken May 2019 as the base for explanation action, for now, is queued which will in sometimes convert into download along with this we have to download one more report Types of reports>Tax reports>TDS select period>generate this report will be download as zip folder save the folder at your desired location. after download, zip folder will create. Unzip that folder you will see the commission invoices applicable to you for the specific period this is the 1st commission invoice for the month of May 2019 under SAC 996812 Shipping Fees cover U/s 194C @2% Under this, shipping amount charged was Rs.878/- (net taxable value) Since this invoice is issued intrastate Flipkart has charged CGST & SGST @9% each. This is the second invoice from Flipkart SAC 998599 cover u/s 194H @5% Covers – Commission fee, collection fees & fixed fees since this has been billed interstate Flipkart has charged IGST @18% This is TDS report from Flipkart for May 2019 Flipkart makes sure that assessee get the benefit from this report Flipkart specifies the Fees types and the applicable TDS section along with the standard TDS rate. very useful and important for online sellers seller will get the basic idea about the TDS rate compliances this report make you understand about the TDS section applicability and TDS rates what covers under monthly commission invoice is Mainly in case of an online seller, commission invoices cover shipping fees and commission fees i.e SAC 996812 and 998599 in case of 194C is 2% and in case of 194H is 5% In case of storage fees, it will cover u/s 194IB @10% In case of the franchise fee, tech visit fees it will cover u/s 194J @10% This report will help you to calculate the amount of TDS to be deducted and deposited. TDS to be deducted on taxable value. NOT on GST amount. TDS to be deducted on Rs.878/- which is taxable value @2%. which comes out to be Rs.17.56/- Flipkart issue such report so that assessee can make compliance in accordance with the law The second invoice which is basically the commission fees charged with a taxable value of Rs.471.10/- @5% which comes out to be Rs.23.56/- This report must be download along with commission invoices so that we can reconcile the amount of TDS Summary of TDS section-wise It acts as a reconciliation statement which we need to reconcile on a monthly basis for accurate deduction of TDS This TDS we need to deposit on or before the 7th of the following month. This is our 2nd point which we need to consider regarding when TDS to be deducted and when to deposit. TDS to be paid by the 7th of the following month. Details regarding the due dates of filing TDS return. Details regarding the issue of TDS certificates. consequences of not issuing TDS certificate will be explained in a separate video Thank you guys for watching this video. LIKE| SHARE| SUBSCRIBE|

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