How to File GST Returns for Tax Collected at Source (TCS)?

Posted In | Finance | Accounting Software | India Accounting Tax

The Goods and Services Tax (GST) regime has brought a significant change in the indirect taxation landscape in India. One such aspect under the GST system is the Tax Collected at Source (TCS). This article will guide you through the process of filing GST returns for TCS.
 

Understanding TCS Under GST

Under the GST law, certain categories of registered persons are required to collect tax at source at a specified rate. These individuals or businesses are e-commerce operators who are required to collect tax at 1% from each transaction. Therefore, if you are an e-commerce operator, it's important to understand how to file the GST return for TCS.
 

Steps to File GST Returns for TCS
 

Step 1: Login to the GST Portal

The first step in filing GST returns for TCS is to visit the official GST portal and login using your credentials.
 

Step 2: Navigate to 'Returns Dashboard'

Once you are logged in, go to the 'Services' tab, click on 'Returns', and then select 'Returns Dashboard'. This will take you to the 'File Returns' page.
 

Step 3: Select the Financial Year and Return Filing Period

From the 'File Returns' page, you have to select the financial year and the return filing period for which you want to file the return.
 

Step 4: Click on 'Prepare Online'

Under the 'Monthly Return GSTR-8' section, click on the 'Prepare Online' button. If you have any saved applications for the selected period, you can click on the 'Edit' button.
 

Step 5: Enter the Details

Enter the details in the various sections, including the total amount of supplies made, total amount of supplies returned, and the total value of supplies where TCS is to be collected.
 

Step 6: Preview and Submit

Once you've entered all the necessary information, you can preview the form to check for any errors. If all the details are correct, click on the 'Submit' button.
 

Step 7: Payment of Tax

After submitting the form, navigate to the 'Payment of Tax' tab. Here, check the amount of tax to be paid and make the payment.
 

Step 8: File Return with DSC/ EVC

Finally, confirm the declaration and submit the form using a Digital Signature Certificate (DSC) or an Electronic Verification Code (EVC).
 

Filing GST returns for TCS can seem complicated, but with this step-by-step guide, it should be a straightforward process. Always ensure to file your returns on time to avoid penalties and interest.