India’s Central Board of Excise and Customs (CBEC) has clarified that an e-commerce operator (ECO) is required to electronically furnish a monthly statement with details of outward supplies of goods or services, including the supplies returned through it and the amount collected by it as tax collected at source, within ten days after the month ends.
In a frequently asked questions (FAQ) document on e-commerce issues released on its website recently, the CBEC said that the ECO is also required to file an annual statement by December 31 following the end of the financial year in which the tax was collected.India's Central Board of Excise and Customs (CBEC) has clarified that an e-commerce operator (ECO) is required to electronically furnish a monthly statement with details of outward supplies of goods or services, including the supplies returned through it and the amount collected by it as tax collected at source (TCS), within ten days after the month ends.#
Explaining the concept of matching in e-commerce provisions, the CBEC said the details of supplies furnished by every ECO in its monthly statement will be matched with the corresponding details of outward supplies furnished by the concerned supplier. Where the details of both do not match, the discrepancy will be communicated to both sides.
Moreover, any officer of the rank of Deputy Commissioner or above may issue a notice to an ECO to furnish stock-supply details within 15 days.
A single facility or address can be used by multiple ECOs and sellers to store goods or conduct business provided they furnish the requisite documents. (DS)
Fibre2Fashion News Desk – India
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