With the Goods and Services Tax (GST) regime coming into effect soon, there will be major changes in the way businesses need to file their tax returns and sellers will have to adapt to these changes rapidly. Sellers will now need to file GSTR1, GSTR2, and GSTR3 forms every month, as opposed to once a quarter in the pre-GST regime. They will have to file GSTR1 by the 10th of the next month and GSTR2 by the 15th of the next month, leaving just a 5 day window for reconciliation of the GSTR1 form.
Sellers on the Amazon.in marketplace will now need to ensure on-time, monthly submission of various forms such as the GSTR-1, which will contain all sales made on Amazon.in, and the GSTR-2, which will have details about the Tax Collection at Source (TCS) requirement (to be notified at future date). Failure to reconcile these and/or file for returns on time, would result in the seller not receiving the correct input tax credit and also incur heavy interest and penalties, which in turn poses a threat to their working capital. All this makes maintaining accuracy and timeliness of filing of returns a challenge for sellers.
In order to help and enable sellers with this, Amazon and ClearTax have partnered to launch "ClearTax Biz" ("Solution"), an online software hosted on cleartax.in that aims to help all sellers on Amazon.in file and reconcile their tax returns effortlessly and in compliance with the law. The Solution (which is available at a special discount for sellers selling on Amazon.in) aims to be a one-stop GST solution for sellers on Amazon.in marketplace through seamless integrations with Amazon.in. Sellers can create GST sales and purchase invoices in compliance with GST laws reconcile and file their returns with 100% accuracy, and have access to dashboards that help in better cash flow management, enabling them to maintain their compliance ratings. The Solution also allows sellers to communicate and resolve mis-matches with their vendors and tax professionals on a real-time basis, effectively increasing the 5-day reconciliation window. Sellers can take advantage of the webinars and training sessions, held up to 5 times a day, to better understand the Solution and how to use the Solution.
As part of an exclusive offer for sellers selling on Amazon.in, Clear Tax and Amazon have collboratively charted out the following offers for Amazon sellers: