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Flipkart accounting enty

ERP 4042 views 11 replies

please help me on how to manage accounting entry with e-commerce business like snapdeal, flipkart etc., & how to manage vat tax & cst tax entry.

Replies (11)
Entries are to be done in regular manner like any other purchase or sale.

Do you mean to say, you raise an invoice to the customer, receive payment from Flipkart after deduction of comission?

 

I am assuming this, because some of my clients have asked me this question.

Originally posted by : VIRAL
please help me on how to manage accounting entry with e-commerce business like snapdeal, flipkart etc., & how to manage vat tax & cst tax entry.

THANKS ANURAG, BUT I CONFUSED ABOUT INVOICE SHOULD MAKE ON FLIPKART OR FLIPKART BUYER NAME, & VAT OR CST ON FLIPKART OR FLIPKART BUYER

If you are using Tally, invoice should have Buyer's name and Party's name should be flipkart.

VAT and CST should be based on Buyer's address.

While posting entries for sales, Debtor would be Flipkart, however in the actual invoice you should have the Buyer's name.

THANKS PAWAN, BUT I M NOT USING TALLY, I M USING PRIVATE SOFTWARE

Then what about tds on commission in hand of flipkart since flipkart is earning commission income and customers are individuals and they are not liable to deduct tds ...pls clarify the same

For TDS, refer this below link of Flipkart's website.

 

https://seller.flipkart.com/LearningCenter/article-slideshare/doing-business/payments--settlements/tds

 

They say, they will reimburse once you give them the TDS Certificate.

What they will reimburse
The amount paid towards tds.
Tds u/s 194H will be applicable for the amount paid to flipkart as a commission.. Not on other charges like courier and collection charges. If I am wrong then please correct me

Yes, you are right, 194H on Comission only, will be applicable.


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