GST on platform fee and claiming inputs

GST on platform fee and claiming inputs

Are you a Cosmofeed Creator looking to streamline your invoicing process and ensure smooth GST input claims? We've got you covered! In this guide, we'll walk you through the simple steps to add your GST number in the invoicing section on Cosmofeed.

Adding Your GST Number for Invoicing

As a responsible platform, Cosmofeed is committed to ensuring that our creators can easily manage their financial transactions, including the necessary documentation for taxation. One essential step in this process is adding your GST number to the invoicing section. Follow these straightforward steps:

Step 1: Visit your account settings

Log in to your Cosmofeed account and navigate to your Account Settings. You can access this by visiting https://cosmofeed.com/creator/settings?tab=invoicing.

Step 2: Locate the invoicing section

Once in your Creator Settings, find the tab labeled "Invoicing." This section is specifically designed to manage the invoicing details related to your creator account.

Step 3: Add your GST number

Look for the field provided to enter your GST number. Input your unique and valid GST number. Click on 'Save Changes'. This ensures that the information is updated and linked to your creator account.

Note: Creator will be responsible for adding valid GST number. If the GST number entered is invalid/incorrect/inactive, our system will not accept it and Creator will not be able to claim the input.

If you wish to receive an invoice from Cosmofeed that includes a cumulative account of all the platform fee for the month and along with GST - kindly mail us at support@cosmofeed.com

Claiming GST Input 

Step 1: Verify Cosmofeed’s GST filing on your GST portal

Before claiming your ITC (Input Tax Credit), it's essential that Cosmofeed has filed their GST returns and paid the GST due on your sales.

Note: We, at Cosmofeed, ensure that we do this by the 11th of every following month. Example - We file out GST returns for January month by the 11th of February. You have to allow 5-7 days from then for the government’s verification process to finish. Once the verification is complete, you should be able to check your GST portal for Cosmofeed’s GST return details.


Step 2: File GST Returns and Claim Eligible ITC

Now that you have checked your portal for Cosmofeed’s GST return details, to claim your ITC, you must file your monthly GST returns (GSTR-3B) within the prescribed due date. The due date for filing GSTR-3B is typically the 20th of the following month.

In your GSTR-3B, declare the output tax liability and provide details of eligible ITC. The ITC details can be obtained from your auto-generated GSTR-2B form, which reflects the information provided by Cosmofeed in their GSTR-1 returns.

Step 3: Maintain Records of Invoices and Debit Notes

Keep proper records of all invoices and debit notes on which you claim ITC. These records should be maintained for a period of six years. This documentation is crucial for supporting your ITC claims during audits or assessments.

Claiming GST input on a monthly basis is an essential step for businesses to optimize their tax liabilities and maintain compliance with GST regulations. By following the outlined process and adhering to the prescribed timelines, businesses can effectively utilize ITC to reduce their overall GST burden.




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