How to make WCFM GST Ready?
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As Indian Tax Regulation, we need to collect and submit GST on every sale and margin collected to the Government.
Just want to confirm, how to achieve this GST flow:For example:
Step 1: If a vendor submits a product of price ?500 to the WCFM then GST will be applied of 5%. After the GST the product will be available at ?500+5% of 500 = ?525 to the customers. (Everything is fine for this step.)
Step 2: If a customer orders the same product then e-commerce operator collects the ?525 from the customer and deduct the margin of 10% from that amount that is ?50. (This step is also fine.)
Step 3: Then again 18% GST will be applied on the margin deducted that means 18% of ?50 = ?9. It means eCommerce operator will deduct ?50 (10% margin on the product price) + ?9 (GST on the 10% margin collected). (I can not achieve this step.)
Step 4: The eCommerce operator also needs to deduct 2% of the product price as a Tax Collection at Source (TCS). It means the eCommerce operator will deduct 2% of ?500 = ?10 from the amount he collected from the customer. (I can not achieve this step also.)
In short: The eCommerce operator needs to deduct 18% on the margin amount and 2% on the product price from the vendor. It means the total amount vendor will get after GST and TCS deduction is as follows: ?525-?50(10% margin)-?9(18% GST on ?50 margin)-?10(2% TCS on product price)= ?456.
But WCFM only deducts the percentage margin from the sale. Please help as the current tax flow is necessary if we want to run the E-commerce marketplace in India.
Thanks.
The page I need help with: [log in to see the link]
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