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What is Flipkart settlement reconciliation?
Flipkart settlement reconciliation is the process of matching each payment Flipkart makes to your bank account with the orders, returns, fees and taxes behind it. Flipkart deducts commission, fixed fees, collection fees, shipping fees, returns and taxes before paying you, so the settlement never equals your gross sales. hisabkitab imports the settlement and tax reports from Flipkart Seller Hub and posts every item to your books with GST, so you can see your real earnings order by order.
Why is my Flipkart settlement lower than my sales?
The difference between your Flipkart sales and the settlement usually comes from:
Commission fee, charged as a percentage of the selling price for your category
Fixed fee, charged per item sold
Collection fee for processing the customer’s payment
Shipping fee for forward delivery, and reverse shipping fee on returns
Returns, RTO orders, cancellations and penalties raised in later cycles
GST TCS at 0.5% of net taxable value and income tax TDS under Section 194-O at 0.1%
How to reconcile Flipkart settlements in hisabkitab
Each settlement takes a few steps:
Download the settlement report and the tax report from the Payments section of Flipkart Seller Hub.
Import both reports into hisabkitab.
Sales, returns and fees are posted with the correct GST, ready for GSTR-1 and GSTR-3B.
Match each payment to its orders and see which orders are unpaid, short paid or charged twice.
Claim the TCS credit in your GST return and keep the TDS ready for your income tax return.
Flipkart fees explained
Fee or deduction
What it is
How it shows in your books
Commission fee
A percentage of the selling price, set by category
Selling expense, with GST input credit on Flipkart’s invoice
Fixed fee
A flat charge for each item sold
Selling expense, with GST input credit
Collection fee
A charge for collecting payment from the customer
Payment processing expense, with GST input credit
Shipping and reverse shipping
Delivery and return logistics charges
Logistics expense, with GST input credit
GST TCS and income tax TDS
0.5% TCS under Section 52 and 0.1% TDS under Section 194-O
TCS and TDS receivable, claimed in your returns
GST points for Flipkart sellers
Flipkart collects TCS under Section 52 of the CGST Act at 0.5% of the net taxable value of your supplies and reports it in GSTR-8 by the 10th of the following month. Accept these entries on the GST portal to receive the credit in your electronic cash ledger. Your Flipkart sales must still be reported in your own GSTR-1 and GSTR-3B, and the figures should agree with the TCS data Flipkart reports.
Who uses Flipkart reconciliation in hisabkitab?
Flipkart sellers with high order volumes
Sellers of electronics, fashion and home products use hisabkitab to catch short payments and fee errors that are easy to miss across hundreds of orders a week.
Sellers on several marketplaces
Businesses that also sell on Amazon and Meesho import every marketplace into one set of books, so their GST returns and profit reports cover all channels together.
FAQs
Why is my Flipkart settlement lower than my sales?
Can I import Flipkart reports directly into hisabkitab?
Does it handle returns and RTO orders?
Will my Flipkart sales show up in my GST reports?
I also sell on Amazon and Meesho. Can I manage them together?
Which plan is right for Flipkart sellers?
Where do I download the Flipkart settlement report?
How do I claim the TCS deducted by Flipkart?
What is the collection fee on Flipkart?
Does Flipkart deduct TDS under Section 194-O?
