Did you know India’s e-commerce market is expected to reach US$99 billion by 2024? This makes India the second-largest e-commerce market, just behind the US. As the digital market grows, so does the need for tax compliance. The GST registration process for e-commerce operators is now essential for legal and smooth business operations. The Central Board of Excise & Customs (CBEC) has set up special rules for e-commerce GST registration. This is because the sector is growing fast and has complex tax issues. If you sell online or plan to start an e-commerce business, knowing these rules is crucial for your success. Now, e-commerce business tax compliance is a must. Section 24 of the Central Goods and Services Tax Act, 2017 requires all e-commerce operators to register for GST. This includes collecting a 1% tax on each transaction, except for exempted goods and services. As an e-commerce operator, you must collect Tax Collected at Source (TCS) at a maximum rate of 1% on the ne...
Extension of certain due dates falling on 30th June 2020 [CBDT Notification No. 35/2020 dated 24/06/2020].
Income Tax Update:-
CBDT has issued a notification today further extending few of the time limits of compliance under Taxation & Other Laws (Relaxation of Certain Provisions) Ordinance, 2020 as under:
➡️ Due date for filing Income Tax Return for F.Y 2018-19 has been extended to 31st July, 2020
➡️ Waiver of interest u/s 234A in cases where self assessment tax is upto Rs 1 lac
➡️ Deductions under Ch-VIA like Sec 80C, 80D, 80G, etc can now be made upto 31st July, 2020
➡️ The date for furnishing of TDS/TCS statements for the quarter ending on 31st March, 2020 has been extended to 31st July, 2020
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