Skip to main content

Register GST for E-commerce Operators: Step-by-Step

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...
Post a Comment

October 2023 Compliance Calendar: Navigating Crucial Deadlines

In the dynamic world of business, mastering the October 2023 Compliance Calendar is paramount. This article provides an organized compilation of essential due dates related to GST, Income Tax, ESI, PF Acts, and FEMA for October 2023. Staying well-informed about this Compliance Calendar is vital to ensure the seamless operation of your business and prevent penalties. Let’s explore this October 2023 Compliance Calendar to make you a breeze.

Understanding the October 2023 Compliance Calendar

Unveiling the October 2023 Compliance Calendar is like deciphering a roadmap to your financial responsibilities. Below, we’ll break down the key dates and actions you need to be aware of within the October 2023 Compliance Calendar:

A. GST Compliance Deadlines for October 2023 

GSTR-3B – Monthly GST Return

  • For Taxpayers with Annual Turnover More than Rs 5 crore & For Taxpayers not opting for QRMP Scheme with Turnover up to 5 crores:

    • Return for the Month: SEP-2023
    • Due Date: 20-OCT

  • For Taxpayers opting for QRMP Scheme with Turnover up to 5 crores – Category I:

    • SEP Quarter
    • Due Date: 22-OCT

  • For Taxpayers opting for QRMP Scheme with Turnover up to 5 crores – Category II:

    • SEP Quarter
    • Due Date: 24-OCT

GSTR-1 – Turnover Return for Month / Quarter

  • For Taxpayers with Turnover ABOVE INR. 5.00 Crore & For Taxpayers not opting for QRMP Scheme with Turnover up to 5 crores:

    • SEP-2023
    • Due Date: 11-OCT

  • For Taxpayers who have opted for QRMP:

    • SEP-2023
    • Due Date: 13-OCT

Other GST Deadlines in October

  • 13-10-2023: Due date for filing GSTR-5 (to be filed by Non-Resident taxable person) for SEP month
  • 18-10-2023: CMP-08 (SEP Quarter) – The Due Date for filing Form CMP-08 for Composition Dealers
  • 20-10-2023: Due date for filing GSTR-5A (to be filed by the OIDAR) for SEP month
  • 13-10-2023: Due date for filing GSTR-6 (to be filed by Input Service Distributor for SEP month.
  • 10-10-2023: Due date for filing GSTR-7 (to be filed by the person who is required to deduct TDS under GST for SEP month
  • 10-10-2023: Due date for filing GSTR-8 (to be filed by the e-commerce operators required to deduct TDS under GST for SEP month
  • RFD-10: 18 Months after the end of the quarter for which a refund is to be claimed.

B. Income Tax Obligations in October 2023

Key Dates for Income Tax:

  • 07-10-2023: Due date for deposit of Tax deducted by an assessee other than an office of the Government for the month of SEP.
  • 15-10-2023: Due date for issue of TDS Certificate for tax deducted u/s 194-IA (TDS on Immovable property) in m/o AUG
  • 15-10-2023: Due date for issue of TDS Certificate for tax deducted under section 194-IB (TDS on Certain Rent payment) in m/o AUG
  • 15-10-2023: Due date for issue of TDS Certificate for tax deducted under section 194-M (TDS on payment to resident contractor or resident) in m/o AUG
  • 15-10-2023: Due date for issue of TDS Certificate for tax deducted under section 194-S (On payment for transfer of a virtual digital asset) in m/o AUG
  • 15-10-2023: Quarterly statement of TCS deposited for the Sep quarter
  • 15-10-2023: Quarterly TCS certificate in respect of tax collected by any person for the June quarter
  • 15-10-2023: Quarterly TDS certificate (in respect of tax deducted for payments other than salary) for the June quarter
  • 30-10-2023: Quarterly TCS certificate (in respect of tax collected by any person) for the Sep quarter
  • 31-10-2023: Quarterly statement of TDS deposited for the Sep quarter
  • 30-10-2023: Last date for furnishing of challan-cum-statement in respect of tax deducted under section 194-IA, 194-IB, 194M, 194S in the month of SEP
  • 31-10-2023: Due date for filing of return of income for AY 2023-24 (Extended to November 30, 2023, for certain cases)
  • 31-10-2023: Audit report under section 44AB for the AY 2023-24 in specific cases

C. ESI and PF Compliance for October 2023

Key Dates for ESI and PF:

  • 15-10-2023: ESIC Payment for m/o SEP 2023
  • 15-10-2023: PF Payment for m/o SEP 2023

D. Companies Act Compliance in October 2023

Key Dates under the Companies Act:

  • 14-10-2023: Due date for filing of ADT-1
  • 29-10-2023: Due date for filing of AOC 4 for Financial Statements
  • 31-10-2023: Due Date for Filing Form MSME-1 for the period of April to September.
  • 31-10-2023: Due date for Form 8 FOR LLP

Mastering the October 2023 Compliance Calendar is your roadmap to success in this dynamic business environment. By keeping these crucial dates in mind, you can navigate your financial obligations seamlessly. Stay proactive and informed to ensure a smooth and penalty-free journey through October 2023!

Don’t miss out on this opportunity to make October 2023 a month of compliance success for your business!

Comments

Post a Comment

Popular posts from this blog

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
Post a Comment
Read more

Getting Started with GST Registration Process for Individual (Proprietorship)

Post a Comment
Read more

Benefits of Income Tax Return Filing: Key Advantages

Filing your Income Tax Return (ITR) is a must for every responsible citizen. It’s not just a legal duty but also a key step for your financial future. By reporting your income and paying taxes, you help the country grow and enjoy personal benefits. For those who work for a salary or are in the middle class, e-filing has many perks. It proves your income, lets you claim deductions, and boosts your credibility for loans and visas. Plus, filing on time keeps you in line with tax laws and keeps your financial record clean. Whether you’re self-employed, run a small business, or have a regular job, knowing why ITR filing matters is vital. It keeps you legal and opens up financial doors. So, let’s explore the main benefits of filing your Income Tax Return and how it can improve your life. Key Takeaways Filing ITR is a legal requirement for individuals earning above a certain threshold ITR acts as a legal proof of income and identity Timely ITR filing helps claim deductions, e...
Post a Comment
Read more