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...
The Reserve Bank of India found in its investigation that there are many problems with Paytm . These include 31 crore out of 35 crore inactive wallets, cases where the same PAN card is linked to thousands of accounts, cases where KYC is missing for multiple accounts, violation of KYC-anti-money laundering norms, submission of incorrect compliance reports, etc. , involves mingling with each other. PPBL’s promoter group companies are dealing with financial and non-financial businesses in violation of licensing requirements, and several other alarming red flags. As a result, the bank’s operations were suspended by the regulator imposing strict rules. Uncertain times ahead for Paytm Payments Bank Banned:- In a surprising turn of events, Paytm Payments Bank Ltd (PPBL) finds itself at a crossroads as the Reserve Bank of India (RBI) has banned new deposits and top-ups from February 29, 2024. The decision of One97 Communications, the entity behind Paytm services, to stop all busine...