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...
As the financial year comes to an end, you might feel stressed about taxes. The deadlines can be overwhelming, especially with so much to do. But, there’s some good news: the Central Board of Direct Taxes (CBDT) has extended a helping hand to taxpayers in India. The CBDT has extended the tax audit deadline for Assessment Year 2024-25. If you need to submit a tax audit report, you now have until October 7, 2024. This extra time is for individuals, companies, and others whose tax returns are due by October 31, 2024. This extra week could be just what you need. It gives you more time to make sure your financial records are right. The CBDT’s move is a small act of kindness that could help a lot with your tax duties. Key Takeaways Tax audit deadline extended from September 30 to October 7, 2024 Extension applies to all taxpayers with October 31 ITR due date Aims to alleviate challenges with electronic submissions Penalties may apply for missing the revised deadline Extension pr...