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...
Did you know missing the annual compliance deadline can cost your company a lot? For every day late, companies face a penalty of INR 100. For the year 2023-24, companies must file their Financial Statements with Form AOC-4 by 29th October 2024. This is to avoid fines. One Person Companies (OPCs) have a deadline of 27th September 2024. This shows how important corporate compliance is for your business’s health. The annual return filing season also marks this time, with Form MGT-7/MGT-7A due 60 days after the AGM. This is on 28th November 2024. Also, audit trail reporting is now required for private companies. This move aims to increase transparency and accountability in corporate governance. Any delay in holding the AGM can lead to fines and legal issues. It’s crucial to stay on schedule. Key Takeaways Form AOC-4 for financial statements must be filed by 29th October 2024, except for OPCs, which have a deadline of 27th September 2024. Annual return (Form MGT-7...