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 that 368 pages of guidance shape the future of corporate financial reporting in India? The Companies ( Auditor’s Report ) Order (CARO) 2020, revised in 2022, introduces sweeping changes to statutory audit requirements. As we step into the financial year 2023-24 , these updates are set to transform how auditors report on company finances. CARO 2020 applies to all statutory audits starting April 1, 2021. It brings enhanced scrutiny to areas like asset management, inventory control, and related party transactions. For private limited companies , the rules have shifted. If your company’s gross receipts exceed Rs 10 crore or your paid-up share capital plus reserves surplus Rs 1 crore, you’re now under CARO’s purview. The revised order demands detailed reporting on tangible and intangible assets, working capital, and investments. Auditors must now delve deeper into loan compliance, fraud detection, and whistle-blower complaints. This heightened transp...