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...
Ever wondered how the Indian government buys things? It’s all through the Government e-Marketplace (GeM) portal . This e-procurement system is a big change for buying and selling online. GeM is a place where government groups, PSUs, and others can buy goods and services. It makes buying faster, cheaper, and more transparent. With over 25 lakh sellers, it’s the top choice for government buying in India. GeM has lots of products and services. You can find about 52 lakh products in 16,409 categories and 193 service categories. It has everything from office supplies to special equipment. Sellers can join for free, with a small deposit based on their sales. Using GeM is easy. Buyers can buy up to Rs.50,000 online directly. For bigger buys, there’s a bidding process. Sellers can change their prices anytime, making sure the government gets a good deal. Key Takeaways GeM is a free-to-register online marketplace for government procurement Over 25 lakh sellers and 52 lakh prod...