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...
Limited Liability Partnership (LLP) in India is a relatively new form of business entity, which was introduced in 2008 through the Limited Liability Partnership Act, 2008. An LLP is a hybrid form of business that combines the features of both a partnership firm and a limited liability company. In an LLP, the partners have limited liability, which means they are not personally liable for the debts and obligations of the LLP. At the same time, the LLP is taxed as a partnership firm, and the partners have the flexibility to manage the business as per their agreement. In this article, we will discuss the salient features of an LLP in India, its formation and registration process, advantages and disadvantages, and the compliances required to be followed. Salient Features of an Limited Liability Partnership (LLP) in India Separate Legal Entity: An LLP is a separate legal entity from its partners. It can enter into contracts, own assets, and sue or be sued in its own name. Limited Liability:...