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...
Starting a non-profit organization is exciting, but it comes with its challenges. The Foreign Contribution Regulation Act (FCRA) can seem overwhelming. Yet, it’s vital for your organization to legally accept and use foreign funds for its good work. Imagine your NGO has grown, and you’re ready for international help. This could boost your mission. But without FCRA registration, this chance might be lost. Let’s explore the FCRA registration process together, helping your non-profit soar. Key Takeaways FCRA registration is essential for NGOs to legally receive foreign funding Organizations must spend at least Rs. 15,00,000 on core activities in the last 3 years The registration fee for FCRA is Rs. 10,000 Associations need to be in existence for a minimum of 3 years A designated FCRA bank account must be opened with the State Bank of India, New Delhi Annual returns and proper record-keeping are crucial for compliance Understanding FCRA and Its Significance The Foreign C...