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GST, which has been long in waiting, could finally be
implemented in Apr 2017. Though the aura and suspense is still very much
intact, but there are some very anxious moments for all the entrepreneurs who
are looking to register new company in E-commerce space. Below are 5 points which
may affect Online Business Registration:
1- A clause in GST draft
model suggests that for any payment made to a supplier by e-commerce company or
market place, Tax Collection at source would be responsibility of e-commerce
companies. E-commerce companies would, therefore, need to keep a track of all
the sales made through their platform and also file a statement to this effect.
2- Even a mid sze
e-commerce company has atleast 100+ vendors and therefor the compliance burden
on e-commerce companies would increase.
3- As per a major e-commerce
company, the proposed law would affect the working capital requirements of the
sellers.
4- Many of these suppliers (vendors) are below
the minimum threshold required to file GST and hence e-commerce companies will
have to Grapple with additional burden of tax refunds.
5- As per some sources the
threshold for filing would be 9 Lacs
Get update on not only Accounting/Book-Keeping/Government
Compliances but also about all new rules and regulations/opportunities for funds which will be your industry specific
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