The act of purchasing and selling through the Internet is referred to as e-commerce (also known as digital commerce). This concept covers transactions where online activity is not the only component. A website may be useful in educating a customer about a good or deal that they may purchase offline. There is no disputing the link between economic expansion and international commerce. This explains the motivation for business throughout the world, with each nation seeking to expand its export share. MSMEs make up over half of India’s exports and presently account for over a third of the country’s GDP. Hence, the steps taken for increasing exports through e-commerce are important and you must know it through this article.
Importance of E-Commerce Business Website
A manufacturer or wholesaler of goods relies on retailers or distributors in other nations to sell products to clients through their own e-commerce channels. Considering that almost all goods and services are now available online, e-commerce is practically a necessary strategy for both large and small enterprises. A strong online presence may save expenses while boosting efficiency and production. In fact, if you haven’t already shifted at least a portion of your business activities online, you might face serious risks from your rivals who have. Hence, Website Development is beneficial and must have to survive in today’s competition.
Learn more about Business Websites through reaching out to us at: 8881-069-069 or read our guides below:
- Five Types of Websites to expand Business
- Benefits of Website for Business
- Static HTML vs WordPress Sites- Benefits & Disadvantages
Past vs Present Export Scenarios in India
Exports have always been a desirable business prospect for Indian manufacturers and company owners due to the sheer size of the global market, the breadth of potential, and the headroom to grow. However, the exporting industry is not for everyone because of supply chain complexity, startup costs, cross-border payments, and demand volatility. As a result, Indian companies, particularly the micro, small, and medium-sized enterprises (MSMEs), have historically had low export aspirations. But in recent years, the expansion of internet accessibility and technological advancement have changed the exporting industry. The entrance hurdle for Indian MSMEs to access, experiment with, and succeed in international markets has now been slashed by e-commerce exports. Furthermore, the government has also taken several steps to increase exports and reduce imports.
Various steps taken for increasing exports through e-commerce
With merchants in mind, the government has established a number of legal and policy measures for e-commerce. The FDI Policy, the Foreign Exchange Management Act of 1999, the Consumer Protection (E-Commerce) Rules of 2020, the Consumer Protection Act of 2019, the Central Goods and Services Tax (CGST) Act of 2017, the Competition Act of 2002, the Information Technology Act of 2000, the Payment and Settlement Systems Act of 2007, the Companies Act of 2013 and the Copyright Act of 1957 are a few examples of these measures. Furthermore, the following steps are taken for increasing exports through e-commerce:
- Through the introduction of the Express Cargo Clearance System (ECCS) at all significant International Courier Terminals, the Central Board of Indirect Taxes & Customs (CBIC) has automated the import and export clearance of courier packages (ICTs). According to the Courier Imports and Exports (Electronic Declaration and Processing) Regulations, 2010, courier imports and exports can be processed and cleared electronically.
- E-commerce exports of jewelry have recently been made easier thanks to the recent issuance of Notification No. 57/2022-Customs (NT) and Circular 09/2022, both dated 30th June 2022. This is in accordance with the budget announcement of 2022 for providing a streamlined set of regulations for e-commerce exports of Jewellery. Learn about the process of starting jewelry export business at:
- Both the Exports by Post Regulations, 2018 and Circular 14/2018-Customs, both dated 04.06.2018, were published to make exports easier and to boost Indian exports via e-commerce—particularly those of small and medium-sized businesses—through Foreign Post Offices.
You can read the official press release of steps taken for increasing exports through e-Commerce at: Official Press Release.
E-Commerce can apply for Composition Scheme under GST Registration
Moreover, If you want any other guidance relating to GST Registration, please feel free to talk to our business advisors at 8881-069-069.
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