GST REGISTRATION
Under Goods and Services Tax (GST), businesses whose turnover exceeds the Threshold Limit of Rs.40 lakh or Rs.20 lakh or Rs.10 lakh as the case may be, must register as a normal taxable person. It is called GST registration.
For certain businesses, registration under GST is mandatory. If the organization carries on business without registering under GST, it is an offence under GST and heavy penalties will apply.
GST registration usually takes between 2-6 working days. Team Low Price Filing can help you obtain GST registration.
Documents Required for GST Registration
• Pan Card of the Applicant
• Aadhar Card
• Proof of business registration or Incorporation certificate
• Identity and Address proof of Promoters/Director with Photographs
• Address proof of the place of business (Any one of the Below)
• Electricity Bill, Sale Deed, Property Tax Receipt
INCOME TAX RETURN
Income Tax Return (ITR) is a form which a person is supposed to submit to the Income Tax Department of India. It contains information about the person’s income and the taxes to be paid on it during the year.
Information filed in ITR should pertain to a particular financial year, i.e. starting on 1st April and ending on 31st March of the next year.
Income can be of various forms such as:
• Income from salary
• Profits and gains from business and profession
• Income from house property
• Income from capital gains
• Income from other sources such as dividend, interest on deposits, royalty income, winning on lottery, etc.
Documents For (ITR)
Pan card
Aadhar Card
Bank Account Details
Form-16 (If Available)
GST RETURNS
A GST Return is a document containing details of all Sales and Purchases that a GST- Registered taxpayer (every GSTIN) is required to file with the tax administrative authorities. This is used to calculate net tax liability.
Under GST a registered dealer has to file GST returns that broadly include:
• Purchases
• Sales
• Output GST (GST Collected on sales)
• Input tax credit (GST paid on purchases)
There are 13 returns under GST.
They are the GSTR-1, GSTR-3B, GSTR-4, GSTR-5, GSTR-5A, GSTR-6, GSTR-7, GSTR-8, GSTR-9, GSTR-10, GSTR-11, CMP-08, and ITC-04.
However, all returns do not apply to all taxpayers. Taxpayers file returns based on the type of taxpayer/type of registration obtained
MSME CERTIFICATE
MSME registration is also called Udyam registration. The entities that fulfil the MSME classification can apply for MSME registration from the government portal, the Udyam portal.
It is beneficial to get one’s business registered under this because it provides a lot of benefits in terms of taxation, setting up the business, credit facilities, loans etc.
Documents Required for MSME Registrations
1 Aadhar card
2 Pan Card
3 Address of Business place
Benefits of MSME Registration
• Collateral-free bank loans. ...
• Access to international trade. ...
• Reduced rate of interest from banks. ...
• Subsidy on Patent Registration. ...
• Tax Exemption. ...
• Protection against Delayed Payments. ...
• Electricity bill concessions. ...
• Reimbursement of ISO certification.
COMPANY REGISTRATIONS
In INDIA, every company is established under the Companies Act 2013, and the Ministry of Corporate Affairs (MCA) governs them. The following are the types of companies that an entrepreneur can incorporate in INDIA:
• One Person Company (OPC): A company incorporated by a single member is known as OPC. An OPC is suitable for single or sole entrepreneurs.
• Limited Liability Partnership (LLP): LLP is incorporated by two or more partners. It is suitable for a group wishing to start a company as a partner.
• Private Limited Company: A private limited company is established by two or more members. It is best suited for entrepreneurs planning to raise funds for their businesses.
• Public Limited Company: A public limited company is established by a group of people who wish to offer the company shares to the public
Requirements For Company Registrations in India
Entrepreneurs must comply with the following requirements before applying for company registration
• The company must have a unique name, i.e., not identical or similar to an already registered company name or trademark.
• The company must have the minimum directors (One director for OPC, two for a private company and three for a public company).
• Foreign nationals can be directors of the company, but at least one director must be an Indian citizen.
• The company must have the minimum members (One member for OPC, two for a private company and seven for a public company).
• All the directors and shareholders must have a Digital Signature Certificate (DSC) to sign documents and forms.
Company Registration Process
The company registration process is as follows:
• Applying for the DSC and DIN of all directors.
• Filling Part-A of the SPICe+ form and reserving the company name on the MCA website.
• Filling company details in Part-B of the SPICe+ form.
• Filing the eMOA and eAOA.
• Filling the AGILE-PRO form for opening a bank account and registration of EPFO, ESIC, GSTIN and professional tax (if applicable).
• Uploading the required documents.
• Submitting the filled form SPICe+ form on the MCA website by attaching the DSC of the proposed director and declaration by a professional (Chartered Accountant).
• The ROC will register the company and issue the following:
• Company Incorporation Certificate
• Company Permanent Account Number (PAN)
• Company Tax Collection and Deduction Number (TAN).
Documents Required for Company Registration
• PAN card of every director and shareholder.
• ID proof of every director and shareholder, which can be any one of the below documents:
• Aadhaar card
• Voter ID card
• Driving license
• Passport (in case of foreign nationals)
Address proof of every director and shareholder, which can be any one of the below documents:
• Bank account statement
• Latest electricity, water or internet bill
• Mobile bill not older than three months
• Resident card, bank statement or driving license (in case of foreign nationals)
Proof of registered office address of the company, which can be any one of the below documents:
• Electricity, gas, internet or water bill
• Rental agreement and NOC from the owner (in case building premises is leased)
• Latest property tax receipts
• Sale deed or property registration deed (in case building premises is own)
Trademark Registration
Overview of Trademark Registration
Trademark Registration plays a vital role in enhancing the business image and goodwill. Besides, this registration ensures the unique positioning of goods and services, thereby enabling businesses to reap more profit. In general, Trademark registration serves as a legit instrument that provides comprehensive fencing of the company's intangible assets such as brand name and logo against possible infringement.
Getting Trademark registration is a tedious affair considering the quantum of compliances presented in the prevailing Act. Presently, it is governed by the Trademark Act, 1999, which lays down various provisions relating to registration, eligibility criteria, and type of rights accessible to the owner.
Below mentioned are the different type of Trademark that stands eligible for registration in India.
1.Words and Service Marks
2.Shape marks
3.Logos and Symbols
4.Collective marks
5.Series marks
6.Certification Mark
Benefits of Trademark Registrations
• Provide much-needed thrust to a brand value which could further be translated into increased sales for the company.
• Facilitate exclusive ownership right to the owner, i.e. ensuring complete fencing of concerned IP asset.
• Enable companies to reduce marketing campaign budget for promoting particular goods and services.
• Create IP assets for the company that can be sold, assigned, franchised or commercially contracted.
• Vest owners with rights to sue the infringer in case of trademark infringement.
Outsourced Accounting & Book Keeping
The Outsourced Accounting & Bookkeeping is an external accounting company taking over your in-house accounting department functions. The external team is an extension of your team yet provides capabilities of scale, cost, and expertise that are difficult to hire internally for most businesses. The outsourced accounting team handles the day-to-day transaction coding, accounts payable, accounts receivable, payroll, management financial reporting, and many other services just like an internal team.
Outsourcing does not mean offshoring. It means any solution that is not employed by your company. The most cost-effective solutions offering the most value are often a combination of onshore and offshore.
Benefits of Outsourced Accounting
1.Industry- Specific Expertise
2.Grow Without overheads
3. High-Cost Savings
4. Scale your business with support
5. Dedicated Business Continuity
6. Focus on Core Business.
IEC (Import-Export Code)
IEC (Import Export Code) is required by anyone who is looking to start his/her import/export business in the country. It is issued by the DGFT (Director General of Foreign Trade). IEC is a 10-digit code Predominantly importer merchants cannot import goods without the Import Export Code and similarly, the exporter merchant cannot avail benefits from DGFT for the export scheme, etc., without IEC.
Documents Required for IEC Registration
For IEC Code Registration, the following documents are required:
• Individual’s, firm’s or company’s copy of PAN Card.
• Proprietor’s voter ID, Aadhaar card or passport copy.
• Proof of establishment, incorporation or registration of the partnership, society, proprietorship firm, company, HUF, etc.
• Proof of address of business premise, such as sale deed, lease deed, rent agreement or utility bills (electricity bill, telephone bill or mobile bill).
• Individual’s or company’s or firm’s cancel cheque copies of current bank accounts.
FSSAI Registration
FSSAI registration is one of the most important registration required by every person involved in the food business, such as persons who wish to open a restaurant, bakery, hotel, cloud kitchen or food stall in India. Every Food Business Operator (FBO), such as entities or persons involved in manufacturing, preparation, selling, transportation, distribution and storage of food articles/products, are also mandatorily required to have an FSSAI registration to carry on their food business.
Types of FSSAI Registrations
FSSAI registration is based on the business types, turnover and capacity of production. Depending upon the installed capacity and turnover, FBOs are eligible for license such as basic license, central license, and state license.
• FSSAI Basic Registration – FBOs having a turnover of less than Rs.12 lakh p.a must obtain FSSAI basic registration. The FSSAI registration form that the applicant has to fill to obtain FSSAI basic registration is Form A.
• FSSAI State License – FBOs having a turnover of more than Rs.12 lakh p.a and less than Rs.20 crore p.a must obtain the FSSAI state license. The FSSAI registration form that the applicant has to fill to obtain an FSSAI state license is Form B.
• FSSAI Central License – FBOs having a turnover of more than Rs.20 crore p.a must obtain the FSSAI central license. The FSSAI registration form that the applicant has to fill to obtain FSSAI central license is Form B.
Partnership Registration
Partnership registration means the registration of the partnership firm by its partners with the Registrar of Firms. The partners should register their firm with the Registrar of Firms of the state where the firm is located. Since partnership firm registration is not compulsory, the partners can apply for registration of the partnership firm either at the formation of the firm or subsequently at any time during its operation.
For partnership registration, the two or more people must come together as partners, agree on a firm name and enter into a partnership deed. However, partners cannot be members of a Hindu Undivided Family or husband and wife.
Importance of Registering a Partnership Firm
The registration of a partnership firm is optional and not compulsory under the Indian Partnership Act. It is at the discretion of the partners and voluntary. The firm’s registration can be done at the time of its formation or incorporation or during the continuance of the partnership business.
• A partner can sue against any partner or the partnership firm for enforcing his rights arising from a contract against the partner or the firm. In the case of an unregistered partnership firm, partners cannot sue against the firm or other partners to enforce his right.
• The registered firm can file a suit against any third party for enforcing a right from a contract. In the case of an unregistered firm, it cannot file a suit against any third party to enforce a right. However, any third party can file a suit against the unregistered firm.
• The registered firm can claim set-off or other proceedings to enforce a right arising from a contract. The unregistered firm cannot claim set off in any proceedings against it.
Checklist for Partnership Firm Registration
• Drafting of Partnership Deed.
• Minimum two members as partners.
• Maximum of equal to or less than twenty partners.
• Selection of appropriate name.
• Principal Place of business.
• PAN card and bank account of the firm.
Limited Liability Partnership (LLP) Registration
Limited Liability Partnership (LLP) has become a preferred form of organization among entrepreneurs in India. An LLP incorporates the benefits of a partnership firm and a company. As the name suggests, an LLP is a partnership firm established by a minimum of two partners who enter into an LLP agreement. However, the partners of an LLP have limited liability and the LLP has perpetual succession just like a company.
Among the partners, there should be a minimum of two designated partners who must be natural persons, and at least one of them should be resident in India. The rights and duties of designated partners are governed by the LLP Agreement. They are directly responsible for the compliance of all the provisions of the LLP Act, 2008 and provisions specified in the LLP agreement.
Features of LLP
• It has a separate legal entity just like companies.
• Minimum two persons should come together as partners to establish LLP.
• There is no upper limit on the maximum number of partners.
• There must be a minimum of two designated partners.
• Atleast one designated partner must be a resident of India.
• The liability of each partner is limited to the contribution made by the partner.
• The cost of forming an LLP is low.
• Less compliance and regulations.
• No requirement of minimum capital contribution.
Documents Required for LLP Registration
A. Documents of Partners
• PAN Card/ ID Proof of Partners – All the partners are required to provide their PAN at the time of registering LLP. PAN card acts as a primary ID proof.
• Residence Proof of Partners – Partner can submit any one document out of voter’s ID, passport, driver’s license, utility bills not older than 2 months or Aadhaar card as residence proof. Name and other details as per residence proof and PAN card should be exactly the same.
• Photograph – Partners should also provide their passport size photograph, preferably on white background.
• Passport (in case of Foreign Nationals/ NRIs) – For becoming a partner in Indian LLP, foreign nationals and NRIs have to submit their passport compulsorily. Passport has to be notarized or apostilled by the relevant authorities in the country of such foreign nationals and NRI, else Indian Embassy situated in that country can also sign the documents.
Foreign nationals or NRIs have to submit proof of address also which will be a driving license, bank statement, residence card or any government-issued identity proof containing the address.
If the documents are in other than the English language, a notarized or apostilled translation copy will be also be attached.
Documents of LLP
• Proof of Registered Office Address: Proof of registered office has to be submitted during registration or within 30 days of its incorporation.
• If the registered office is taken on rent, a rent agreement and a no-objection certificate from the landlord has to be submitted. No objection certificate will be the consent of the landlord to allow the LLP to use the place as a ‘registered office’.
• Besides, any one document out of utility bills like gas, electricity, or telephone bill must be submitted. The bill should contain the complete address of the premise and owner’s name and the document shouldn’t be older than 2 months.
• Digital Signature Certificate: One of the designated partners needs to opt for a digital signature certificate also since all documents and applications will be digitally signed by the authorized signatory.
Checklist for LLP Registration
• Minimum of two partners.
• DSC for all designated partners.
• DPIN for all designated partners.
• Name of the LLP, which is not similar to any existing LLP or trademark.
• Capital contribution by the partners of the LLP.
• LLP Agreement between the partners.
• Proof of registered office of the LLP.