GST Registration

WHAT IS THE GST REGISTRATION PROCEDURE

GST REGISTRATION PROCEDURE

The taxation system for goods and services in India is defined by a cascading tax structure which leads to slower economic growth. To remove this problem, a uniform and a simple tax system like GST (Goods and Service Tax) is needed to unite the nation. The main expectation from this is to abolish all indirect taxes and only GST would be levied. GST is levied both on goods and services. The GST system starts across India on 01 April 2017.

WHO NEEDS GST REGISTRATION?

  • If any business has an annual turnover of more than 40 Lakhs Per Annum (10 Lakh for the North Eastern States)
  • If there is any interstate transaction
  • If Business is already registered under VAT, Excise Laws, Service Tax Laws
  • If you have E-commerce/online business
  • If you have an export business

DOCUMENTS REQUIRED FOR GST REGISTRATION?

FOR PROPRIETORSHIP- 

  • PAN card of the owner
  • Aadhar card of the owner
  • Photograph of the owner
  • Electricity bill of the premises

FOR PARTNERSHIP/ PRIVATE LIMITED COMPANY

  • PAN card of the company/ partnership
  • PAN card of the Director/ partner
  • Aadhar card of the Director/ partner
  • Photograph of the Director/ partner
  • Electricity bill of the premises
  • Partnership Deed/ Certificate of Incorporation
  • Letter of Authorization

WHAT IS THE REGISTRATION PROCEDURE FOR GST?

Goods & Service Tax registration is an online process through a portal maintained by the Government of India

The applicant will need to submit his PAN, mobile number and email address in Part A of Form GSTR–01 on the GSTN portal or through Facilitation center (notified by the board or commissioner).

The PAN is verified on the GST Portal. One-time password (OTP) is received on the registered Mobile number and E-mail address for verification. Once the verification is complete, the applicant will receive an application reference number (ARN) on the registered mobile number and via E-mail. An acknowledgment should be issued to the applicant in FORM GSTR-02 electronically.

Applicant needs to fill Part- B of Form Goods & Service Tax REG-01 and specify the application reference number. Then the form can be submitted after attaching all the required documents.

If additional information is required, Form GSTR-03 will be issued. Applicant needs to respond in Form Goods & Service Tax REG-04 with required information within 7 working days from the date of receipt of Form Goods & Service Tax REG-03.

If you have provided all required information via Form Goods & Service Tax REG-01 or Form Goods & Service Tax REG-04, the registration certificate in Form GST REG –06 will be issued to the applicant.

The whole GST registration process takes around 7-8 working days.

GOODS & SERVICE TAX REGISTRATION FEES

We at CAONWEB provide services of online GST registration, you can contact our team of professionals for any query related to this. The prices for GST registration starts with Rs. 2000/-

Tradmark-Registration

Trademark Registration

Trademark is a symbol of your business.A trademark helps BUILD VALUE of your product/service/business. It helps distinguishes your product or services with others. If you have a trademark but not registered you cannot take legal action in case of infringement of your trademark by others. Trademark registration is an investment for your business as it helps you protect identity and prevent others from unauthorized use.

You are at the stage where your business is growing, public will recognize and remember it if you have a trademark. But having a trademark without registering the same will only create risk for you. With trademark registration available at such reasonable cost in today’s date, you should get your trademark registered to maximise protection and value.

To begin the trademark registration at the most reasonable cost in India reach out to us at caonweb.com

Benefits of Trademark registration

 Legal Protection

You become the legal owner of the registered trademark and no another person has the right to use your registered trademark without your prior permission.

 Unique Identity

One of the best qualities of trademark registration is that it helps you to establish a unique identity of your company. And no other competitor can apply or use your trademark for similar goods or services.

 Creation of Asset

A Registered trademark can act as an asset as the owner of the trademark can easily sell, franchise or allow it on the contract basis to another party. It creates a kind of intellectual property for the same.

 Popularise your Brand

A Registered trademark is easily searchable as it is available in government trademark database. It also helps you to get popular among people which are a great sign for your company.

tds Return

TDS Return

TDS (Tax Deducted at source) is a form of indirect tax collected by the revenue authorities of the Indian government as per the Income Tax Act 1961. This tax is usually collected at the time of generation of income or rather at the time of making payment. It is the amount deducted from payments of various kinds such as salary, contract payment, commission etc.

Who is required to file TDS return?

Submitting TDS Return is mandatory if you are a deductor:
It is the duty of the person who is making payment to someone for specified goods or services to deduct TDS and file TDS return. The specified payment includes salary, interest, commission, brokerage, professional fees, royalty, contract payments, etc. The person who deducts TDS is called deductor and the person whose tax is being deducted is called deductee.
TDS is not required to be deducted by Individuals and HUF other than for those whose accounts are required to be audited u/s 44AB i.e. whose gross receipts in preceding financial year in case of business is more than 1 crore (AY 2016-2017) and in case of the profession 50 lakhs (AY 2017-2018).

Is PAN is mandatory for deductors and deductees/employees?

PAN of the deductor has to be given by Non-Government deductors. It is essential to quote PAN of all deductees.
Deduction at a higher rate: As per section 206AA if the deductee fails to provide PAN then deduction has to be made at 20% or applicable rate whichever is higher.

How to file TDS returns?

TDS is based on the concept of ‘Pay as you earn’. To provide the benefit of tax deducted to the person receiving the payment, it is mandatory to file a TDS return by the deductor.

Filing the TDS Online and Offline:

Offline Go to TIN – FC (Centre) near your Office:

You can file the e-TDS returns at any of the TIN-FC opened by the e-TDS Intermediary for this purpose. The addresses of these TIN-FCs are available in the following URLs: http://www.incometaxindia.gov.in/ or at http://www.tin-nsdl.com/

Online Filling of e-TDS Return:

The more convenient method is to file your e-TDS return online for this you have to register to NSDL as mentioned before.

What is TAN and is it required to file TDS return?

TAN is an alphanumeric 10 digit number required by a person who is liable to deduct TDS and file TDS return. Thus such person must make an application within a month of deducting TDS for allotment of Tax Deduction and Collection Number (TAN) in Form 49B. This number allotted is mandatory to mention in all TDS Certificates issued, returns, challans etc.
If a person fails to apply for TAN he may be penalized up to Rs. 10,000/-

Forms which are required to be filed

 Form 24Q

This is required to be filed when there is payment of salary by the deductor. It contains the detail information of salary paid and credited to the account of the employee along with the TDS deducted and payment details of the same.

Form 27Q

This form is filed when the deductee is a non-resident foreign company. Any payment made to them and TDS Deducted on it is reported in this return.

Form 26QB

This return is to be filled if any payment is made for the transfer of any immovable property.

 Form 26Q

This form is filed for any other case like interest payment, commission payment, professional fees payment, contractual payment etc.

msme Registration

Who needs registration under MSME? Benefits of registering under MSME

MSME is for manufacturing as well as service sector. MSME Registration is not mandatory, However Registering under MSME/SSI will directly benefit enterprises due to various subsidies/Exemptions/Incentives/Schemes by the Government.

Why MSME/SSI registration

1. PRIORITY LENDING/LOW RATE OF INTEREST BY BANK

2. VARIOUS TAX EXEMPTION FOR ENTERPRISES

3. SUBSIDIES BY CENTRAL AND STATE GOVERNMENT

4. BENEFITS IN INFRA SUCH AS CHEAPER ELECTRICITY RATES

Whether you want to start a business/already a startup/already an enterprise falling under the category of MSME as defined above. Be at any stage of business, we at caonweb will help you get register under MSME at the most reasonable cost. You could also avail services such as bookkeeping and other compliance requirements which may come up in future. Our team of professionals can guide you on the benefits you can avail.

Documents Required

  • Proof of business address
  • Identity proof of the promoters/proprietor/partners/directors
  • Proof of constitution of the business
  • Also MOA, AOA, Form 32, Form 18, certificate of incorporation in case of companies
  • Partnership firms- Partnership Deed
  • Additional documents may require based on.
Company

Incorporating a Company in India/ Planning startup in India/ Becoming entrepreneur/doing business in India/How to start a business/Expand business in India

We at caonweb can help you at any stage of your entry into a business. We provide the most simple one-stop solution. With our team of experts, we have hands-on experience in setting up a business legally. After you become a legal entity, we with the most reasonable cost and the hassle-free procedure can take care of your bookkeeping/taxation/compliance requirements. You also have an option to do everything online.The entire process of registering a company in India is regulated by a body called MCA (Ministry of Corporate Affairs). The incorporation and registration process requires certain formalities to be fulfilled.

Our team at CA on Web is available at your service and will help you to obtain the registration in a small time frame of 7 to 12 days. All you need is to plan for the business and all the paperwork and formalities will be handled by our team of experts.

Steps involved in company registration

 Step 1

Select the type of company to be incorporated i.e. private, public, LLP, OPC

 Step 2

Provide us with 6 proposed name for the company.

Step 3

Obtaining DIN and DSC.

 Step 4

Drafting of MOA and AOA.

 Step 5

Arranging all the necessary documents like ID and address proofs of directors, address proof of the registered office.

 Step 6

Filing of various documents with MCA along with stamp duty and other fees.

 Step 7

Obtaining certificate of Incorporation

 Step 8

Obtaining PAN and TAN of the Company

fssai Registration

FSSAI Registration & License

FSSAI Registration issued by FSSAI is required for carrying on activities related to any stage of manufacturing, processing, packaging, storage, transportation, distribution of food.

FSSAI license is mandatory before starting any food business and it is basically 14-Digit registration number which is printed on food packages.

This step is taken by the government to ensure that food products undergo certain quality checks, thereby reducing the instances of adulteration, substandard products and improve accountability of manufacturers. FSSAI gives the opportunity of applying for registration or license all over India. CA ON WEB can help your business obtain FSSAI Registration or license.

Who is eligible for FSSAI Registration or License:-

Based on Annual turnover an FBO has to either apply for simple registration or apply for the license given by FSSAI.

Annual Turnover Registration/License
Below 12 Lakhs Registration FORM A
12-20 Lakhs State License FORM B
Above 20 Lakhs Central License FORM B

Note: Annual turnover basis may vary according to case wise

Why should you get FSSAI license?

    •   There is a high degree of consumer confidence in safety & quality of food.
    •   It helps to promote innovation in foods products.
  •   It helps in removal of multiple regulations.

For more updates log on to : https://www.caonweb.com/fssai-registration.php

Apeda Registration india

APEDA Registration

Every person exporting any one or more of the Scheduled products shall, before the expiration of one month from the date on which he undertakes such export or before the expiration of three months from the date of coming into force of this section, whichever is later, apply to Authority to be registered as an exporter of the Scheduled product or Scheduled products, Provided that the Authority may, for sufficient reason, extend the time limit for registration by such period as it thinks fit. Registration once made shall continue to be in force until it is canceled by the Authority.

The Agricultural and Processed Food Products Export Development Authority (APEDA) was established by the Government of India under the Agricultural and Processed Food Products Export Development Authority Act passed by the Parliament in December 1985. The Act (2 of 1986) came into effect on 13th February 1986 by a notification issued in the Gazette of India: Extraordinary: Part-II [Sec. 3(ii): 13.2.1986). The Authority replaced the Processed Food Export Promotion Council (PPC). Under APEDA only License is required. There are no return filing requirements under APEDA.

Products Monitored

APEDA is mandated with the responsibility of export promotion and development of the following scheduled products:

  Fruits, Vegetables and their Products

  Meat and Meat Products

  Poultry and Poultry Products

  Dairy Products

  Confectionery, Biscuits and Bakery Products

  Honey, Jaggery and Sugar Products

  Cocoa and its products, chocolates of all kinds

  Alcoholic and Non-Alcoholic Beverages

  Cereal and Cereal Products

  Groundnuts, Peanuts, and Walnuts

  Groundnuts, Peanuts, and Walnuts

  Guar Gum

  Floriculture and Floriculture Products

  Herbal and Medicinal Plants

In addition to this, APEDA has been entrusted with the responsibility to monitor import of sugar.

Online APEDA Registration Procedure:

Following documents are required for registration:-

Application form duly filled, sealed and signed by the authorized signatory

Self-certified copy of Import-Export code issued by D.G.F.T. Bank Statement (for latest 2 months) and a canceled cheque

List of Directors/Partners/Proprietor on company’s letterhead in triplicate

Pvt. Ltd./Public Ltd. Co.’ s/societies should forward a copy of their Memorandum and Article of Association and Partnership firms should forward a copy of partnership deed attested by Notary

Self-certified copy of PAN issued by Income Tax Department

The company should compulsorily mention their e-mail ID, phone and fax number etc. in their application

In case the exporter desires to register as Manufacturer Exporter, they should furnish a self-attested copy of the registration of the company with the relevant certification agencies to ascertain the manufacturing status of the exporter for the products given below:-

Products Certification Agencies
Floriculture and seeds Dept. of Horticulture/DIC/SIA
Fruits & Vegetables / Rice / Groundnut / Pulses / Guargum/ Misc. Food Preparations Deptt. Of Agriculture/ Horticulture/DIC/ SIA/ FSSAI
Processed Fruits & Vegetables/ Processed Food Products/Meat products/Cereals preparation FSSAI
Dairy/Poultry/Honey FSSAI/EIC/EIA
Alcoholic Beverages Dept. of Excise Commission

Income tax Return

As per Sec 139 of the Income tax act, it is mandatory to file an Income tax return in India

    •   If your gross total income (before allowing any deductions under section 80C to 80U) exceeding INR 250000. This limit is INR 300000 for senior citizens (Who are more than 60 years but less than 80 years old) and INR 500000 for super senior citizens (Who are more than 80 years old).
  •   A company or firm irrespective of whether you have income or loss during the year.

Income tax is imposed on both types of income i.e. direct or indirect income earned by assessee. Direct Income includes salary, wages etc. whereas indirect income includes interest, rent, commission etc.

Income tax return (ITR) is a valid legal document which proves that all the taxes have been paid on the income earned by the assessee in a particular financial year. It contains all the necessary details of the annual income earned and the taxes paid thereupon. Every Indian citizen is required to file income tax return as per the provisions of Income Tax Act 1961.

Income tax return If not filed

Penalties for non-filing income tax return?

Under section 271F, the assessing officer may levy a penalty of Rs 5,000 when you have not filed your return. (applicable until FY 2016-17)

Penalties for non-filing an income tax return from FY 2017-18?

  The penalty of Rs 5,000 is applicable if Return for FY 2017-18 is filed after the due date (31st July 2018) but by 31st December 2018.
  The penalty of Rs 10,000 is applicable if Return for FY 2017-18 is filed after 31st December 2018 but by 31st March 2019.

Note: Penalty is limited to Rs 1,000 for those with income up to Rs 5 lakhs.

Income tax forms for e-filing

There are a different category of taxpayer viz. Individual, HUF, Firm, LLP, Company, Trust and AOP/BOI. As per Income tax act, 1961 there are in total 7 income tax returns which assesse can use to file his returns. Due Date is different according to audit or a non-audit case of such categories as defined in section 139(1).

ITR-1 (Sahaj) :

This is solely for individual taxpayer

    •   Who are earning income from salary or through pension
    •   Who earn income either from one house property or from investments.
    •   An Agriculturist whose income below INR 5000
    •   Who have neither income from any business nor any casual income.
  •   And whose income amount is less than 50 lakhs.

ITR-2:

This is also for individual taxpayer

    •   Whose income is greater than 50 lakhs.
    •   An Agriculturist whose income above INR 5000.
    •   An Agriculturist whose income below INR 5000
  •   Who has foreign income.

ITR-3:

This is for Individuals and HUF who have income from proprietary business or are carrying on the profession.

ITR-4:

This is for assesses who opted for presumptive taxation scheme under section 44AD, 44AE and 44ADA of income tax Act. However, if the turnover of business mentioned exceeds 2 crores, then they have to file itr-3.

ITR-5:

This is for assesses being firms, LLP’s, AOP, BOI, cooperative society, local authority and artificial judicial person.

ITR-6:

This is solely for companies except those who are claiming exemption u/s 11. As per section 11 those organizations whose income from property held for charitable or religious purposes.

ITR-7:

This is for persons including companies which are required to file their returns under following sections:
Section 139(4A) – To be filed by every person in receipt of income derived from property held under trust or other legal obligation wholly for charitable or religious purposes or in part only for such purposes.
Section 139(4B) – To be filed by political parties provided their total income earned is above the non-taxable limit.
Section 139(4C) – To be filed by every

    •   scientific research association ;
    •   news agency ;
    •   association or institution referred to in section 10(23A);
    •   institution referred to in section 10(23B);
  •   fund or institution or university or other educational institution or any hospital or other medical institution

Section 139(4D) – To be filed by every university, college or other institution, which is not required to furnish the return of income or loss under any other provision of this section.
Last Date for filing income tax return for F/Y 2016-17:

    •   For Non-Audit case i.e. 5th August 2017.
  •   For Audit case i.e. 30th September 2017 but Indian finance ministry has extended it to 31st October 2017.

Our team at CA on Web is available at your service and will help you in e-filing of income tax returns in a small time frame of 7 to 12 days.

For more Details Visit Our Website : https://www.caonweb.com/

Audit and Assurance

Audit and Assurance Services

We are providing a range of Audit and Assurance Services and business services to a diverse client base ranging from small businesses & start-ups to substantial international groups and development sector.

Tax Audit u/s 44AB of Income-tax Act, 1961: Audit of accounts of certain persons carrying on business or profession

Tax Audit is compulsory in the following cases:

  • In case a person carries business

Where a person carries business is required to get his accounts audited by a Chartered accountant if his total sales/turnover/gross receipt exceeds Rs.1Crore in the previous year, before 30th September of the relevant assessment year. However, this section shall not be applicable to the person who declares profit U/S 44AD and has total sales/turnover/gross receipts less than Rs.2Crore.

  • In case a person carries profession

Where a person carries a profession is required to get his accounts audited if the gross receipts in the previous year exceed Rs.50 lacks. Also, where a person carries profession, declares profit U/S 44ADA, and declares the profit less than the deemed profit and his total income exceeds the limit which is not chargeable to tax, then he requires to get his accounts audited.

However, this section shall not be applicable to the person who declares profit U/S 44AD and has total sales/turnover/gross receipts less than Rs.2Crore.

If failed to get accounts audited as required by sec 44AB –Penalty – Lower of

  • 1) 0.5% of total sales, turnover or gross receipts of business or profession
  • 2) Rs.150000

For more Details Visit Our Website: https://www.caonweb.com/ 

How much should you be charged on food Bills/All your concerns about food bills after GST

Someone mentioned on twitter how she is planning to cut off her outdoor eating habits as she feels the surge in bills post GST. When we asked her how much was she charged post-GST, She had no clue about the rates. Well, that’s bad we thought. Being aware of basic rates is very important. It is always better to know basic tax rates because you never know you could end up getting cheated. It’s basic stuff, everybody must know what the taxes they are liable for. Spare a minute and read this,

Establishment of Restaurant GST rate
AC 18%
Non AC-Not serving alcohol 12%
Non AC-Serving alcohol 18%
5 star Restaurant 28%

Important points:

For an AC restaurant-18% rate is applicable whether or not it is serving alcohol

The rates are same for takeaways and dine in

If restaurant has AC in any portion of the restaurant, you will have to pay the standard rate 18%. You will not be charged at a different rate of non AC if you are sitting at a non AC portion or ordering for takeaway from non AC portion.

Since liquor is not covered under GST and it is state Governments control. So if you have ordered for food and alcohol both. GST will have to be charged only on your food bill. VAT will be charged on alcohol as per State Government prescribed rates.

What about Service charge? Should GST be imposed on the amount before Service charge or after service charge?

Service charge imposed by any Restaurant is not a tax. Don’t confuse service charge with service tax. As per the Ministry of Consumer Affairs, Food and Public Distribution, service charge levied by the restaurants, is the voluntary amount paid by the customers, at their discretion.

Government has issued guidelines that Service charge is not mandatory but hospitality industry reacted by saying that guidelines is not law and they would continue to levy service charge unless Government comes up with law to prohibit the same.

Therefore what restaurants do is they put a visible notice at the outlet/also highlighted in menu sometimes that service tax would be levied by them. There is no clarity yet on if a consumer can deny or not because as of now if restaurant is informing you in advance, you would have to pay it as a general practice. So next time you see SERVICE CHARGE on your bill, don’t think of tipping the staff! As your Service charge is basically like the tip which would be used by a restaurant for staff welfare.

And yes, sadly, GST will be levied on entire sum of food bill, including service charge.

Thanks for reading! You could always get in touch with professional through caonweb.com for any questions you have.