Accounting & Taxation Services

Goods and Services Tax is a unified indirect tax combining VAT, CST, Service Tax, Excise duty, Entertainment Tax, etc and applicable all over India from 1 July 2017. GST registration not only helps you in getting your business recognized as a legal registrant but also opens a number of opportunities for your business.

Benefits to GST registered business at glance are as follows:

Expand your business online

You cannot sell products or services on e-commerce platform without GST registration. If you’re planning to give a blow on e-commerce platform like Flipkart, Amazon, Paytm, Shopify or through your own website, you must need a GSTIN.

Can take input tax credit

Only Registered GST holders can avail input of GST tax paid on their purchases and reduce its cost.

Can sell all over India without any restrictions

Without having GSTIN you cannot trade inter-state. This is possible only if you registered your business under GST.

Apply Government Tenders

Various government tenders requires GSTIN to apply tender. If you don’t have you may miss the business opportunity.

Open Current Bank Account

Especially, in case of sole proprietor business Banks & Financial Institution does not open a current bank account in the name of business trade name unless you carry any government proof in the name of your business. GST registration certificate can help you to open a current bank account.

Dealing with MNCs

Generally, MNC’s does not comfortable to deal with small business entities until they carry valid tax registration proof.

Become more competitive

You will be more competitive in comparison to your unregistered competitors since you will carry valid tax registration.

Import Export Code Registration is a key for all business entities to carry export or import of goods and services from India. It is commonly abbreviated as IEC and is the first registration required for the business entities who are dealing in Importing or exporting of goods and services from India.

  • The Import Export Code issued by the Directorate General of Foreign Trade (DGFT), Ministry of Commerce and Industries, Government of India.
  • Applying IE Code is one-time process requires no renewal. Hence, IE Code is Life Time registration.
  • IEC Code requires to quote with customs authorities/banks for importing & exporting goods and making or receiving payment to/from international parties.
  • For certain special categories of Goods and Services, an Import Export license is required for which you need to apply manually to the Director General of Foreign Trade.

ISO certification is essential requirement for growing business as per the globally accepted benchmarks of quality management and customer satisfaction. ISO certification ensures organisation meets international quality standards and assures customers that goods and services which they are buying comply certain quality standards.
An ISO certification logo on products work as a powerful marketing and branding tool which gives you an edge over your competitors. Further ISO Certification also makes an organisation eligible for filing government tenders.
International Standards outline the benchmarks on how any processes should work. They provide world-class specifications for products, services and systems, to ensure quality, safety, reliability and efficiency which are instrumental in facilitating international trade.

Given below are a few kinds of International Standards:

ISO 9001

Ensure company product & services meets customer expectations and enhance customer satisfaction.

ISO 14001

Maps out a framework that an organization can follow to set up an effective environmental management system.

OHSAS 18001

Allows a company to show their customers that company has effective health and safety management system.

ISO 22000

Allows a company to show their customers that company has effective food safety management.

ISO 20000

Allows demonstrating excellence and prove best practice in IT & improvement in the delivery of IT services.

ISO 27001

describes a best practice of company who involves in the information security management system (ISMS).

CE Marking

On any brand is a manufacturer’s affirmation that the product has complied with the necessary requirements of the applicable European health, safety, and environmental protection benchmark.

ISO 50001

Describes best energy management practices which outline using energy efficiently helps organizations save money as well as helping to conserve resources and tackle climate change.

FSSAI registration or license is essential compliance for all businesses concerning food manufacturing, processing, packaging, distribution or storage.

FSSAI registration or license is required at very first stage when you enter into any kind of food business. No matter whether you are processing or repacking or just transporting the food, all organisations must require to obtain license under FSSAI.

Why get FSSAI Registration?

The objective behind the FSSAI registration/license is to make available safe, hygienic, pure and nutritious food to the consumers.

Who issues FSSAI license?

FSSAI License is issued by the Food Safety and Standards Authority of India (FSSAI), Ministry of Family Health & Welfare, Government of India.

Types of FSSAI license

FSSAI License categorized into Registration, State License and Central License. Know the FSSAI criteria in detail.

Validity

Generally, FSSAI License valid for a limited period that might range from 1 to 5 years. Accordingly requires renewal on or after expiry of terms.

Digital Signature Certificate widely known as DSC is an electronic signature necessary for verification of the digital documents online for various financial, legal, and government platforms.
A Digital Signature is a secure key in the form of USB E-Token that contains the signature in digital format.

Given below are the areas where DSC is mandatory:

Company Incorporation

The Digital Signature Certificate is mandatory if you are incorporating a Public Limited Company, Private Limited Company, Limited Liability Partnership or One Person Company

Obtaining Director Identification Number (DIN)

Digital Signature Certificate (DSC) is mandatory while you are applying for DIN number

Ministry of Corporate Affairs (Compliances)

If your business’s annual turnover exceeds ₹60 Lakhs it is mandatory to verify your returns with Digital Signature Certificate

Income Tax

For all the individuals/professionals having an annual gross receipt of More than ₹25 Lakhs and for businesses with annual turnover of ₹1 Crore and above it is mandatory to file income tax with Digital Signature Certificate

Goods and Service Tax

If you are a business entity (other than the Sole Proprietorship) it is mandatory to have Digital Signature Certificate for both registrations and verifying GST Returns online

Intellectual Property Rights

Digital Signature Certificate (DSC) is required for filing of Intellectual Property Rights like Trademark, Patent etc

E-Tendering

A Class 3 Digital Signature Certificate (DSC) is essential for companies and organizations that take part or intend to take part in E-Tendering processes on various Government sites

Employee Provident Fund

Employers in India can use Class 2 or Class 3 Digital Signature Certificates for submitting their employee PF transfer claim form online.

Digital Signature Certificate can be categorised as:

Class 1

This class type is used to secure email communications and shall be issued for both business personnel and private individual use.

Class 2

This class type is used for Incorporation of entities, Business Registrations, Income Tax Filing, etc.

Class 3

This class type is used for participating in E-Tendering or E-Auctions.

PF Registration is compulsory for all organisations with 20 employees or more for contribution to the Employee Provident Fund of all its employees.
The Employee Provident Fund is a perk given by the employer to their employees over and above their basic remuneration. 12% of Basic Salary + DA shall be deducted on monthly basis of the employee as his contribution towards the Employee Provident Fund. Contribution towards PF are regulated under the Employee Provident Fund Act 1925.
The contribution towards EPF are also considered as deduction under section 80C of the Income Tax Act which reduce tax implication of employee under income tax computation.

Given below are the benefits of Provident Fund scheme:

Risk Coverage

The most fundamental benefit of the Provident Fund is to cover the risks of employees and their dependents that may arise due to retirement, an illness or their demise.

Uniform account

One of the most important aspects of the Provident Fund account that it’s steady and transferable. It can be carried forward to any other place of employment.

Employee Deposit Linked Insurance Scheme

This scheme is for all the PF account holders. According to it, 0.5% of the salary is deducted for the life insurance premium.

Long-term goals

There are many long-term goals such as Marriage or higher education that require the urgent availability of funds. The accumulated PF amount often comes handy during such occasions.

Emergency needs

There are certain unanticipated occasions like marriage or other family occasions, any mishappening or illness that require urgent finance. The PF amount can be of great help.

Covers pension

Apart from the employee’s 12% contribution towards EPF, an equal amount is contributed by the employer, which includes 8.33% towards Employee Pension Scheme (EPS).

As per the direct tax laws of India, the sole proprietary entities are not liable to pay flat corporate profit tax, unlike other business forms.

Employees’ State Insurance also known as ESI is a kind of social security & health insurance perk given to employees. This scheme is governed by the Employees’ State Insurance Corporation and implemented as per the ESI Act 1948. For all the employees who are entitled to get the Employees’ State Insurance benefits, total of 6.5% amount is deducted towards ESI. An organisation mandatorily requires paying ESI contribution of an employer as well as of employee on 15th of every month.

Given below are the benefits of Employees’ State Insurance:

Social security

ESI registration is one of the most reliable schemes run by Government of India that covers all risks of the employees working in the organised sector.

More contribution from employer

A total of 6.5% amount goes towards ESI, out of which only 1.75% of the employee’s salary, rest is contributed by employer.

Government schemes under Union Budget

Recently, the government has introduced several avenues for healthcare for the poor families covered under NHPS, such as getting benefits under ESI run hospitals and dispensaries.

Pehchan smart cards

The ESIC also gives Pehchan smart cards to the ESI members, that enable the insured people and their families to access all ESI dispensaries, hospitals or branches of ESIC across India and avail the subsidised facilities and services.

Objective behind Shop establishment rules is to regulate the working conditions of shop & offices and workers’ rights like wages, leaves, working hours and working conditions.
Though there is no central law governing Shop Establishment mandatory for all business entities other than factories as regulated by the Factories Act, 1948 to register under shopex. Shop Establishment registration is known by different names in various states. For instance, in Delhi it is known as Delhi Shopex, in Bihar it is known as Trade License, in Maharashtra it is known as Gumasta License, and e-Karmik in Karnataka.

The significance of an obtaining Shop Establishment Certificate can never be ignored as it emphasizes on the following aspects:

  • Regulation of working hours.
  • Prevention of child labour
  • Separate regulations regarding employment of female staff.
  • Proper guidelines for record-keeping
  • Fixed opening and closing time
  • Intervals for rest & lunch
  • Rules regarding Weekly-offs, working condition and wages
  • Important measures such as hygiene & sanitation, lighting and ventilation, safety precautions and hazard management.

Permanent Account Number is the unique 10-character alphanumeric code given to individuals, HUF, and business-firms in India and abroad. The Income Tax Department has delegated the power to generate the PAN to NSDL and UTI, who on the behalf of IT department and under the supervision of CBDT issues the PAN card.
PAN is mandatory for the many important financial obligations such as filing income tax return, an opening of bank account, availing loan, buying & selling a property, foreign exchange, bank deposit and other financial facilities. The best part is that Pan Card is valid for the lifetime unless you surrender it to tax authorities. The generation of the PAN is one-time process requires no renewal.

Here are the benefits of PAN Card:

Easily open your bank account

All banks and financial institutions mandatorily requires a PAN card as a valid id for an opening bank current or saving the account.

No hurdle to any business transaction

As per the 2010 amendment to the Income Tax Act, 1961, the PAN card has been made mandatory by the government for all the companies.

Claim your IT Refunds and Rebates

You might be entitled to a refund in case the amount of TDS exceeds the amount of income tax you are actually supposed to pay. You can get the refunds from IT department only if your TDS deduction linked to PAN and you duly file income tax return.

TDS Rebate on saving deposits

If your annual earning of interest on your savings account exceeds INR 10,000/-, the TDS deduction will be only 10% in case you’re PAN card Holder, otherwise TDS deduction would be 20%.

An opening of the demat account

PAN card is required for opening a dematerialized account also known as demat account, where all your shares and securities can be held in dematerialized or electronic format.

Avail Loan Facility

Banks and Financial Institution do not provide any loan and credit facility unless you have valid PAN card.

Buying & selling property

If you want to purchase or sell your immovable property which is worth more than INR 10 lakhs, you need to furnish your PAN card details.

 

The Tax deduction and collection account number is the unique 10-character alphanumeric code required by persons who have to deduct tax at source or TDS. The Income Tax Department has delegated the power to generate TAN to NSDL, who on the behalf of IT department and under the supervision of CBDT issues the TAN card.

Here are the benefits of TAN:

  • While filing TDS return using TAN, the complete address and PIN code of the deductee gets auto-populated as mentioned in Income Tax Department. This ensures transparency in taxation.
  • While filing TDS return using TAN, Status of Booking also gets captured. This helps the deductor to track whether or not his return has matched with TDS statement filed by him.
  • Apart from filing TDS returns, TAN can also be used for generating payment challans and TDS/TCS certificates.
  • Different branches of a company can separately make TAN application online for a separate TAN for that branch or division.

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