Registration
Company Registration
GST is to be charged at every step of the supply chain, with full set-off benefits available. The procedure for GST is entirely online and requires no manual intervention.
GST Registration Online - An Overview
Launched on July 1 2017, the Goods & Services Tax (GST) applies to all Indian service providers (including freelancers), traders and manufacturers.
A variety of Central taxes like Service Tax, Excise Duty, CST and state taxes like Entertainment Tax, Luxury Tax, Octroi, VAT are absorbed in one tax – GST, implemented on 01.07.2017.
Every product goes through multiple stages along the supply chain, which includes the purchasing of raw materials, manufacturing, sale to the wholesaler, selling to the retailer and then the final sale to the consumer. Interestingly, GST will be levied on all of these 3 stages.
Every product goes through multiple stages along the supply chain, which includes the purchasing of raw materials, manufacturing, sale to the wholesaler, selling to the retailer and then the final sale to the consumer. Interestingly, GST will be levied on all of these 3 stages.
- CGST and SGST are levied on intra-state transactions.
- CGST is collected by the centre and SGST by the state.
- IGST is charged on inter-state goods/services transactions
Also, taxpayers with a turnover of less than Rs.1.5 crore can choose composition scheme to get rid of tedious GST formalities and pay GST at a fixed rate of turnover.
What is a GST Return?
A GST Return is a document containing details of income that is required to be filed as per the law with the tax authorities. Under the GST law, a taxpayer has to submit two returns on a monthly basis and one such return annually. All returns have to be filed online. Please note that there is no provision for revising the returns. All invoices for the previous tax period that went unreported must be included in the current month.
Under GST, a registered dealer has to file GST returns that include: Purchases, Sales, Output, GST (On sales) and Input tax credit (GST paid on purchases).
What is GSTIN?
GSTIN is a unique identification number given to each GST taxpayer. To verify a GSTIN number a person who has a GST number can log onto the GST portal.
What is the GSTN (Goods and Service Tax Network)?
The Goods and Service Tax Network (or GSTN) is section 8 (non-profit), non-government, private limited company. GSTN is a one-stop solution for all your indirect tax requirements. GSTN is responsible for maintaining Indirect Taxation platform for GST to help you prepare, file, rectify returns and make payments of your indirect tax liabilities.
MSME/SSI
The Micro, Small and Medium Enterprises are considered as a very significant piece of India’s legacy economic model and a part of the critical supply chain for products and services. This sector is the job creator as well as play a crucial role in providing large-scale employment and industrialization of rural and backward areas.
Although getting MSME online registration is not mandatory but it is always suggested to small and medium enterprises to get it done it provides a variety of benefits. Benefits such as rate of interest charged would be very less, tax subsidies, capital investment subsidies and much other support from the government sector.
Provident Fund (PF)/ESI
Employee State Insurance Corporation or ESIC is a self-financing social security and health insurance scheme which provides medical benefit, sickness benefit, maternity benefit, disablement benefit and various other benefits such as funeral expenses, free supply of physical aids etc. to the employees and their family.
Units or Establishments that have 10 or more employees,
Drawing the wages of up to Rs.15,000 a month are required to be registered for ESIC under the ESI Act 1948. The benefits provided by the scheme are funded from the contributions raised from covered employees and their employers at the fixed percentage of wages.
All Establishments and Factories employing more than 10 employees are required to mandatorily apply for ESI registration within 15 days of the ESI Act, 1948 becoming applicable to them.
Choose ESI Registration because:
- Provides complete medical care to employees
- Includes employee’s dependants also
- Mandatory for units with >10 employees
IMPORT EXPORT CODE
Like importer exported code, import export code, import export license, import export number, IE code, IE license etc.
Import Export Code or IEC
Import Export Code or IEC is a 10-digit code that a business or a person needs to import/export goods/services.
This code is issued by DGFT (Director General of Foreign trade), Ministry of Commerce and Industries, Government of India. The validity of this code is for lifetime, that is, there is no need to renew it.
This code has many names, like importer exported code, import export code, import export license, import export number, IE code, IE license etc. You can issue this code in either your name or under company’s name.
Once issued, it is valid for all its division/units/factories/branches.
TRADE LICENCE
Trade License is a document that gives permission and certifies you to carry on a particular trade or business for which it is issued. It does not give ownership of property or permission for any other activity other than for which it is issued.
Business organization needs a trade license
Every business organization needs a trade license from regulators, be it the municipal corporation or the state government.
The municipal corporation authorizes license department and allots licenses in consultation with other specific consultative departments like Health, Engineering, Estate and others of the same type.
License Department
In perspective of this, it is essential for any business establishments to take primary licenses from the License Department before beginning manufacturing, exchange or storage of any activity.
The application has to be filed with the Commissioner in the Corporation 30 days before the start of business. While filing, the business has to submit all the mandatory documents.