TaxUdyogTax & Statutory Registration
According to our Indian constitution, it is mandatory for everyone in India who falls under the tax slab to pay their taxes. In India, it is extremely important to register your company for the taxes.
Statutory Registration
Statutory registration contains the records of the company’s Directors, Deposits, Shares, Shareholders/ Members, Loans, and Guarantees and these data are kept at the company’s registered office. According to Company Act, 2013 there are certain registers that have to be kept open for inspection by members, directors and creditors or by other people. The registers have to be kept at the registered office and the regularly updated version of the registered is required at regular intervals.
At TaxUdyog, we aim to provide quality services under Tax and Statutory Registration and assist your organisation to comply legally. Tax and Statutory registration services such as GST Registration, 80G & 12A, Startup registration, Copyright & Trademark, MSME registration, IEC code all comes under this. These are the facilities that will help your business grow and would be fruitful in the long term. Services such IEC code help you to do business abroad. GST registration is necessary to make sure there is one India, one tax is followed all over our country. 80G & 12A helps NGOs take benefit of the government scheme. Startup registration helps any new business to register themselves under Startup India. Copyright & Trademark are the intellectual property rights that help you protect the unique identity of the business. MSME registrations are done to take benefit of the government schemes.
GST Registration
The products that we use go through multiple stages before it turns into a complete presentable and finished product. The first step is purchasing raw materials and then manufacturing and selling to the wholesaler and from the wholesaler to the retailer and finally to the consumers. GST is levied on all the 3 stages of the whole procedure. There is also one very interesting part to it that let’s assume if the product is manufactured in Mumbai and consumed in Delhi then the entire revenue that is generated will go the Delhi.
It has 4 components CGST which means Central goods and service tax, SGST which means State goods and service tax and third one is IGST which is Integrated goods and service tax. The fourth one is UTGST which means Union territory goods and services
* Household items that come under the basic necessity are all exempted from the taxation and are not taxed at all
* Necessity items and household goods which also includes life- saving drugs are all taxed at 5%
* Food delivery provided by restaurants, food joints and Electronic products like the computer has a GST rate of 18%
* Industrial intermediaries like toothpaste, soaps, capital goods, hair oil, etc are taxed at 18% GST
* The luxury items are taxed the most which are also the particular sections where mostly rich people spend their money and the GST of luxury items are 28%. The GST Act, 2017 was primarily levying additional cess on luxury and demerit goods to fund the gap between the actual and promised revenue as compensation which is also known as Compensation cess on
GST.
Startup Registration
The term startup is used for the newly established business and is often used for small business that is started by 1 or more than 1 person. When we say startup, what we mostly mean is that the product or service that it offers is not offered by any other business in the current society. The keyword here is Innovation. Startup either develops a new product or service or make the current existing product in a better way.
In order to boost our economy, the government of India made policies to attract young entrepreneurs to benefit from those policies and start their businesses. Startup India is an initiative that is led under the guidance of our current prime minister, Narendra Modi, that recognises and promotes the startup that we have in India.
Step 1: Incorporate your business The first step is to decide whether you want to register as a Private limited, Company, Limited liability partnership or Partnership firm. You can then register your business under any of the above-mentioned things where TaxUdyog will help you in each and every step.
Step 2: Register your startup with Startup India The next step is to register your business with Startup India so that you can avail the benefits of this policy. There is a website dedicated to this only where you can find relevant information regarding startup India.
Step 3: DPIIT recognition | DPIIT means Department for promotion of industry and Internal Trade and it aims to provide high-quality intellectual services and resources to the startup.
Step 4: Application for Recognition The page for recognition application detail appears where you can view details and then register under the details section.
Step 5: Registration of Documents The required documents are further needed for the registration processes.
Step 6: Recognition Number Once you complete the above-mentioned procedures then you will get a Recognition Number for your business or startup.
Step 7: Various other areas After completing all the processes there are various other areas like intellectual property rights, funding, certifications, tax exemption, etc that are all taken care of At TaxUdyog, we help your registration process go smoothly.
Which Tax & Statutory service you should prefer?
MSME Registration
Micro Enterprise is the type of enterprise that is involved in manufacturing and has a total investment in its plant & machinery not more than 1 crore or less than that. The annual turnover that the MSME should not exceed more than 5 crores.
Small Enterprise can be categorised as the enterprise that has a manufacturing business and the value of the plant and machinery is ranging from anything between 5 crores to 10 crores. The annual turnover of the enterprise should not cross Rs 50 crores.
Medium Enterprise is the type of business that has the total investment in its plant & machinery should start from 10 crores but it does not exceed Rs 50 crores. The annual turnover should not cross Rs 250 crores.
* Interest rates The interest rate that the bank charges from any other enterprise is lower in MSME registered enterprise
* Loan is easily available If your business is registered under MSME then the loans are easily available for your firm. Whether you have a manufacturing business or your MSME is in the service sector, your business is entitled to mortgage or collateral-free loans from banks. The amount of the loan can be pretty big and you can get up to 1 crore through SIDBI which comes under the credit guarantee scheme
* Concession in Electricity MSME that is registered can avail concession in their electricity for their units used if they make a written application and carry their MSME registration certificate to the electricity office.
* Subsidy in industrial promotion A business that is registered as MSME is eligible for subsidies for industrial promotion which is a policy provided by the Government
* Speedy recovery of dues The 45 days period is fixed for the MSME if the required amount between the parties is not paid within the same time period or if there is no understanding that they can reach within that period. The failure of meeting the dues can result in an interest rate that is three times more than the bank rate.
IEC Code
* To commence business
If you are planning on doing business in the Import or Export department then you should save yourself some trouble and get the IEC code from the custom’s office. It is required and essential for import or export business. It gives a unique identity to the business and hence no import or export can be done or initiated if your business doesn’t have IEC Code.
* PAN card is required
The IEC is a pan based unique number issued to the business against only one PAN card. DGFT issues only one IEC code and that is applicable for the whole of India.
* Renewal is not required
If you have your IEC code and you got it allotted from the DGFT once, then there is no requirement for the renewal of the same. It doesn’t expire ever and you can continue to use it for the rest of your life. The only thing is that only one PAN card gets one IEC code.
* Can obtain benefits from DGFT
The term DGFT means Directorate General of Foreign Trade and if you have IEC or Import and Export code then you can obtain benefits from DGFT
At <b>TaxUdyog</b>, we make sure to make this complex procedure of getting the IEC Code easy for you. With the right resources and expert’s knowledge, we aim to make this hectic task smooth for you.
Copyright and Trademark
According to our law, it is not mandatory to get the copyright registration but for all practical purposes, it is extremely important that you get the copyright of your original work done. Under section 13 of the Copyright Act, 1957, it provides the copyright subsists in original work only. The validity for which you can claim your original work is for 60 years from the first time of its publication, broadcast to the public or delivery. TaxUdyog helps you protect your important creations and your valuable intellectual property.
Trademark
It is a unique identity of your business that makes your business products or services stand out from the rest. It comes under intellectual property rights and is registered under your intangible asset. The registration of the trademark provides legal protection of your company's unique identity and make sure that the other person or company does not use the same thing for the unique identity of the business. Registration makes it legally abide by the rules.
* Literary work
Whether your work is in the form of technical books, dramatics, scripts, thesis or it is a work of fiction, it can all be claimed whether or not its quality is up to mark or not. The copyright act doesn’t care about things like style, merit or quality.
* Artistic work
Section 2 of the Copyright Act protects the original work that comprises paintings, drawings, plans, maps, diagrams, models of buildings, graphics, etc in case there is a threat to these artistic works.
* Music work
The music work of an artist does not include the lyrics or any sound. Rather, music work is a distinct copyright work and the author of the sound recording have to make sure that they take permission from the one who is the author of the music work.
* Name
Here the names can be of any sort from your product name to the business name. It comprises all the things that can help your business stand out from the rest of the businesses. it also contains the abbreviation that can be used to determine your brand. Eg BMW
* Symbol / Logo
Any symbol or logo that represents your brand also comes under this. Eg- The logo of Nike has Tick in it.
* Tagline
The tagline of your company like McDonald’s has for it’s a company- ” I’m loving it” is a tagline that they have for their brand that is unique and is registered under the brand.
* Other things
The other things that also holds an identity for your brand like the colour scheme, sound mark, scent mark, etc also play a vital role in recognising the brand
80G & 12A
A recent update or changes that have been there in the law, it has mandated that all the NGOs that were already registered under 80G and 12A should re-register themselves again so that the benefits they enjoy under tax exemption continues. If the NGO is involved in CSR activities which are also known as Corporate social responsibility, it is required to fill the form CSR-1 to register.
Our Indian government allows the NGOs to register under the Public Trust act of all the states or it can also be registered under the Societies Registration Act or it can be registered under section 8 of the Companies Act, 2013
The registration under section 12A is done for tax exemption and any NGO which has not registered itself under this section can not get the benefit of tax exemption and will have to pay taxes just like any other normal company do every financial year.
The steps required for registration of NGO under 12A are:-
* Form 10A is to be chosen for an application and the commissioner of Income-tax does approve it
* The documents that are required for the registration processes are to be submitted
* When you are finally done with document submission, your application will be reviewed by the commissioner of Income-tax and he or she may ask for additional information if required.
* If all the documents that you submitted are satisfactory then the registration process will be completed soon or else your application would be rejected
According to Income-tax Act, under section 80G the donors who are willing to contribute towards NGOs are allowed to reduce the amount of donations made from their total income. Thus, it will helo in disposing of the income towards good causes.
What are the steps to register your NGO under section 80G?
The steps mentioned below to register your NGO under section 80G are very important and should be duly followed in order to get the benefits it possesses.
* With the commissioner of Income-tax exemption, an application in form 10A has to be filed.
* The second step is to submit all the required documents
* When you are finally done with submitting your documents, the documents would be reviewed by the commissioner. If any other additional documents are required by the commissioner then the same has to be provided in the given time period in order to save your form from getting rejected.
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