About Company Registrations and check list
In the GST Regime, businesses whose turnover exceeds Rs. 40 lakhs* (Rs 10 lakhs for NE and hill states) is required to register as a normal taxable person. This process of registration is called GST registration.
For certain businesses, registration under GST is mandatory. If the organization carries on business without registering under GST, it will be an offence under GST and heavy penalties will apply
ESI is a contributory fund that enables Indian employees to participate in a self-financed, healthcare insurance fund with contributions from both the employee and their employer.
The scheme is managed by Employees’ State Insurance Corporation, a government entity, that is a self-financing, social security, and labor welfare organization.
The entity administers and regulates ESI scheme as per the rules mentioned in the Indian ESI Act of 1948.
ESI is one of the most popular integrated need-based social insurance schemes among employees. The scheme protects employee interest in uncertain events such as temporary or permanent physical disability, sickness, maternity, injury during employment, and more. The scheme provides both cash benefits and healthcare benefits.
Employees’ Provident Fund or EPFis a popular savings scheme that has been introduced by the EPFO under the supervision of the Government of India.
The savings scheme is directed towards the salaried-class to facilitate their habit of saving money to build a substantial retirement corpus.
The EPF scheme has catered to over 5 Crore individuals and is directed by three different Acts, namely, the Employees’ Provident Fund Scheme Act, 1952, the Employees’ Deposit Linked Insurance Scheme Act, 1976 and the Employees’ Pension Scheme Act, 1995.
The fund is built with monetary contribution extended by employees and their employer each month. Both parties extend 12% each of the employees’ monthly salary, as their share of contribution towards EPF.
The fund thus built accrues a pre-fixed rate of interest that has been set by the Employees Provident Fund Organisation. The accrued interest on the EPF is tax-free and can be withdrawn without paying for the same. Employees avail a lump-sum amount on their retirement, which is inclusive of the accrued interest.
Individuals can apply to avail various online services of EPF India by accessing the official portal. The EPF online portal is a user-friendly platform that ensures to keep the flow of services transparent, efficient and hassle-free.
Professional tax can be defined as a tax that is levied by a state government on all individuals who earn a living through any medium. This must not be confused with the definition of other professionals such as doctors or lawyers. This is a type of tax that needs to be paid by each and every individual earning income. The calculation of this tax and the amount collected differs from one state to another. However, the limit has been set to Rs. 2500 per year.
A Digital Signature Certificate (DSC) is a secure digital key that certifies the identity of the holder, issued by a Certifying Authority (CA). It typically contains your identity (name, email, country, APNIC account name and your public key). Digital Certificates use Public Key Infrastructure meaning data that has been digitally signed or encrypted by a private key can only be decrypted by its corresponding public key. A digital certificate is an electronic “credit card” that establishes your credentials when doing business or other transactions on the Web.
Shop & Establishment
The Shops and Establishment Act is a state legislation act and each state has framed its own rules for the Act. The object of this Act is to provide statutory obligation and rights to employees and employers in the unauthorized sector of employment, i.e., shops and establishments. This Act is applicable to all persons employed in an establishment with or without wages, except the members of the employers’ family.
PAN Card is important for taxpayers as it is necessary for all financial transactions and is used to track the inflow and outflow of your money. It is important when paying income tax, receiving tax refunds, and receiving communication from the Income Tax Department.
Import / Export License ( IEC )
IEC (Import Export Code) is required by anyone who is looking to kick-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 which has a lifetime validity. Predominantly importers merchant 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.
Food Licenses ( FSSAI )
FSSAI the food authority of India issues a 14-digit License number to all FBOs.This FSSAI License number has to be printed on food products along with the FSSAI Logo so that food is considered as safe for consumption.
NSIC is the abbreviation used for National Small Industries Corporation Limited is a government undertaking operating under Micro, Small, and Medium Enterprise (MSMEs). Formed by the Government of India in the year 1955 is known as Mini Ratna Public Sector Undertaking (PSU).
NSIC promotes & fosters the growth of MSMEs operating in India through various schemes such as Single Point Registration, Marketing Support, and credit rating scheme for SMEs, etc
Partnership Firm Registration
Partnership is a common form of business. Two or more people come together to carry on a business and share the profits and losses. Liability of the partners in a partnership firm is joint and several.
Sole Proprietorship firms are the most common business types in India. Most of the entrepreneurs choose Proprietorship most of them when they are starting as a single person. It is one of the individual person firm registrations, and the main objective of the Sole Proprietorship is that you need to open a current bank account on the business name with less cost and compliance. A sole Proprietorship needs at least two legal entity proofs to open the existing bank account.