Import Export Code (IEC) Registration

Import Export Code (IEC) registration is one such prerequisite when you are thinking of taking your business globally. It is 10- a digit code issued by the Directorate General of Foreign Trade (DGFT), Ministry of Commerce and Industry, Government of India. IEC has the validity of a lifetime. Importers are not allowed to proceed without his code and exporters can’t take benefit of exports from DGFT, Customs, and Export Promotion Council, if they don’t have this code. This code must be quoted at the time of the clearing of customs.

IEC is known by many names such as import-export license, IEC license, IE license, import-export number, etc. An IEC number issued to the applicant shall be valid for all its units/divisions/branches and there is no need for renewal of the same.

• • There is no need of filing any returns, unlike other registrations.
    
  • The license has lifetime validity. That means once obtained, there is no need to renew it in the future.
    
  • The registration process is quite simple, and there is no need for providing any proof of export for the IEC license.
    
  • Getting this license will dramatically contribute to the growth of your company, as now you will be able to sell your products internationally.

FSSAI Registration

The Food Safety and Standards Authority Of India (FSSAI) is an organization that monitors and governs the food business. It was established under the Food Safety and Standards Act 2006 which is a consolidating statute related to food safety and regulation in India established under the Ministry of Health and Family Welfare. It ensures the safety and quality of the food being served. It is responsible for protecting and promoting public health through the regulation and supervision of food safety. Petty food business operators (FBOs) are eligible to apply for FSSAI registration a

• • It creates trust among the consumers since consumers want to consume those products that have the FSSAI logo.
  • It facilitates food safety and regulates the manufacture, storage, distribution, sale, and import of food.
  • It spreads consumer awareness as they have become more alert about food safety.
    
  • It gives a legal advantage to the business.
    
  • Manufacture or seller of food items.

MSME Registration

MSME stands for Micro, Small and Medium Enterprises. In a developing country like India, MSME industries are the backbone of the economy. Revised Classification applicable w.e.f 1st July 2020 Composite Criteria for investment in Plant & Machinery/equipment and Annual Turnover are as below:

Micro: Investment in Plant and Machinery or Equipment not more than Rs. 1 crore and Annual Turnover not more than Rs. 5 crores.

Small: Investment in Plant and Machinery or Equipment up to Rs.10 crore and Annual Turnover up to Rs. 50 crore.

Medium: Investment in Plant and Machinery or Equipment up to Rs.50 crore and Annual Turnover up to Rs. 250 crores.

Benefits of MSME Registration

• • Easy excess to loan and lower interest rates from banks.
    
  • There are many government tenders which are only open to the MSME Industries.
  • The government provides subsidized rates to MSMEs for TM and patent registration.
    
  • * There are various tax rebates given to MSMEs.
    

Compliance under the income tax act 1961

ITR stands for Income Tax Return. It is a prescribed form through which the particulars of income earned by a person in a financial year and taxes paid on such income are communicated to the Income-tax Department. It also allows carry-forward of loss and claims a refund from the income tax department. Different forms of returns of income are prescribed for filing returns for different statuses and natures of income.

The following persons are required to file their Return of Income

• • Every person, who is less than 60 Years, if his total income (before allowing any deductions under Section 80C to 80U) during the previous year exceeds the maximum amount which is not chargeable to tax i.e. Rs.2,50,000/-, is required to file Income Tax Return in India. For Senior Citizens, the maximum amount which is not chargeable to tax is Rs 3 lakh, and for those who are more than 80 years old, the maximum amount which is not chargeable to tax is Rs 5 lakh.
  • If a person has Long term Capital Gain or Short-Term Capital Gain on the Sale of Immovable Property or Investments (Shares, Mutual Funds etc)
  • If a person has an amount of TDS Deducted or Taxes Withheld in India, Such Taxes Withheld is more than his Income Tax Liability, then he can claim the excess amount as a Refund only by filing Income Tax Returns.
    
  • If a person has losses to be carried forward (Loss may be due to the Sale of assets, Investments etc).
  • If a person is a resident have property or financial interest in an entity located outside India.
  • If a person had entered into any transactions which are or are to be reported under Annual Information Return (AIR) under Section285BA.
    
  • In the case of LLP, Firms and Companies filing Income Tax returns is mandatory.
  • Applying for Visa or Loan from Bank/Financial institution requires ITR to be produced.
  • If a person is in receipt of income derived from property held under a trust for charitable or religious purposes or a political party or a research association, news agency, educational or medical institution, trade union, a not-for-profit university or educational institution, a hospital, infrastructure debt fund, any authority, body or trust.
    
  • If a person being Resident has signing authority in a foreign account. (Not applicable to RNORs)
    

Compliance and Consultation Services under GST Laws

It is a destination-based tax on the consumption of goods and services, applicable from July 01, 2017, in which the number of indirect taxes was subsumed into one tax. Centre will levy and administer CGST through the “CGST Act 2017” & IGST through the “IGST Act 2017” and their respective rules framed there under, while respective states /UTs will levy and administer SGST/ UTGST through respective, UTGST or State Acts and their respective rules framed there under. GST Laws requires strong controls on compliance to avoid additional cost.

The GST Law prescribes for various compliances like

• • Maintaining Records and Books of Accounts, Invoicing and E-Way Bill requirements,
  • Reporting of all outward supplies i.e. Sales Invoices, Credit Notes/Debit Notes.
    
  • Classification of Goods and Services, GST Rates, HSN/SAC Code.
  • Valuation of Goods and Services.
    
  • Compliance towards Reverse Charge Mechanism,
    Input Credits availment and reconciliation of GSTR -2A.
  • GST TDS/TCS, norms.
  • Timely Filing of GST Returns. The requirement of filing GST Returns may be monthly, quarterly or annually, depending on the nature of the dealer and type of return that is required to be filed.
  • Compliance towards regular updates in GST in the form of Amendments, Notifications, Circulars, judicial pronouncements, etc.
  • GST Audit

Employees' State Insurance

Employees’ State Insurance Scheme of India is a multi-dimensional Social Security Scheme tailored to provide socio-economic protection to the 'employees' in the organized sector against the events of sickness, maternity, disablement, and death due to employment injury and to provide medical care to the insured employees and their families.

The ESI Act 1948, requires every entity, factory, or establishment, employing 10 employees or more, is required to register itself with the ESIC. The existing wage limit for coverage under the Act is Rs.21,000/- per month (with effect from 1.01.2017).

Compliances required under ESI Laws

• Registration under the Act within 15 days from the date of applicability.
• Amendments in the registration if any shall be made 15 days after such change.
• Payment of ESI Liability shall be made within the 15th of the following month.
• Regular Compliances related to the Addition of employees, removal, maintenance of records, Nomination, Other required returns,etc.

With effect from 1st October 2019, Employees must be registered online on the date of appointment; the online system shall allow a maximum of 10 days to register the new employee.

ROC Annual return Filing and Secretarial Work

• We provide services in the following areas of Company Law in India.
  
• Incorporation of all types of Companies including drafting of MOA, AOA, etc.
• Preparation of Financial Statements and Annual Reports including directors' reports.
• Annual Return filing with Registrar of Companies (ROC) namely E form MGT-7, Form AOC-4, etc.
• Appointment of Auditor and Filing of E-Form ADT-1.
  
• Preparation of Board Resolution.
• DIN Application, Filing of Form DIR3- KYC (DIN KYC) and Active Form Inc – 22A.
• Charge creation and satisfaction of charge.
• Conduct Statutory Audits.
• Filing for Appointment, Change in Designation and Removal of Directors (Form DIR-12).
• Change in Authorized and paid-up capitals of the enterprise.
• issue of Share Certificate and Executing Share Transfer.
• Filing for Change of Registered Office Address in Form INC-22.
  
• The filing of commencement of business is in Form – INC- 20A.
  
• FEMA Compliance such as filing of FDI Reporting to RBI using Form FC-GPR etc.
• MSME Reporting namely Filing of MCA Form MSME-1.
• Other ROC Compliance’s and Secretarial works.

PF and ESI Compliance Services

Provident Fund

The EPF & MP Act, 1952, and the schemes framed there under are meant to provide Social Security in the form of a Provident Fund, Pension and Insurance to all the employees who are employed for wages, in or in connection with the work of an establishment. The Employees Provident Fund Organization is entrusted to administer the Act, and in case of default, the Principal Employer is liable to penal action.

The Employees’ Provident Fund and Miscellaneous Provisions Act 1952 applies to the Factories engaged in Industries specified in Schedule I of the Act or to other establishments notified and engaging 20 or more employees. Further, a business entity which is not statutorily required to register can register itself under this act voluntarily. Therefore, Companies with more than 20 employees (including contract workers) compulsorily have to register under the EPF Scheme. Once the entity gets covered under PF Laws, then it continues to get covered even if the number of employees drops below 20.

Compliances required under PF Laws:

• Registration under the Act within 15 days from the date of applicability.
• Amendments in the registration if any shall be made 15 days after such change.
  
• Payment of PF Liability shall be made within the 15th of the following month.
  
• PF Annual return to be filed 25th April of every year.
• 5. Regular Compliances related to PF registration and Amendments, Addition of employees, removal, maintenance of records,KYC Updation , Nomination, etc.
  

TDS Compliance and ETDS Filing

For the quick and efficient collection of taxes, the Income-tax Law has incorporated a system of deduction of tax at the point of generation of income. This system is called “Tax Deducted at Source”, commonly known as TDS. Under this system, tax is deducted at the origin of the income. Tax is deducted by the payer and is remitted to the Government by the payer on behalf of the payee.

The provisions of deduction of tax at source applied to several payments such as salary, interest, commission, brokerage, professional fees, royalty, contract payments, etc. In respect of payments to which the TDS provisions apply, the payer has to deduct tax at source on the payments made by him and he has to deposit the tax deducted by him to the credit of the Government.

Compliance of TDS Provisions and timely & correct filing of ETDS returns are very essential and failing which entity has to pay a lot of amount towards TDS defaults, Late Fees, Interest, Penalty etc. Our Team Consisting of Chartered Accountants and Professionals will assist in meeting TDS Compliances and filing ETDS Returns. We also advise our clients to choose appropriate TDS Rates and apply for a lower or nil deduction certificates wherever required. Our team also provide TDS Defaults Correction and rectification Services.