Online MSME Registration Process

The online MSME registration process has now become quite simple and time-efficient. If your business is small or medium or even micro, then you must obtain MSME registration because the government of India has introduced many schemes under MSMED Act to encourage and promote micro, small and medium enterprises.

MSME stands for Micro, Small and Medium Enterprises, and such enterprises are the backbone of Indian economy. If we believe the reports, the MSME sector shares 45% of India's Total Industrial Employment, 50% of India's Total Exports, and 95% of all industrial units in the country. 

As per information from MSME's official website, more than 6000 types of products are manufactured in such industries. The growth of the Indian economy is directly proportional to the growth of MSME industries. As the industries grow, the country's economy develops as a whole. MSME industries are also known as Small Scale Industries (SSI).

Categorization of MSME

Micro Small and Medium Enterprises are categorized into two parts:

·         Manufacturing Enterprises; and

·         Service Enterprises.

Further, they are defined as investment in Plant and Machinery/ Equipment as follows:

Categories	Investment made in Micro Enterprises	Investment made in Small	Investment made in Medium
Plant and Machinery	Less than Rs. 25 Lakhs	Less than Rs. 5 Crores	Less than Rs. 10 Crores
Equipment	Less than Rs. 10 Lakhs	Less than Rs. 2 Crores	Less than Rs. 5 Crores

Online MSME registration process

You can register your MSME both online and offline. But if you are seeking online MSME registration process, then follow the following steps:

Step1: The foremost step to MSME registration includes filing an online application on MSME's website and filling up the details.

Step2: If you want to register for more than one industry, then you can do individual registration by filing a single form available on the website.

Step3: Then submit all the documents required for the registration such as Aadhaar number, industry name, bank account details, address, and other general information.

Step4: Submit the above documents along with self-certified certificates.

Step5: Once you have filled all the details accurately and uploaded it on the website, you will receive the registration number very soon.

There's no fee required for this registration process.

Latest updates on MSME registration

Recently, the government of India has launched support and outreach for greater synergy to the MSME sector. Under this initiative, the enterprises can avail the following benefits:

1.       Approved loan up to Rs. 1 crore only in 59 minutes through an online portal.

2.       All CPSUs are mandatorily required to procure through the GeM portal.

3.       3% procurement is reserved for women out of 25% procurement mandated from MSMEs.

4.       100 Technology centers will be established at the cost of Rs. 6000 crores.

5.       All PSUs are required to obtain 25% from MSMEs, instead of the 20% of their total purchases.

Apart from these, there are several new features updated for MSME sectors. For more info, click here.

Conclusion

MSME registration offers many benefits to the small-scale industries. All you need to do is to obtain an MSME registration for your enterprise. Business falling under the MSME categories can easily get loans and that too at lower rates, various tax subsidies, excise duty exemption schemes, eligible for IPS subsidy, reimbursement of ISO certification, etc.

Hence, if you're looking to register your business under MSMED act, then contact India's no. 1 consultant Enterslice. Our team of experts will help you obtain the MSME registration in a very few time and at a fair price.

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Documents required for TDS return filing

TDS return filing is a quarterly statement which is supposed to be filed by the deductor and submitted to the income tax department. Typically TDS stands for Tax Deducted at Source and is a tax that the deductor pays in advance in the form of salary, contract payment, dividends, Funds, etc. to the government of India.

A deductor is a person who deducts the tax. However, a deductee is an entity whose tax is cut by the deductor. Any organization or individual making payments is supposed to deduct TDS and file the TDS return if the paying amount surpasses the threshold limit.

In this blog, we will discuss the two most important aspects of TDS return filing as follows:

·         Due dates for TDS return filing, and

·         Essential documents for TDS return filing

Due dates for TDS return filing

If you're an employer or somebody who pays salary to employees, then you're required to deduct tax at source and file TDS returns before specific due dates. The deductor is supposed to do TDS return filing on a quarterly basis as described below:

Quarter	Period/Term	Due dates for TDS return filing
1st Quarter	1st April to 30th June	31st July
2nd Quarter	1st July to 30th September	31st October
3rd Quarter	1st October to 31st December	31st January
4th Quarter	1st January to 31st March	31st May

Essential documents for TDS return filing

Before TDS return filing, you need to gather the required documents so that you don't face any trouble while doing the same. Documents required are as follows:

Form 26AS: The form is an abstract of taxes deducted on your account by the deductor, details on tax deposited by the taxpayers and tax fund received in the financial year. You can receive the form from the Income Tax return filing Department and access it from the I-T department's website.

Form 16: The form is for salaried employees who are issued by the employer indicating the details on the TDS deducted from employees' salary and deposited with the authorities. Form 16 contains details you will require to prepare and file your income tax return.

Form 24Q: It's a form that consists of the details of salary paid to the employees and TDS deducted on such payment. Form 24Q requires to be submitted on a quarterly basis. The form consists of two annexure- Annexure I and Annexure II.

·         Annexure I: It represents deductee wise break up of TDS against specific challan.

·         Annexure II: The annexure includes a total breakup of the salary, any deductions needed to be claimed by the employee, his/her income from other sources, and house property and overall tax liability as calculated.

Form 27EQ: It's a quarterly statement that states details and information about the tax collected at source at the end of every quarter as per Section 206C of the Income Tax Act 1961.  Corporate and government deductor, as well as the collectors, are required to submit this form.

Section 80C Investment documents: Investments made under ULIPS, ELSS, NSC, PPF, LIC, etc. qualify for deductions under Section 80C. A deduction of Rs. 1, 50,000 can be claimed from your total income. The deduction is allowed to a Hindu Undivided Family or an individual.

Documents regarding interest income:

·         TDS certificate allotted by banks and others;

·         Passbook or bank statement for interest on savings accounts;

·         The interest income statement for fixed deposits.

Conclusion

TDS return filing is a quarterly statement filed by the deductor and submitted to the Income Tax Department. Returns consist of details of TDS deducted and deposited by deductor, PAN of deductor and deductee, TDS challan info, etc. For filling TDS returns there are a few essential documents that must be submitted by the applicant. The documents are Form 24Q, Form 16, Form 26Q, Form 27EQ, documents under Section 80C investments, etc. which are already described above. If you're looking for a consultant to file TDS return, then contact us at Enterslice. We will execute the process in the least possible time and in a smooth way.

Source url - https://enterslice-32.webself.net/blog/2018/12/24/documents-required-for-tds-return-filing

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What is GST registration processing time?

Our intent of writing this blog is to educate you about the GST registration processing time. While establishing a new business, many will suggest you not to obtain GST registration since it's not mandatory for the companies generating turnover under the threshold limit. But let us tell you that acquiring company registration isn't sufficient. GST has several benefits to offer to the start-ups and entrepreneurs. Hence, we recommend you to get your business registered with GST.

In this blog, we have tried to clear most of your doubts regarding GST (Goods and Services Tax) registration. The topics covered are as follows:

·         What is GST?

·         Reasons to obtain GST registration in India

·         Who are all required to register their business under GST law?

·         GST registration processing time

What is GST?

GST is an indirect tax levied on the suppliers of goods and services by the government of India. GST cancels all the indirect taxes such as VAT, sales, excise, retailer tax, etc. The Act came into force in India, on 1st July 2017. Goods and Service Tax law in India, levies on every value addition.

For instance, a manufacturer of chocolates buys milk, sugar, cocoa powder, etc. mixes them and bakes into chocolates. After being prepared as chocolates, the input value of the product increases.

The chocolates are further packed and labelled by the warehousing agents. Here's another value addition after which the warehouse sells them to retailers.

The retailers then package the chocolates into small quantities and invest them in the market of chocolates thus increasing its value.

Reasons to obtain GST registration in India

There are a plethora of reasons for acquiring GST registration for your business. We have enlisted a few of them below:

·         Removes the cascading tax effect

GST removes the cascading tax effect on the sales of goods and services. It will directly impact the cost of goods. As a result, the cost of goods goes down.

·         Lesser compliances

Unlike other forms of registrations, GST registration has got quite a fewer compliances to follow. Plus, they are made pretty easy.

·         All activities related to GST are entirely online

GST related activities such as registration, filing returns, application for refund, and response to notices, everything is online.

·         Registration threshold is set very high

The threshold limit for GST registration is set quite high which is Rs. 20 lakhs (Rs. 10 lakhs in North-Eastern states and Hilly states).  Small-scale businesses are exempted from the tax.

·         Legal recognition

The supplier of goods and services with GST registration receives legal recognition, and hence, they don't face any legal complications later.

Apart from above-described advantages, there are several other reasons for registering your business under GST law such as composition scheme for small businesses, regulating the unorganized sector, defined treatment for e-commerce, etc.

Who are all required to register their business under GST law?

Following are the people who are supposed to obtain GST registration of their business:

·         Existing taxpayers registered under any of the VAT, CST, Excise/Service tax regimes;

·         A Casual taxable person who is an Indian taxpayer planning to undertake business for a limited time in any particular area;

·         New taxpayers whose annual turnover is above Rs. 20 lakhs and Rs. 10 lakhs, depending on the states they reside in;

·         A Non-Resident taxable person who is a foreign entity;

·         Online aggregator such as Food Panda, Amazon, Flipkart, etc.;

·         Other taxable people who fall under the reverse charge mechanism.

GST registration processing time

If all your documents are true and valid, then the GST registration processing time will take only 3-5 working days if you choose Enterslice. We are known to provide GST registration in the least possible time. Within 3-5 working days, we will offer you the GSTIN number of your business. 

Source url - https://enterslice-32.webself.net/blog/2018/12/22/what-is-gst-registration-processing-time

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Documents required for Income Tax Return Filing in India

·         For Salaried Employees

Being a salaried employee, you need to collect the following documents for online income tax return filing in India:

·         PAN number;

·         Form-16 issued by the employer.

·         Documents associated with interest income

·         Either passbook or bank statement for interest on a savings account;

·         Interest income statement required for fixed deposits;

·         TDS certificate issued by banks and other organizations.

·         Section 80C Investments

Section 80C investment is one of the most preferred options for tax-saving, and the majority of people claim tax deduction under this section. Investments made under PPF (Public Provident Fund), LIC (Life Insurance Corporation), ULIPS, ELSS, and NSC (National Saving Certificate Scheme) qualify for deductions under Section 80C.

The maximum amount one can claim under Section 80C investment is Rs. 15 lakhs.

·         Necessary documents for claiming the certain expenses as deductions

To claim the expenses as deductions under Section 80C, you need to gather the following documents:

a.       Mutual Funds Investment or Equity Linked Savings Scheme;

b.       The life insurance premium payment;

c.       The copy of your contribution to Provident Fund;

d.       Principal repayment on your home loan if any;

e.       Detail of your children’s school tuition fees

·         Form 26AS

The Form 26AS is the annual statement which consists of all tax-related information such as TDS, TCS, refund, etc. In simple words, it’s an abstract of taxes deducted on your behalf and paid by you. You can get the form from the Income Tax Department.  

·         Documents for other investments

a.       Details of education loan interest payments;

b.       The stock trading statement which includes the details of stock trades made during the year may be taxed under Capital gain;

c.       Details of interest paid on housing loan.

Consequences of not filing Income Tax Return within a stipulated time

In any financial year, the last day to file your Income Tax Returns is 31st July. If you file returns after the prescribed date, then it will be considered as late filing.

If you don't file income tax returns on time, then you will have to pay heavy penalties for the same. The Income Tax Department charges the fine for late income tax return filing. Recently, the government has increased the penalty for late return filing.

The penalties for delayed income tax return filing are as follows:

·         Rs. 5000 for filing an income tax return between 1st August to 31st December;

·         Rs. 10,000 for filing after 31st December;

·         In case the taxable income is less than Rs. 5 lakhs, then there is a penalty of Rs. 1000/- only.

We hope this blog was helpful to you. If you have any concern regarding the Income Tax Return Filing in India, then you can contact Enterslice. We are one of India’s no. 1 consultant offering services on filing Income Tax Returns. Do give us a chance to lend our helping hands to you.

Source url - http://entersliceindia.doodlekit.com/blog/entry/4705486/documents-required-for-income-tax-return-filing-in-india

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Documents required for ESIC registration

Almost every employee seeks medical benefits from the organization they work in, and even there's a scheme for the same. That scheme is ESI which stands for Employee State Insurance. The Employee State Insurance Corporation manages ESI. ESIC is a self-governing body formed under the Ministry of Labour and Employment, Government of India.

Under the ESIC scheme, workers or employees of the organization can avail various medical, monetary and other benefits by the employer.

Any company that consists of more than 10 employees (in some states it is 20 employees) and has a maximum salary of Rs. 21000 per month or less has to mandatorily register itself with the ESIC.

Under this scheme, the employer contributes 4.75% of the total monthly salary payable to the employee. However, an employee contributes only 1.75% of his monthly salary.

Employees whose salary is less than Rs. 100 per day are exempted from his contribution to the ESI scheme.

In this blog, we are going to talk about the documents required for ESIC registration. Apart from that, we will discuss a few more things as follows:

·         The significance of ESIC registration

·         Benefits of ESIC registration in India

·         Documents required for online ESIC registration in India

·         How many times the returns should be filed every year after the registration?

The significance of ESIC registration for Employer

We all are aware that ESIC registration helps employee as well as their dependent with excellent medical care. But a very few of us are aware of how it helps the employer. Here’s how-

Under the ESI Act, the employer secures legal liability which can arise from any mishappening, incident or accident at the workplace. If the employer is registered with ESI and any such incident occur at the workplace with the employee, the ESI Corporation will bear all the expenses of the employee.

Benefits of ESIC registration in India

Under the ESI scheme, employees and their dependents can avail the following benefits:

·         A complete medical benefit to the employee and his/her family members;

·         Sickness benefits at a rate of 70%;

·         Maternity benefits to the pregnant women;

·         In the case of employee death at the workplace, 90% of his/her salary will be given to his dependents;

·         The same holds true for the disability case;

·         Funeral expenses will also be borne by ESIC.

Documents required for ESIC registration in India

 In order to obtain ESIC registration, the applicant is supposed to submit the following documents:

ü  A registration certificate obtained under either the Factories Act or Shops and Establishments Act;

ü  In case of a company, Certificate of Incorporation, and Partnership Deed in case of Partnership;

ü  Memorandum of Association (MoA) and Articles of Association (AoA) of the company;

ü  One canceled cheque of the bank account of the company;

ü  A list of all the directors in the company;

ü  A list of all the shareholders of the company;

ü  Compensation details of all the employees in the organization;

ü  PAN card of the business entity as well as the employees working under it;

ü  A register containing the attendance of all the employees.

How many times the returns should be filed every year after the registration?

After you have obtained the registration, you need to file ESI returns twice every year. For filing the returns, you will require to submit the following documents:

·         Form 6-Register;

·         A register containing the attendance of all the employees;

·         A register indicating the wages of the employees;

·         The monthly returns and challans;

·         A register containing the details of any incidents occurred at the workplace or within the premise.

Hence, these are all the documents required for ESIC registration. If you want to know the ESIC registration process or want to register your company under the ESIC scheme, then contact one of India’s leading consultant, Enterslice.

Source url - https://we.riseup.net/entersliceindia/documents-required-for-esic-registration

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Why do you need GST Registration?

GST registration is obligatory for every entity involved in the buying or selling processes in India. If the business' annual turnover crosses the threshold limit, then it becomes mandatory for that particular person or entity to get the business registered under the GST Act.

On 1st July 2017, in India, the GST Act came into force that changed the lives of many entrepreneurs. GST is one of the most revolutionary tax reforms that took place since the independence of the country. For many, introducing GST wasn’t a good idea, however, for many, it was a brilliant idea. The thoughts of people varied a lot. And that was because they lack the knowledge of GST.

Therefore, in this blog, we are going to discuss GST, GST registration and its benefits. So, let’s start with the introduction of GST registration.

What is GST?

GST stands for Goods and Services Tax. It’s an indirect tax that replaces all other indirect taxes such as VAT, excise, service, sale, custom, etc. in India. Typically, GST can be defined as an indirect tax levied on the supply of goods and services. Therefore, it is essential for every goods and services supplier to obtain GST registration. But let’s first find out what GST registration means.

Definition of GST registration

GST registration is the process of registering any company or business under the GST Act. Under this Act, a business gets a PAN-based15-digit registration number called GSTIN. As per the GST Act, businesses whose annual turnover is more than the threshold limit which is Rs. 20 lakhs (Rs. 10 lakhs for Northeast state and hilly state) are mandatorily required to get the GST registration done.

GST registration is obligatory for availing Input tax credit on the purchase. As per the latest amendment, new GST registration is mandatory for every business such as e-commerce, export or import business, online aggregator, foreign supplier, casual dealer, etc. irrespective of their turnover in a financial year.

For a complete GST registration process, click here.

Benefits of GST Registration

The suppliers can avail various benefits of obtaining GST registration. Especially small businesses and start-ups, irrespective of their turnover, can benefit their business in many ways. The advantages of registering with GST are as follows:

·         Recognized as a legal supplier

Once you have registered your business under GST, you receive the recognition of legal supplier of goods and services.

·         Provide an input tax credit to customers

Because you have registered your business with GST, now you're legally recognized and can issue taxable invoices. In turn, customers can receive input credit on their purchases. This, in turn, will help businesses to expand their customer base and make it more competitive.

·         Compliant and better ratings

GST registration ensures that the business is compliant and scalable without any hindrance in future registration. Additionally, compliance rating is maintained under GST, and if it's done properly, it can attract additional business.

·         Lets businesses take a better stand

Again, registering under GST, your business gets recognition, and due to the same, you can easily apply for bank loans, rent premises, etc.

·         GST improves ease of doing business in India

It is one of the biggest benefits that GST registration offers. For those who want to start a business in India can, now, easily establish by registering itself under the GST Act. There are a few compliances in GST and many tax exemptions for start-ups in India with certain conditions.

Final words

Apart from the above-described benefits, other benefits of registering your business under GST include the elimination of double taxation, making inter-state sales without much restrictions, etc.

If you have any concern regarding the registration process or if you're looking for the best consultant for GST registration, then contact Enterslice. We will get your business registered with GST in the least possible time.

Source url - http://enterslice.strikingly.com/blog/why-do-you-need-gst-registration

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