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  MSME stands for Micro, Small and Medium Enterprises. It is a government registration that recognize to businesses as Micro, Small, or Medium Enterprises. The main object of MSME registration is to promote, support and develop small businesses by providing them various benefits and incentives by the Government of India. The MSME registration is provided under the Micro, Small and Medium Enterprises Development (MSMED) Act, 2006. It provides several benefits like lower rates of interest on loans, tax exemptions, and various other subsidies. The businesses classification under MSMED Act 2006 is based on the amount invested in plant and machinery or equipment and turnover, which is different for each category. Any business can apply for MSME registration if it meets the criteria for investment and annual turnover set by the government. Following is the criteria to determine a business category under MSMED Act 2006; Micro Enterprises : Businesses having an investment of up t...

  WHAT IS E-WAY BILL UNDER GST ?  If the taxable value of goods is more than Rs. 50,000 then E-way bill is mandatory for the movement of goods from one state to another or within a state the amount. The details of the consignor, consignee, the value of the goods, the place of origin, and destination of the goods, HSN of goods, rates of GST are required to mention in E-way bill. It is generated electronically on the GSTN portal.  There is no requirement of e-way bill in the following cases: If the value of goods does not exceed Rs. 50,000 then e way bill is not required for the movement of goods. If the goods are exempted under GST or non taxable under GST then e way bill is not required for the movement of goods.   The movement of Goods is for a distance less than 10 km within the state from the place of business of the consignor to the place of business of the transporter for further transportation. The goods are transported by a non-motorized conveyance l...

  COMPLIANCES APPLICABLE ON A PRIVATE LIMITED COMPANY IN INDIA If you have a private limited company registered in India, there are so many  compliances that you are required to follow for operating your business legally and in compliance with the relevant laws and regulations. Some of the key compliances that a private limited company required to follow include: It is understood if you are a private limited company then you have a incorporation certificate of private limited company and a PAN and TAN also having a two director and promoter as well. Annual General Meeting (AGM ): EVERY private company need to hold an AGM every year, in which the financial statements of the company are presented and directors are appointed or reappointed and also appointment of auditor take place. Financial Statements : EVERY private company need to maintain proper books of accounts and prepare financial statements in accordance with the Companies Act, 2013. Director KYC : Every direc...

  TRADEMARK AND ITS BENEFITS Trademark is a recognizable sign that differentiate goods or services of one business from other. In India The trademark is governed by the Trade Marks Act, 1999, and administered by the Office of the Controller General of Patents, Designs and Trademarks (CGPDTM), the duty of CGPDTM is to    register and maintain the trademarks in India. Any person who want to register a trademark in India need to make an application in prescribed format with the CGPDTM, specifying the mark, the goods or services for which it is to be used, and the class or classes of goods or services to which it pertains. After receiving the application the CGPDTM will examine the mark meets the requirements which is required to get registered. After examination the Trademark the CGPDTM is satisfied that all the requirements are met out by the applicant then it will approved the trademark and after approval it will be treated as registered, the owner has exclusive righ...

  WHAT IS INVOICE UNDER GST An invoice is a document under the Goods and Services Tax (GST) In India that contains the details of a transaction between a seller and a buyer of goods or services. It is an important document for both the seller and the buyer as it is a proof of the supply of goods or services. There must be certain mandatory details are required to mention in an invoice such as the name, address, and GST identification number of the supplier and the recipient, place of supply,  a unique invoice number, date of issue, description of goods or services, HSN or SAC code, quantity and value of goods or services, applicable tax rates of GST and  taxable value, GST amount like IGST,CGST and SGST  payable. TYPES OF INVOICES UNDER GST There are different types of invoices under GST, like tax invoices, bill of supply, and receipt vouchers. These are issued on the basis of nature of the transaction. It is an obligation to comply with the invoice rules and r...

WHAT ARE THE TRANSACTIONS CAN NOT BE DONE WITHOUT PAN(Permanent Account Number) Permanent Account Number (PAN) in India is mandatory for various financial transactions list of some of them are as follows: Income Tax Returns (ITR) Filing: To file income tax return PAN is mandatory in India. Without a PAN any person cannot file their tax returns. To open a bank account: To open a bank account PAN is mandatory in India. It is also required for making cash deposits of Rs. 50000/- or more. Making an Investment in securities: PAN is also required to invest in shares, mutual funds, bonds, debentures, and other securities in India. Immovable property related transactions: PAN is also required to buy or sell any immovable property in India. It is also required for paying stamp duty and registration fees. For a loan application : PAN is also compulsory to apply for a loan from banks or financial institutions in India. Payments exceed certain limit : PAN is also required for making ca...

  GOODS EXEMPT UNDER GST Under GST act In India, there are certain goods and services that are exempt from the purview of GST. The list of exempt goods under GST includes: 1.There are certain food items like fresh fruits and vegetables, milk, eggs, curd, salt, and unbranded Atta, Maida, Besan, etc. 2.There is certain category of Books, newspapers, and printed materials are exempt from GST. 3.There are some agricultural produce like raw jute, raw cotton, unprocessed green tea leaves etc are exempt from GST. 4.Only Khadi fabric is exempt from GST but other fabric are covered under @ 5% or 12% as the case may be. 5.Handloom and handcrafted goods are also exempt from GST. 6.Judicial papers, stamps and printed or embossed certificates like birth and death certificates are also out of GST purview means no GST on them. 7.There are some other products like Natural honey, fresh flowers, and live animals are also exempt from GST. 8.Most of Religious items like Prasad and Id...

  WHAT IS AN ISO CERTIFICATION ISO is a non-governmental organization (NGO) the main object of ISO is to develop and publish international standards for various industries. A company or organization that meets all the compliances and requirements of the International Organization for Standardization then an ISO certificate is awarded to the organization. On the basis of business operations and objectives there are various ISO certifications that a company can obtain. Some of the most common ISO certifications in India are: ISO 9001: The purpose of this certification is to improve customer satisfaction and ensuring consistent delivery of quality products or services. This certification is awarded for quality management system. ISO 14001: The purpose of this certification is to reduce the environmental impact of a company's operations. This certification is awarded to companies that have an environmental management system. ISO 27001: The purpose of this certification is to ...

  ROLE OF SOCIAL MEDIA IN BUSINESS GROWTH In the present scenario social media is playing a significant role in the growth of a business. Social media can contribute to business growth are as follows: Spread awareness about brand : By using Social media platform businesses can reach a wider audience and increase their brand visibility. Posting engaging content without fail and interacting with their followers, businesses can build a loyalty and increase their reach. Advertising with specific object : by way of social media platforms a business can offer target based marketing to reach their ideal customer demographic. By using targeted ads, businesses can increase their chances to convert social media users into customers. Engaging content to customers : With the use of Social media businesses permit to directly engage with their customers and respond to their queries and complaints in real-time this may build strong relationships with customers, businesses can increase cus...

  To growing a business in India the answer of this question is not structured it will depend on various factors like planning, persistence, and adaptability. Here are some strategies you must consider: Need to conduct a market research : to run your business successfully in India you need to understand the Indian market. You need to conduct research to understand the cultural, economic, and social factors that influence consumer behaviour. Identify your target audience and determine their needs and preferences. Make an effective business plan : You need to make a business plan must be outline your business goals, market, competition, marketing strategy, financial projections, and other important details. A well-developed plan will help you stay focused and make informed decisions. Need to build a strong online presence : In India online market is getting bigger day by day because of huge population of internet users, and having a strong online presence that can help you to...

STARTUP IN INDIA  Startup India is a flagship initiative of the Government. It was launched on 16th January, 2016; Startup India is defined as a newly established business venture that is aimed at developing or providing innovative products, services or processes. It has rolled out several programs with the objective of supporting entrepreneurs, and transforming India into a country of job creators instead of job seekers. To get registration under startup India an entity must be incorporated or registered in India as a Limited liability partnership or private limited company, and is not more than 10 years old. Furthermore such entity should have an annual turnover of less than INR 100 Crores and must be working towards development, innovation, deployment or commercialization of new products, processes or services driven by technology or intellectual property. The ecosystem of startup in India is getting significant growth over the past few years, because the Indian government...

  Trade license in India Trade license is a legal permission to businesses to conduct commercial activities within a specific jurisdiction. The license is issued by the municipal corporation of the city or town where the business is located. The main motive of the license is to ensure that businesses comply with the legal requirements laid down by the government and operate in a safe and healthy environment. To apply for trade license in India, businessman needs to visit the website of local Municipal Corporation. There is a form to fill the details of business, such as its name, address, nature of business, and the number of employees. In addition to this, businessman may be required to submit certain documents, such as proof of ownership or tenancy, latest electricity bill, proof of identity and address, and a No Objection Certificate (NOC) from the owner of the property. It is mandatory for a businessman to obtain a trade license in India as operating without license can r...

  NON RESIDENT INDIAN (NRI) The full form of NRI is Non-Resident Indian. It refers to a citizen of India who resides outside India; he may reside outside either     temporarily or permanently, and holds an Indian passport. There may be various reasons to live outside India, such as employment, personal reasons or education.NRI is the term is used in India to describe Indian citizens living outside the country. NRIs have certain privileges and rights in India, as well as certain responsibilities, such as paying taxes on income earned in India. The status of an NRI (Non-Resident Indian) is depending upon the total number of days for which the individual has stayed outside India during a particular financial year. According to the Income Tax Act of India, an individual is considered an NRI if: He has been outside India for 182 days or more during the financial year, or He has been outside India for 60 days or more during the financial year and for a total of 365 days...

  Ways to calculate tax under income tax act in India To calculate tax liability of an assessee under the Income Tax Act in India we need first to calculate the taxable income of the assessee, it involves following procedure: Need to calculate Gross Total Income of the assessee Gross Total Income includes five type of income earned by the assessee that is Income from  salary, income from house property(rental income), income from business or profession, income from capital gains, and any residuary income which does not fall in above four heads will be consider income from other sources. To calculate gross total income we will not consider exempt income under section 10 and non taxable income like capital receipt. Need to deduct allowable deductions under chapter VIA. There are certain deductions are allowed under chapter VIA of the Income Tax Act, such as deductions for investments in tax-saving instruments, medical insurance, tuition fee for two children, education lo...

  COMPOSITION SCHEME UNDER GST The composition scheme is an alternative method of levy of GST under the Goods and Services Tax (GST) system in India. The objective of composition scheme is to bring simplicity and to reduce the compliance cost for the small taxpayer and make it easier for them to comply with the GST law. Applicable GST rates under the composition scheme, eligible taxpayers need to pay a fixed percentage of their turnover as GST instead of the regular applicable GST rates. Currently, the GST rate under the composition scheme is either 1% or 5% of the turnover, depending on the type of business that is 1% in case of trader or manufacturer as 0.5 % CGST and 0.5% SGST and 5 % in case of restaurant services as 2.5% SGST and 2.5% CGST of turnover. To avail the benefits of composition scheme the eligibility criteria for the composition scheme, a taxpayer must have an annual turnover of up to Rs. 1.5 crore and must not be engaged in any inter-state supplies, the suppl...

  WHAT IS PAN CARD? WHAT IS THE USE OF PAN CARD? Permanent Account Number (PAN) is a 10 digit alphanumeric number issued by Income Tax Department. The use of PAN card is mandatory for financial transactions for example: To open a bank account, if you want to open a bank account then you need to submit you pan that is now basic requirement to open bank account. To open a fixed deposit account it is also required to submit pan to the bank in which want to open a fixed deposit account. To deposit cash more than equals to 50000, if you want to submit amount is cash more than 50K than it is also required to submit your pan. To take a GST registration PAN is mandatory, gst registration is also a pan based registration to apply for goods and services tax registration you also mention your permanent account number PAN. To take a Import Export License PAN is mandatory, it also to submit pan to DGFT for application of import export licence it is pan based number. To take a food...

  ONE PERSON COMPANY (OPC) The concept of One Person Company (OPC) is a new concept in India. It was launched through the Companies Act 2013, under section 2(62) of the act a single person is allowed to incorporate a company. Before this section, individuals were not allowed to establish a company on their own and had to opt for a sole proprietorship if they wanted to start a business. The companies Act 2013 provides a one person company (OPC) the features of a private limited company and the benefits of a sole proprietorship. As per Section 2 (62) of the Companies Act 2013, a company can be formed with just one director and one member, making it easier for individuals to establish a company. The registration process for an OPC in India requires only one member and one director, who can be the same person. The compliance requirements on a One Person Company are very fewer as compare to a private limited company, making it an attractive option for entrepreneurs. Both resident ...

  WHAT IS A PRIVATE LIMITED COMPANY? FEATURES, BENEFITS AND DOCUMENTS REQUIRED TO REGISTER Private Limited Company is a type of business structure that is registered under the Companies Act, 2013. This type of company is owned by at least to two person, called shareholders, the liability of shareholders for the company's debts and losses is limited. Features of a Private Limited Company : Limited liability: The liability of the shareholders is limited to the amount of their shareholding in the company means the personal assets of the shareholders are not used to pay off the debts of the company. Separate Legal entity: A Private Limited Company is a separate legal entity from its shareholders, it can own property in its name, enter into contracts, sue and be sued in its own name. Number of shareholders : A Private Limited Company is required at least two and a maximum of 200 shareholders. Separation of management and ownership: the board of directors to manage the com...