Registrations

Income Tax is levied by the Government of India on the income of every person. The provisions governing the Income-tax are covered in the Income-tax Act, 1961. Income-tax is levied on the annual income of a person. The year considered under the Income-tax Law is the period starting from 1st April and ending on 31stMarch of next calendar year. Income-tax is to be paid by every person. For the purpose of charging Income-tax, the term 'person' includes Individual, Hindu Undivided Families [HUFs], Association of Persons [AOPs], Body of individuals [BOIs], Firms, LLPs, Companies, Local authority and any artificial juridical person not covered under any of the above. As per Income Tax Act, certain registrations and pre-approvals to be obtained from the tax department. Some of them are -

Permanent Account Number (PAN):
Permanent Account Number (PAN) is a ten-digit alphanumeric identification number allotted to every taxpayer. It is mandatory to quote PAN on return of income and other important financial transactions.

Tax deduction Account Number (TAN):
TAN or Tax Deduction and Collection Account Number is a 10 digit alpha numeric number required to be obtained by all persons who are responsible for deducting or collecting tax. Under Section 203A of the Income Tax Act, 1961, it is mandatory to quote Tax Deduction Account Number (TAN) allotted by the Income Tax Department (ITD) on all TDS returns.

Lower Tax (TDS) Certificate:
As per the provisions of the Income Tax Act, TDS/ TCS is required to be deducted at the prescribed rate at the time of making the payment. In case, the estimated tax liability of a person is lower than the TDS amount, then he has an option of applying to the department for a certificate directing TDS deductor to deduct tax at a lower/nil rate than the prescribed rate.

We at M R Giri and Co., have the experience of obtaining various registrations and approvals from the tax department. In case you need our services, kindly contact us at Info@camrgiri.com or call 9168168777.

Goods and Service Tax (GST) is a destination based tax on consumption of goods and services. It is levied at all stages right from manufacture up to final consumption with credit of taxes paid at previous stages available as setoff. In a nutshell, only value addition will be taxed and burden of tax is to be borne by the final consumer.

Who has to get registered under GST Act?
Every supplier whose aggregate turnover exceeds Rs.40 Lacs (20 Lacs in case of Professional) in a financial year is liable to get himself registered within 30 days, in a State from where he makes taxable supplies. Further, a casual taxable person or a non-resident taxable person shall apply for registration at least 5 days prior to the commencement of business.

We at M R Giri and Co., Aurangabad help the entities to obtain new registration, voluntary registrations, amendment of existing registrations, filing of monthly and annual returns, etc. Our team is well versed with GST matters. In case, you need these services, we would be glad to assist you. Please write to info@camrgiri.com. Secondly, based on our past experience, we have short listed the most commonly asked questions by the companies regarding GST Act. We are sure the following FAQs will answer most of your questions!

If a person is operating in different States, with the same PAN number, can he operate with a single Registration?
No. Every person will have to get registered separately for each of the State from where he makes taxable supply if he is liable for registration in terms of section 22(1) of the CGST Act.

Whether a person having multiple business verticals in a State or Union territory can obtain different registrations for each of such vertical?
Yes. As per proviso to Section 25(2) of the CGST Act, a person having multiple business verticals in a State or Union territory, may obtain a separate registration for each business vertical, subject to such conditions as may be prescribed.

Whether transfer of goods to another branch located outside the State is taxable?
In terms of Section 25(4) of the CGST Act, 2017, every person who is required to obtain separate registration for every branch located in different state or union territory shall be treated as distinct persons. Accordingly, the supply of goods (stock transfers) to a branch located outside the State would qualify as supply, liable to tax in terms of clause 2 to Schedule I of the CGST Act, 2017. Further, it is important to note that, supply of goods to a branch / unit located within the same State having separate registration would also be liable to tax since both such units (supplying unit and recipient unit) would qualify as distinct person in terms of Section 25(4).

Who is responsible to pay taxes?
Generally, the person effecting taxable supplies is liable to pay taxes. However, Import of service will be taxable in the hands of the recipient i.e., importer.

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The Maharashtra Shops and Establishments (Regulation of Employment and Conditions of Service) Act, 2017 provides for the regulation of conditions of work and employment in Shops & commercial establishments in the State of Maharashtra.

Who has to register?
Every Shop or Establishment carrying trade, business or services within the notified areas of State of Maharashtra, compulsorily, within 30 days from starting the business shall register his establishment under this Act.

We at M R Giri and Co., Aurangabad help the entities to obtain new registration, renewal, amendment of existing registrations, filing of annual returns, etc. Our team is well versed with Shops Act matters. In case, you need these services, we would be glad to assist you. Please write to info@camrgiri.com

Micro, Small and Medium Enterprises (MSME) sector has emerged as a highly vibrant and dynamic sector of the Indian economy. MSMEs not only play a crucial role in providing large employment opportunities but also help in industrialization of rural & backward areas, thereby, reducing regional imbalances, assuring more equitable distribution of national income and wealth. MSMEs are complementary to large industries as ancillary units and this sector contributes enormously to the socio-economic development of the country. MSMEs need assistance and help from the Government as they are not equipped with technology and resources like big companies. Hence, the government provides schemes, incentives and rebates to this sector of the economy.

We at M R Giri and Co., Aurangabad help the entities to obtain new registration, amendment of existing registrations, consulting on benefits, etc. Our team is well versed with MSME matters. In case, you need these services, we would be glad to assist you. Please write to info@camrgiri.com. Secondly, based on our past experience, we have short listed the most commonly asked questions by the companies regarding MSME. We are sure the following FAQs will answer most of your questions!

How are the enterprises classified as Micro, Small and Medium Enterprises?
Micro, Small and Medium Enterprises (MSME) Development Act 2006 classifies MSME into (a) Manufacturing Enterprises and (b) Service Enterprises. The threshold limit of investment in plant and machinery / equipment for the enterprises to be called as Micro, Small and Medium Enterprises is as follows

In case you need our services, kindly contact us at Info@camrgiri.com or call 9168168777.

What is Udhyog Aadhar?

The salient features of Udhyog Aadhar Memorandum (UAM) are:

• The one page simplified registration form would constitute a self-declaration format under which the MSME will self-certify its existence, bank account details, promoter/ owner Aadhaar details, other minimum basic information required, etc.
• There shall be no fee for filing the UAM.
• Udyog Aadhaar Acknowledgement shall be generated and mailed to the email address provided in the UAM which shall contain unique Udyog Aadhaar Number.
• No supporting document is required to be uploaded or submitted while filing the UAM.

What are the benefits of registering under MSME Act?

• Credit Guarantee Fund Trust for Micro and Small Enterprises (CGTMSE) - Collateral free loans up to a limit of Rs.200 lakhs.
• Credit Linked Capital Subsidy Scheme for Technology Upgradation - aims at facilitating technology up-gradation by providing 15% up-front capital subsidy to MSME units.
• ISO 9000/ISO 14001 Certification Reimbursement Scheme - Scheme envisages reimbursement of charges of acquiring ISO9000/ISO-14001/HACCP certifications to the extent of 75% of expenditure subject to a maximum of Rs.75,000 in each case.
• Micro Finance Programme.
• MSME Market Development Assistance (MDA).

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Profession Tax is levied by State Governments in India. We are covering the details of The Maharashtra State Tax on Professions, Trades, Callings and Employments Act, 1975 (Call it as PT Act). We at M R Giri and Co., Aurangabad help the entities to obtain new registration, amendment of existing registrations, filing of monthly and annual returns, etc. Our team is well versed with Profession Tax matters. In case, you need these services, we would be glad to assist you. Please write to info@camrgiri.com.

Who has to register under PT Act?
Profession Tax shall be paid by every person exercising any Profession or calling or is engaged in any trade or holds any appointment, public or private as specified in the Schedule to the Act.

Should a private limited company get PT registration?
Yes. Every person who is engaged in any profession or business in the State of Maharashtra has to get PT registration. This means, the following entities have to get PT registrations.

• Hindu undivided family (HUF).
• Firm.
• Company (Public or Private Limited).
• Other Corporate bodies.
• Any Society.
• Any Club or Association.

Is there a separate registration for branches?
Every branch of a firm, company, corporation or other corporate body, any society, club or association is treated as separate person for the purpose of tax liability.

How much tax to be paid by the employees?

• Those employees who are drawing a monthly salary of Rs.7,500/- (in case of Woman Rs. 10,000/-) or less, need not pay any taxes.
• Those who get more than Rs.7,500/- salary per month, have to pay Rs.175 per month.
• Those who get more than Rs.10,000/- salary per month, have to pay Rs.200 per month.
• It is the obligation of the employer to deduct Profession Tax from the salary of the employees and deposit it on or before the 20th of the subsequent month.

When to file the annual return?
Every employer registered, shall furnish to the assessing authority within thirty days (on or before 30th April) of the expiry of the year, a return in the prescribed form showing therein the salaries and wages paid by him and the amount of tax deducted by him in respect thereof during the preceding year.

Who is exempted from the registration?
Some of the exempted class of persons are

• The persons who have attained the age of 65 years are exempt from Profession Tax.
• Salaried or wage earning deaf and dumb persons.
• A Physically handicapped person not less than 40% of permanent disability (subject to production of certificate from the HOD of Government Civil Hospital).

The Employees' Provident Fund (EPF) Organization, a statutory body under the Ministry of Labour and Employment, Government of India administers social security schemes framed under the Employees' Provident Funds & Miscellaneous Provisions Act, 1952 Provident Fund, Pension and Insurance to industrial employees.

Who has to get registered under the Employees Provident Fund Act?
Any business/establishment with 20 or more employees working in any specified industries should register with EPFO. The establishments can get voluntary registration if the employee strength is less than 20.

We at M R Giri and Co., Aurangabad help the entities to obtain new registration, voluntary registrations, amendment of existing registrations, filing of monthly and annual returns, etc. Our team is well versed with EPF Act matters. In case, you need these services, we would be glad to assist you. Please write to Info@camrgiri.com

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.

Who has to get registered under the Employees State Insurance Act?
All business or establishments employing 10 or more persons during any part of the year has to get themselves registered under Employee State Insurance (ESI) Act. The ESI coverage extends to all the employees who earns a monthly salary upto Rs. 21000/-.

We at M R Giri and Co., Aurangabad help the entities to obtain new registration, amendment of existing registrations, filing of monthly and annual returns, etc. Our team is well versed with ESI Act matters. In case, you need these services, we would be glad to assist you. Please write to info@camrgiri.com

Importer Exporter Code (IEC) is a unique 10 digit code issued by Director General of Foreign Trade (DGFT), Ministry of Commerce, and Government of India. To import or export in India, IEC is mandatory without which, no person or entity shall make any Import or Export. However, Persons importing or exporting goods for personal use not connected with trade or manufacture or agriculture are exempt from obtaining IEC.

We at M R Giri and Co., Aurangabad help the entities to obtain new registration, amendment/ modification of existing registrations, etc. Our team is well versed with IEC, Foreign Trade Policy, etc. In case, you need these services, we would be glad to assist you. Please write to info@camrgiri.com. Secondly, based on our past experience, we have short listed the most commonly asked questions by the companies regarding Import Export Code and Foreign Trade Policy. We are sure the following FAQs will answer most of your questions!

How to apply for IEC? How much time will it take to get IEC?
An application for grant of IEC number shall be made by the Registered/Head Office of the applicant to the nearest Regional Authority of Directorate General Foreign Trade. Only one IEC would be issued against a single PAN number.

What is the validity of IEC?
An IEC number allotted to an applicant shall be valid for all its branches/divisions/units/factories. It is valid for life. There is no renewal concept in IEC.

What documents are required for obtaining IEC? Is digital signature mandatory?
Application in ANF 2A of Handbook of Procedures (HBP) 2009-14 (Part A, B & D).

• Demand Draft for Rs.250/-(Two Hundred and Fifty rupees only) drawn in favour of the "Jt.Director General of Foreign Trade, Hyderabad" payable at Hyderabad. Alternatively, fee payment can be made by EFT(Electronic Fund Transfer) or vide TR Challan in Appendix 21-A to be paid at Central Bank of India branches listed at Appendix-3 of HBP.
• Certificate from the Banker of the applicant firm in the specified format at Appendix-18A.
• Self-certified copy of Permanent Account Number (PAN) issued by the Income Tax Authorities.
• Three Copies of Passport size of the applicant.
• Photograph on the banker's certificate should be attested by the Banker of the applicant.
• A covering letter and the above documents may be kept secured in the file cover, duly page numbering all the documents.

What happens if IEC application is rejected?
In case the IEC application is rejected by the concerned DGFT RA, one can apply again.

Are there any monthly / annual returns to be filed?
No returns to be filed.

In case you need our services, kindly contact us at Info@camrgiri.com or call 9168168777.