Payroll is more than just cutting paychecks

Payroll outsourcing has been highly productive for companies and has been functioning since 1997. In the past five years this industry has recorded a CAGR of 15 per cent. In short, it is a win-win situation.

Payroll outsourcing services

For any business, managing payroll is indeed a dreadful task as it consumes a lot of man hours and is not also income generating. Employees are the backbone of every business. And businesses need to pay their staff. Payroll can also be your company’s biggest headache if it isn’t done correctly. Payroll processing is more than entering hours and printing paychecks. Simple mistakes can cost penalties and interest. In addition to keeping up with dynamic business scenario and government regulations, payroll processing proves to be time-consuming and costly tasks for most businesses.

Whoever is doing your payroll whether a service provider or a member of your team must understand the relevant tax laws and regulations, all of which vary considerably from state to state. It can be an administrative headache, and mistakes could mean a phone call—or worse—from the taxation department.

So, Brooks Consulting Pvt. Ltd. helps your business to run efficiently and smoothly, as we take on the tedious and time consuming task of payroll processing for you. Our approach to payroll is the standard you were waiting for. Not only do we prepare your payroll, we go beyond in providing you more than you expect.

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Government Notifies Rules For Registered Valuers

Individuals, partnership entities as well as companies can act as valuers under the Companies Act after getting registered with an authority specified by the government, says a notification.
The corporate affairs ministry has proposed to specify the Insolvency and Bankruptcy Board of India (IBBI) as the authority with respect to registration, recognition and ancillary matters related to valuers in company registration in India.
The Companies (Registered Valuers and Valuation) Rules, 2017 have been have been notified by the ministry. The rules provide for registration of valuers under the Companies Act, 2013.

"The valuers, who may be individuals or partnership entities or companies, would be required to be registered with the authority specified by the central government. "The rules provide for registration of different category of valuers and lay down the requirements on their eligibility, qualifications and experience," an official release said today. company incorporation in India.

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Mauritius Signs Multilateral BEPS Convention To Tackle Tax Avoidance by MNE's

Based on expressed reservations at this point in time, 23 tax treaties would be impacted by this signing. We note that Mauritius issued a statement today, reaffirming its commitment to implement the minimum standards developed in the course of the OECD/G20 BEPS Project into its entire tax treaty network by the end of 2018. Mauritius has committed to modify its remaining tax treaties through bilateral negotiations in new gst registration.
The MLI is a legal instrument designed to prevent base erosion and profit shifting (BEPS) by multinational enterprises. BEPS refers to tax avoidance strategies that exploit gaps and mismatches in tax rules to artificially shift profits to low or no-tax locations. The MLI allows jurisdictions to transpose results from the OECD/G20 BEPS Project, including minimum standards to implement in tax treaties to prevent treaty abuse and “treaty shopping”, into their existing networks of bilateral tax treaties in a quick and efficient manner. It was developed through inclusive negotiations involving more than 100 countries and jurisdictions, under a mandate delivered by G20 Finance Ministers and Central Bank Governors at their February 2015 meeting in GST consultants.

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Procedure For Company Incorporation In India.

How to Incorporate in India | Forming Company in India | Incorporating in India | Forming Company in India | Forming Subsidiary in India | Starting Business in India | How to form Subsidiary in India | Opening Branch in India | Types of Companies in India | Corporate Laws of India | Companies Act | Business Entities in India | Procedure for Formation of Company India | Forming Corporation in India | DIN | DSC | Forming Private Limited Company in India | FAQ on Procedure to set up a company in India | Setting up Business in India by Foreign Companies

Types of Business Entities in India

Types of Companies in India - Types of Corporate Entities in India - Types of Legal Entities in India - Options for Foreign Investors Doing Business in India

In India, the following types of business entities are available:

• Private Limited Company
• Public Limited Company
• Liaision, Branch Office Procedures
• Subsidiary Company
• Digital Signature
• Director Identification Number

Private Limited Company

We provide consistent services in Private Limited Company Formation in India. We follow well defined service plan and are supported by professionals holding rich industry experience. Incorporation of Company in India includes Private Limited Company Incorporation, Company Registration India. Moreover, we also emphasize on every detail while maintaining close proximity with clients regarding best legal advice. Private Limited Company is the most prevalent and popular type of corporate legal entity in India. Private limited company registration is governed by the Companies Act, 2013 and the Companies Incorporation Rules, 2014. To register a private limited company, a minimum of two shareholders and two directors are required. A natural person can be both a director and shareholder, while a corporate legal entity can only be a shareholder. Further, foreign nationals, foreign corporate entities or NRIs are allowed to be Directors and/or Shareholders of a Company with Foreign Direct Investment, making it the preferred choice of entity for foreign promoters.

For more information See: Private Limited Company

Public Limited Company

Brooks Consulting have rich experience in providing services for Formation of a limited Company , Incorporation of Company in India, Online Company Registration in India and Company Registration in Delhi India. As per the governing rules, a ‘Company’ can be registered/setup up in India Formation of public limited where the Incorporation of Company formalities all over India is the same.

For more information See: Public Limited Company.

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Commerce Ministry To Align Foreign Trade Policy With GST

The commerce ministry will come out with a notification to align the foreign trade policy (FTP) with the provisions of the Goods and Services Tax (GST), which will be rolled out from July 1.
The ministry will have to come out with a notification as it has not been able to revise the FTP as was planned earlier. How to apply for gst registration


It was announced earlier that the mid-term review of FTP would be released before July 1 to align it with the rollout of Goods and Services Tax (GST). GST consultants

The five-year foreign trade policy (2015-20) provides a framework for boosting exports of goods and services besides creation of employment and increasing value addition.
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GST experts in India

In what would have come as a relief to ecommerce marketplaces such as Amazon and Flipkart, the proposed tax collected at source (TCS) on them under the goods and services tax (GST) is to be capped at 1%, the GST Council has decided gst experts in India.
The draft law had proposed a levy of 1% without any limit. Mentioning the cap in the law will ensure the levy remains below that level.
“The council has decided to provide for up to 1% TCS,“ a senior government official told ET.
Industry had demanded that TCS be scrapped as it could lead to a steep rise in transaction costs and also discourage ecommerce, but states had wanted the levy.
The TCS provision will allow authorities to track transactions carried out through ecommerce platforms and ensure compliance. Some states such as Karnataka, home to a number of ecommerce players, had proposed this levy for the first time and then subsequently pushed for it within the GST framework. The supplier of goods can set off TCS against its final GST liability. Theoretically, the levy could be even lower than 1%. GST consultants.

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Procedure for new company registration

We give advice on Company Registration in India and provide the complete solution for Company Formation in India, Private limited Company registration and Company registration in Delhi. Company is a voluntary association of persons formed for the purpose of doing business having a distinct name and limited liability. It is a juristic person having a separate legal entity distinct from the members who constitute it, capable of rights and duties of its own and endowed with the potential of perpetual succession. The Companies Act, 2013, states that 'company' includes company formed and registered under the Act or an existing company i.e. a company formed or registered under any of the previous company laws.

However, company is not a citizen so as to claim fundamental rights granted to citizens.

Company is a 'juristic person' and it can file a suit as an 'indigent person' An Expression 'person' includes not merely a natural person but also other juridical persons. A company being a juristic person would be represented before a Court of law or any other place by a person competent to represent it. It is enough that the person competent to represent a company presents the application on behalf of the company. Minors, lunatics or person under any disability are also entitled to file a suit either through guardian or the next friend. In such a case it is the guardian or next friend who is competent to represent the petitioner.

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Budget Session: PM Modi Hopes for breakthrough On GST

As the Budget session of Parliament resumed today, Prime Minister Narendra Modi hoped there will be a breakthrough on the Goods and Services Tax (GST) bill and that issues will be discussed in a democratic manner.
“We hope that there will be a breakthrough on the GST because all states have positively cooperated. All political parties have also extended cooperation in a positive way,” he told reporters outside Parliament. How to apply for GST registration
The second leg of the Budget session resumed today after about a month-long recess.
“We are meeting after a break and the budget proposals will be discussed in details,” he said.
Hoping for a healthy debate in the House, the Prime Minister said, “I believe that the level of discussion will go to a higher level. Attention will be drawn towards the issues related to the poor people.” New GST registration

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India's GDP Growth Seen Picking Up To 6.6 Pct But GST Fogs Outlook

India economic process probably accelerated to six.6 p.c within the quarter simply concluded, however analysts polled by Reuters are sounding more and more distressed that confusion over a replacement product and services tax can dampen activity in coming back months.
The forecast, from a survey of over forty economists condemned the past week, compares with growth of 6.1 p.c within the initial 3 months of the year, the slowest pace in 2 years. The vary of forecasts was wide from five.7 p.c to seven.2 percent. company registration in Delhi
It would leave Asia's third-largest economy behind China, that last reportable growth of half dozen.9 percent; however still among the worlds prime playacting economies.

Prime Minister Narendra Modi's government shocked the country last November by scrapping high-value banknotes, wiping out regarding eighty six p.c of money in circulation, that crimped client demand in a very preponderantly cash-reliant economy.company formation in Delhi

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Causal Taxpayers Registration Goes Live On GSTN Portal ?

Casual taxpayers who conduct businesses occasionally can now register for the goods and services tax (GST), which will allow them to execute work that comes their way once in a while.
A taxpayer must go for registration as casual tax payer at least five working days prior to the commencement of business. A casual taxpayer is a person who occasionally undertakes business transactions in a state or union territory where she has no place of business. A tax payer will also have the option to extend the registration duration once for a maximum of 90 days before the expiry of the initial 90-day period for which registration was granted in doing business in India.

Rather than registering as a regular taxpayer and being required to file ‘nil’ returns during off business months, casual taxpayers can enrol for a limited period of time, GSTN noted in its statement. After a taxpayer has opted to register as a ‘casual taxpayer’, a challan has to be generated after giving estimated values of supplies and tax and cess liability during the period of registration. The taxpayer has to make advance tax payment using the payment modes available at the GST portal, thereby completing the second stage of registration, it added in company formation in Delhi.

Original Source:  https://goo.gl/49Sa9L

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CBDT Signs Bilateral APA With Japanese Firm

The Central Board of Direct Taxes has signed a bilateral Advance Pricing Agreement (APA) with the subsidiary of a Japanese company as it looks to reduce litigations by providing certainty in transfer pricing. The total number of bilateral APAs signed with various Japanese subsidiaries has thus reached five, all with rollback provisions, a Finance Ministry statement said.
Four APAs out of these five have been signed in the current financial year, it added GST registration online. 
The APAs are with Japanese trading companies (Sogo Shoshas) and certainty in tax treatment for them has been a long standing demand of the Japanese industry, the statement said.

“The bilateral signing of APAs in this sector provides tax certainty up to nine years in each of these cases,” it added GST consulting services. 

Original Source : https://goo.gl/apNXvy

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Govt moves to check benami, aadhar to be made must for property deals.

In a move meant to curb benami transactions and therefore the use of black cash in realty deals, the govt. is going to build Aadhaar-based authentication necessary at the time of registration of documents like agreement purchasable, power of lawyer and can among others. The govt. has additionally firmed up plans to modify electronic registration of properties, that Aadhaar-based authentications are going to be a requirement in company formation in India.

The government plans to amend Sections thirty two and 32A of the Registration Act, 1908, for this. “Every person presenting a document at the property registration workplace for registration shall, whether or not corporal punishment or claiming beneath an equivalent, endure Aadhaar authentication in company incorporation in india.

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Tax Free Limit For Qraturity Hiked To Rs million

Formal sector workers may soon be eligible for up to Rs 2 million tax-free gratuity as central trade unions have agreed on the proposal in a tripartite consultation with the Labour Ministry.
The central trade unions have agreed on doubling gratuity amount ceiling as an interim measure in a tripartite meeting on the proposed amendment to Payment of Gratuity Act conducted by the Labour Ministry. gst consultants in Delhi
“While accepting the maximum payment limit of Rs 2 million as an interim measure, the unions demanded that the ceilings/ limit with respect to number of employees and years of service should be removed,” the All India Trade Union Congress (AITUC) said in a statement. The statement said the application of amended provision regarding maximum amount should be made effective from January 1, 2016 as done in the case of central government employees. gst consulting services 

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Post-FIPB, RBI To Frame Procedure For FDI Approval

The Reserve Bank is expected to formulate standard operating procedure (SOP) for approval of FDI proposals by ministries following the government decision to phase out FIPB.
The proposal for setting up norms for foreign direct investment (FDI) approvals in sensitive sectors, which are currently under government approval of the FDI policy, was discussed at a recent inter-ministerial meeting in apply for gst online .
According to sources, several options came up for discussions at the meeting. In order to further improve ease of doing business, the government has decided to abolish Foreign Investment Promotion Board and form a new mechanism for expeditious clearance of foreign investment proposals in new gst registration.
Once the FIPB is abolished, the onus of approving FDI proposals would be on the ministries and regulatory authorities concerned. The inter-ministerial committee has also discussed the possibility of approving the FDI proposals along with of licences, sources said.

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GSTN Registrations Set To Open For Ecommerce Vendors

Ecommerce companies such as Amazon, Flip kart and Swiggy concerned about losing business after the rollout of the goods and services tax (GST) on July 1 shouldn’t have to worry about being forced to exclude products sold by unregistered vendors in company formations services.
GST, which the government intends to roll out from July 1, 2017, will subsume central excise, service tax and state VAT among other indirect levies on manufactured goods and services. The Central GST (CGST) bill -- one of the four legislations introduced, company incorporation in India states that any lease, tenancy, easement, licence to occupy land will be considered as supply of service. Also, any lease or letting out of the building, including a commercial, industrial or residential complex for business or commerce, either wholly or partly, is a supply of services as per the CGST bill.
“Registration for first-time taxpayers will open.
All vendors on ecommerce platforms have to be registered on the GST Network.

That’s because online market platforms have to mandatory collect tax on any payment they make to a supplier in business registration in Gurgaon.

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GST final Draft to Retain Clause on Services Sector

The goods and services tax (GST) council is likely to retain a clause in the law that will require service providers to register in every state where they operate, despite recent representations from various Union ministries and telcos, banks, and insurance firms for a single registration system in chartered accountants firm.
At present, service providers benefit from a single centralized registration system for paying service tax—a tax levied and collected by the Union government.
However, under the GST regime, even states will get the powers to collect tax on services and the service providers will have to register in every state where they have operations in direct foreign investment in India.
As per the provisions of draft GST laws that will be finalized in the 11th meeting of the GST council on 4, and 5 March, service providers operating across India will have to obtain more than 30 separate registrations. Companies have highlighted the procedural hassles of such a move but states, concerned about their revenue, are not willing to agree to a centralized registration.

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Land Leasing, Renting To Attract GST From July 1

Come July 1 and leasing of land, renting of buildings as well as EMIs paid for purchase of under-construction houses will start attracting the Goods and Services Tax.Sale of land and buildings will be however out of the purview of GST, the new indirect tax regime. Such transactions will continue to attract the stamp duty, according to the legislations Finance Minister Arun Jaitley introduced in the Lok Sabha yesterday for approval.Electricity has also been kept out of the GST ambit in pvt ltd company registration in Delhi.

GST, which the government intends to roll out from July 1, 2017, will subsume central excise, service tax and state VAT among other indirect levies on manufactured goods and services. The Central GST (CGST) bill -- one of the four legislations introduced, company incorporation in India states that any lease, tenancy, easement, licence to occupy land will be considered as supply of service. Also, any lease or letting out of the building, including a commercial, industrial or residential complex for business or commerce, either wholly or partly, is a supply of services as per the CGST bill.

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Govt Cracks The Whip On Shell Companies

After trying to tighten the rules against shell companies through its Budget proposals, the government has decided to follow with “harsh punitive” action that will include freezing of bank accounts and striking off the names of dormant companies.Their investments in real estate could also come under the scanner, as the government has also decided to invoke the Benami Transactions (Prohibition) Amendment Act. A meeting was held in the Prime Minister’s Office with senior officers of various departments on Friday to review the functioning of companies which do not conduct any operations and do money laundering in India, went an official statement. The regulatory ministry concerned will ensure disciplinary action is initiated against professionals abetting such malpractices and operations in chartered accountant firms in Mumbai.

The basic approach is to prevent money laundering and tax evasion in foreign company registration in India. The government will use technology to identify shell companies. A database on these companies and their directors would be built by pulling information from various agencies. In the Budget for 2017-18, the government has proposed to impose a 10 per cent long-term capital gains tax on those who have invested in unlisted stocks but not paid the securities transaction tax after 2004.

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Roll out of IGST 1st July 2017, Draft CGST Law and Draft IGST Law approved in the 11th Council Meeting Held on 4 March 2017

The GST Council in its 9th Meeting held on 16 January 2017 took note of the work to be completed for the rollout of GST and after deliberations, agreed to extend the date for rollout of GST from 1st April 2017 to 1st July 2017. Steps taken to ensure rollout of GST by 1st July 2017 include approval of the Draft GST Compensation Law by the GST Council in its 10th Meeting on 18 February 2017 held in Udaipur, Rajasthan. Subsequently, the Draft CGST Law and Draft IGST Law were approved in the 11th Council Meeting held on 4 March 2017 at New Delhi. The issues of dual control and cross empowerment were resolved in the 9th Meeting of the GST Council held on 16 January 2017 in which a broad agreement was reached on the issue of cross empowerment to achieve single interface of taxpayer with the tax administration in the GST regime in foreign company registration in India.
GST Council is presently deliberating on various issues entrusted to it. All the decisions taken by the Council so far have been based on consensus. GST is going to be implemented soon in the country, therefore, simultaneous and concert efforts are also being made by the government in the form of IT readiness, rigorous consultations, workshops and training sessions for the industry and traders, and all other stake holders involved etc in Chartered accountant firms in Mumbai.

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GST Anti-Profiteering Rules Released: Firms Face Cancellation of Registration if Found Guilty.

The government on Tuesday free anti-profiteering rules underneath the products and Services Tax (GST) regime that offer for cancellation of pvt ltd company registration in India of any entity or business if it fails to expire the good thing about lower taxes or input diminution to customers during a conterminous manner.
While a sunset clause of 2 years has been inserted, a amount of 8-11 months has been provided for the total method involving screening of the grievance and sequent investigation and action, if any, by the anti-profiteering authority.
A five-member National Anti-Profiteering Authority, headed by a secretary-level officer, has been planned within the rules. The authority will order reduction in worth conterminous with the lowering of incidence of taxation underneath GST. It additionally seeks come back of the undue profit attained from not passing on the reduction in incidence of tax to customers beside AN eighteen per cent interest, wholly owned subsidiary in India as additionally impose penalty, consistent with the anti-profiteering rules issued by the CBEC on Tuesday.

The authority shall have powers to order recovery of the quantity as well as interest not came just in case the eligible person doesn't claim come back of the quantity or isn't classifiable that shall be deposited within the client Welfare Fund.

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Poem Rules Only For COS Earning Over Rs 50 CR.

The Central Board of Direct Taxes, the apex direct taxes body, has issued a circular clarifying that the provisions relating to place of effective management (POEM) will apply to companies with over Rs. 50-crore turnover.
The clarificatory circular comes after a CBDT press release specified this but the circular issued omitted a mention in chartered accountant firms in mumbai.
“…it is clarified that provisions of Sec 6(3)(ii) relating to place of effective management (POEM) won’t apply to companies having turnover or gross receipts less than Rs. 50 crores in a financial year,“ it said.
The board had on January 24 issued final guidelines to determine if an entity can be considered an Indian resident and taxed here.
These norms come into effect from April 1, 2017.
A foreign company will be considered Indian resident if its place of effective management in a given year is in India.The rules seek to curb tax avoidance, targeting shell companies incorporate outside India, but their real control and management is in India.
The limit will ensure that only substantive cases are taken up and small companies do not clog the system Tax consultancy firms in Delhi.

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No GST Credit If Vendors Are Not Paid in 90 Days.

The Government circulated draft of the GST Model Law requesting for suggestions from the industry. The industry and experts have been poring over the draft. The article seeks to highlight the need to reconsider one of the provisions related to input tax credits. The proposed GST Legislation appears to deny tax credit in relation to input services for which payments are made after three months of the date of the invoice of the supplier. In fact the proposal mandates payment of interest in addition to the denial of credit in foreign company registration in India.
Also, under the current legislation, customer can re-claim the credit reversed earlier on making payment against the invoice. However, a similar provision is missing under GST and consequently may result in permanent loss of input credit of tax paid earlier in tax consultancy firms in Delhi.

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Payroll outsourcing An Ultimate Guide:

Every man of affairs might not be a decent controller, so it’s impossible for them to relinquish their best within the field of payroll outsourcing service. Whereas, the payroll firms have the foremost experience staffs UN agency deals with important payroll jobs in their standard of living. they need the entire experience within the space of payroll so provides a slip-up free payroll service which is additionally within the best time.
It safeguards the corporate from the responsibility of paying regular payment to their staff within the correct time and also the right amount too in conjunction with scheming and filling of various taxes. This helps to avoid discontentment among the staffs and doesn’t attract any quite fines.
The business simply has to send the desired information to the payroll outsourcing team and also the quantity of the calculated regular payment to them. the remainder of the work is finished by the corporate solely.
Save Time: – It’s a frightening task to organise a payroll as a tiny low error will cause complete information quality. That’s why outsourcing the work to the knowledgeable professionals saves plenty of your time and energy for the preparation of the payroll
Data Efficacy: – The knowledgeable professionals of the payroll firms have the entire expertise and experience of the payroll services company work. Thus, they supply a slip-up free information which is additionally within the stipulated time.

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Registration For GST Reopens On June

If you are not already registered your business under GST otherwise you are a replacement business and don't have a VAT or service tax or excise registration, you'll be troubled regarding the way to move this. It is wide famed that GST registration is necessary once combination turnover exceeds Rs twenty 100000 (Rs 10lakh for NE States).
Aggreate turnover is that the basis on the GST registration is completed and determines who needs to register on the GSTN. Therefore however how do we calculate compbination turnover? company formation in India Whether or not it's attainable to posses multiple company formation in metropolis for a business that operates in one state? They are centralized registations possible ? Please allow us to withdraw deep into these problems.

State wise registration The GST centralized registrations can become a issue of the past registration for GST for a business can need to be sought state wise. if you have office associate degree workplace, or a branch or a warehouse in another state, registrations are going to be needed in individually in every of those states.company incorporation in India If you are a service provider was allowed one centralized service tax company registration in metropolis, You will currently need to request contemporary registrations within the states wherever you have got business.

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India's Growth rate of more than 7% is the strongest Am,ong G-20 Countries OECD Survey

The Indian economy is expanding at a fast pace, boosting living standards and reducing poverty nationwide. Further reforms are now necessary to maintain strong growth and ensure that all Indians benefit from it, according to a new report from the OECD. The latest OECD Economic Survey of India 2017 finds that the acceleration of structural reforms and the move toward a rule-based macroeconomic policy framework are sustaining the country’s longstanding rapid economic expansion. The Survey, launched in New Delhi today by OECD Secretary-General Mr Angel Gurria and Secretary, Department of Economic Affairs, Ministry of Finance, Govt. of India, Shri Shaktikanta Das, hails India’s recent growth rate of more than 7 percent annually as the strongest among G-20 countries. It identifies priority areas for future action, including continuing plans to maintain macroeconomic stability and further reduce poverty, additional comprehensive tax reforms and new efforts to boost productivity and reduce disparities between India’s various regions in tax consultancy firms in Delhi.
The implementation of the landmark GST reform will contribute to making India a more integrated market. By reducing tax cascading, it will boost competitiveness, investment and job creation. The GST reform – designed to be initially revenue-neutral – should be complemented by a form of income and property taxes, the Survey said in tax consultant in India.

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New GST Rules May Impact Auto Consumer Durables

After getting hit by the transition of new fuel technology — from Bharat Stage-III (BS-III) to BS-IV — the automobile sector in the country may be awaiting yet another shocker. The proposed taxation format under the upcoming goods and services tax (GST) is likely to fuel inflation, and increase the tax burden of secondhand car buyers and those opting for exchange offers. It may also increase the working capital of dealers of used vehicles. Earlier the tax used to be calculated on the discounted value of a product in the case of exchange schemes after the market value of the old vehicle was deducted in tax consultancy firms in Delhi. The proposed GST rules, issued by the government on Sunday, will consider the market value of the new vehicle while calculating the tax burden. Thus, consumers may end up paying more as the discounted amount would be taxed. Under the new GST rules, retailers and traders dealing in used vehicles will come under taxation. While under the existing rules, secondhand products are outside the purview of tax, sellers will have to pay taxes at the same rate as the new products in indirect taxation in India.

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Now, Apple INC,s iphone Plans in India Hit GST

“GST is still evolving. See, what they (Apple) are asking for is, make it profitable for us to manufacture here and therefore give us a favourable duty regime. Exactly how favourable it should be is something that needs to be ironed out. But the first thing is what will be the manner in which this would be reflected in the new GST regime, (firmed up by) the GST Council,” Sundarajan said.
Sundarajan added: “So only once the council decides how the existing trade regime is going to get translated into the new one and how domestic manufacturing incentives are going to get reflected in GST can a decision on Apple’s demands can be taken.”
Most existing indirect taxes including excise duty, state value-added tax, service tax and countervailing duties on imports will be subsumed in GST.
Most tax exemptions are set to be abolished in the GST regime in tax consultant in India.

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How to ensure new business setup in India

Due to the increasing working population and their enhancing buying power, retail is one of the fastest growing economic sectors of India. If ventured correctly, you can reap significant profit in the retail field. But always remember the fact that a new business setup in India needs great research, hard work and investment of time and money. So, if you are a novice in this field, it is advisable to search for a credible company that can help you set up your new business venture following the right procedure, rules and regulations.      

Registering the Name of your Company
The next step involves registering the name of your company with the Registrar of Companies. Here, the business set up experts will duly guide you in submitting the required documents for company registration along with the registration fees. When the process is complete you will receive the certificate of company incorporation in gurgaon, legally approving the name of your new company. 
For more information visit at: http://bit.ly/2r2kkXq

New Tax Norms Target Shell Firms

The government on Tuesday issued guidelines to plug tax evasion by shell companies or foreign firms set by groups in India to retain income outside the country, dashing hopes of industry. The rules outline companies incorporated overseas but with effective control of that implementation of these norms would be deferred to next year.The rules will affect companies in industries like pharmaceuticals, automobiles, energy, manufacturing and software. The guidelines have a few safeguards that were not present in draft norms issued in 2015 such as a collegium of officers to vet whether companies are to be taxed on the basis of their place of effective management (POEM) and test of active business. However, experts warned even then there could be subjectivity in establishing Poem. Business and majority ofboard meeting in India will be considered a tax resident. The rules will not apply to companies with a turnover or gross receipts of ~50 crore or less in a financial year. “The intent is to target shell companies and accounting outsourcing companies in India created for retaining income outside India although real control and management of affairs is located in India,” the Central Board of Direct Taxes (CBDT) said in a release. The rules will come into effect from assessment year 2017-18, which essentially means the current financial year. Tax consultancy firms in Delhi pitched for a deferment raising compliance concerns because the rules were issued in the tenth month of the financial year.

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Input tax credit on ATF: Aviation ministry suggest ways to compensate Airlines

Civil aviation ministry has written to the finance ministry suggesting ways to compensate airlines that will not be able to take input tax credit on aviation turbine fuel (ATF) under the Goods and Services Tax (GST). Since petroleum products including ATF are outside the GST regime for the time being, airlines will not be able utilise credit on taxes paid on ATF – a key input which comprises over 40 per cent Union civil aviation minister Ashok Gajapathi Raju said his ministry has suggested various alternatives to the finance ministry to help compensate airlines that cannot take tax consultancy firms in delhi ncr credit on ATF under the GST regime.

“The issue has to be identified, flagged and the ministry has flagged it with the finance ministry in indirect taxation in India. They have to take a call on it, what to do, how to go about it. Anywhere between 40-45per cent of the operating costs are fuel. If fuel is high taxed and that too with no set offs, they will be in trouble,” the minister said.

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GSTN Enrolment Window to Re-Open on June 1 for 15 Days

The process of migration of 84 lakh VAT, excise and service tax assesses to the GSTN had started in November, with a phased enrolment plan for each state in company formation gurgaon. The government had earlier set March 31 as the migration deadline, which was later extended to April 30, following which the government shut down the enrolment process for technical reasons.

The GSTN is conducting a pilot on GST System Software from May 2-16 with 3,200 taxpayers drawn from each State/UT and Centre as participants to test the three modules of company registration in gurgaon, Returns and Payment and to get their feedback on the live system, the statement said.  

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GST To Ease Loan Access for Millions of Firms Using Digitalised Data

The new unified indirect taxation in India system, which is scheduled to be implemented later this year, will bring in millions of unorganized businesses on one platform. This would effectively, Nilekani believes, help them get loans
Nilekani pointed out, though the country has over 60 million businesses, fewer than one million are incorporated and only a few thousand are listed. A digital trail through GST would help these firms get access to formal credit at a much lower cost, which would help more small enterprises get into the formal economy.
Nilekani headed the empowered group on information technology infrastructure on GST in chartered accountant firms in mumbai.

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Key Highlights of Budget 2017?

This is the first time in Indian history that Union Budget has been announced one month in advance. This decision is made to complete the legislative process for approval of annual spending plans and tax proposals in chartered accountant firms in mumbai before beginning of the new financial year on April 1.

	-Govt. proposes levy of surcharge of 10% for income between Rs. 50 lakhs and Rs. 1 crores
	-FM proposed no change in Exemption limit but reduces tax rate to 5% for income between 2.5 lac to 5 lacs
	-Threshold limit for audit of entities opting for presumptive indirect taxation in India under Section 44AD is increased to 2 crores. For more information visit at: http://bit.ly/2oDQOqi

How GST Will Impact The Wallet Of The Common Man.

Since the passing of the GST Constitutional Bill by the Rajya Sabha in August last year, the country has been preparing itself for the new tax regime. The new GST law is India?s biggest tax reform initiative which is expected to improve compliance levels, increase government revenue in company registration in India and create a common playing field for businesses by amalgamating a host of central and local taxes.

The present rate of service tax is 15 percent and is applicable to most of the services, excluding essential ones like cultural activities, ambulance services, and certain pilgrimages and sports events. Under Goods and Service Tax, this rate would increase to 18 percent making the services more costly. For some goods like edible oil, textiles, etc. the excise duty is nil and the VAT in several states is 5 percent. Hence, the total cost of such goods is close to 8%-9%. With GST, the cost of such goods is likely to increase and this might put a hole in the budget of a common man to wholly owned subsidiary in India.

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Budget 2017 - Push or Pull to Digital Economy

There are not many changes in current indirect taxation in India regime as GST is proposed to be rollout on 1stJuly, 2017. Hon’ble Finance Minister in today’s speech, said that IT system is on schedule for GST implementation and several teams of tax officers are also working tirelessly to give finishing touch to the Model GST law and rules and other details.

This budget has been welcomed by the whole industry. The Sensex jumped immediately after the speech was over. Digital economy budget will be a right move for the future growth of the economy. With more & more digitalization, India would have new taxpayers & better transparency in system. Every stakeholder from a small shop to a big corporate is pushed towards the digital economy. Government has pushed the digital theme in every area of the budget which is a nice effort.
Therefore, this Budget of 2017 is not a pull, but a push to Digital economy. Our government is determined to lay a beautiful foundation of digital economy in chartered accountant firms in Mumbai.

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Startup Brace For Legal War With i-T

With startup fever having waned over the past year or so amid concerns over profitability and competition, valuations have declined sharply. Last month, the tax consultancy firms in Delhi department challenged such reductions at about 100 startups and issued orders seeking 33% tax at the elevated levels that prevailed earlier.
Some startups have moved the income-tax tribunal against the notices while others have approached their advisers and could seek legal recourse in the coming days.
Lets Recycle, an Ahmedabad based and Aavishkaar Ventures-backed waste management startup, was among those to get the tax demand and has challenged it at the Income-Tax Appellate Tribunal. “Entrepreneurs don’t understand I-T notices as they have to struggle daily to improvise business processes,“ said Lets Recycle founder Sandeep Patel. “When I-T (income tax) acts this way, investors will be sceptical to invest, entrepreneurship will never be born and startups will never become (large) enterprises.“ He said his startup directly or indirectly employs 1,650 waste pickers, among them 200 from the weaker sections of the society in chartered accountant firms in mumbai.

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Revenue Department Allows More Time For GST Registration Till April.

"So far, 74 per cent of the VAT assessees have migrated to the GSTN portal, while only 28 per cent of the excise and service tax assesses have enrolled for the new regime. We are going to buck up now and I have asked the department to complete the enrolment process with company registration in India.
Out of the 80 lakh assesses, some may not require registration a new company in India under the GST as they are below the threshold of Rs 20 lakh for GST levy. At present, VAT and service tax assessees with turnover of Rs 10 lakh are required to get themselves registered with states and the Centre, respectively.

Read more information visit at: http://bit.ly/2njkXdX

Startup Brace For legal War With I-T

With startup fever having waned over the past year or so amid concerns over profitability and competition, valuations have declined sharply. Last month, the tax consultancy firms in Delhi department challenged such reductions at about 100 startups and issued orders seeking 33% tax at the elevated levels that prevailed earlier.
Some startups have moved the income-tax tribunal against the notices while others have approached their advisers and could seek legal recourse in the coming days.

Lets Recycle, an Ahmedabad based and Aavishkaar Ventures-backed waste management startup, was among those to get the tax demand and has challenged it at the Income-Tax Appellate Tribunal. “Entrepreneurs don’t understand I-T notices as they have to struggle daily to improvise business processes,“ said Lets Recycle founder Sandeep Patel. “When I-T (income tax) acts this way, investors will be sceptical to invest, entrepreneurship will never be born and startups will never become (large) enterprises.“ He said his startup directly or indirectly employs 1,650 waste pickers, among them 200 from the weaker sections of the society in chartered accountant firms in mumbai.

Read more information visit at: http://bit.ly/2nj0Oog

Understanding Incorporation Requirements

 In order to incorporate a business, you must file a company formation documents with the state of the government. Unlike a sole ownership or general partnership certificate, both of which are form as soon as the owner or owners conducting business, a corporation law or LLC must be created with the state, and each state has its own incorporate requirements.

Regardless of whether you are forming a Corporation or a corporation company the company incorporation documentary is called the Articles of Incorporation or Certificate of Incorporation. This document provides the state with necessary information on your business. The information included of Incorporation is a matter of public record, meaning that anyone can access it.

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Threshold Limit on ESI Increases to Rs. 21,000

As per notification issued by Ministry of Labour and Employment dt. 22nd December, 2016, in exercise of the powers conferred by section 95 of the Employees’ State Insurance Act, 1948, the Central Government, after consultation with the Employees’ State Insurance Corporation, hereby makes the following rules further to amend the Employees’ State Insurance (Central) Rules, 1950, namely:- 1. (1) These rules may be called the Employees’ State Insurance (Central) Third Amendment Rules, 2016. (2) They shall come into force from 1st day of January, 2017. 2. In the Employees’ State Insurance (Central) Rules, 1950, in rule 50, for the words “fifteen thousand rupees” occurring at both the places, the words ‘twenty one thousand rupees” shall be substituted in chartered accountant firms in mumbai.
In simple words, lower rate of contributions (3% instead of 4.75% for employers and 1% instead of 1.75% for employees) will apply in areas where the Act is implemented for the first time in Tax consultancy firms in India.
The increase in wage cap will augment the burden on employers as they have to pay 4.75% of an employee’s salary as ESI contribution every month (Rule 51 of the Rules). A benevolent amendment indeed for the employees; however the far reaching effect & impact thereof will be seen in times to come.
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Tax Experts Hope Goods and Services Tax Will Pep up GDP growth by 2%

Tax experts on Sunday said there will be a uniform andone-nation-one-tax in the form of Goods and Services Tax(GST) proposed from April 1. The experts guided CAs on GST during a regional tax conference held here jointly by the Nashik and Jalgaon branches of TheInstitute of Chartered Accountants of India (ICAI).
Bimal Jain, chairman, Indirect Tax Committee of PHD Chamber of Commerce, said, “The present indirect taxes in India have driven business to structure and model their supply chain and systems owning to multiplicity of taxes and costs involved therein. GST will be a big game changing reform for Indian economy by developing a common Indian market and reducing the cascading effect of taxes on the cost of goods and services.” tax consultancy firms in Delhi
He added, “GST has broad-based implications, affecting the entire organisation regardless of the size and nature of the business. There will be uniform tax structure across the country based on the one-tax-one-nation formula. Currently, the total taxes on supply of goods in the country are around 27%. But the standard tax rate of GST will be 18%.” Indirect taxation in India

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