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.

Read: WHAT IS THE PROCESS?

Read Here: HOW WE HELP YOU?

Read: REPORTS OFFERED

Important link: ADVANTAGES OF PAYROLL OUTSOURCING

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.

For more information visit at: https://goo.gl/anHGBT

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.

Get more information visit at: https://goo.gl/Q5eioJ

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.

Get more information visit at: https://goo.gl/JNNs5i

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.
For more information visit at: https://goo.gl/EzjNdT

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.

For more information visit at: https://goo.gl/HRKiSe

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.

For more information visit at: https://goo.gl/VTQLs6

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

For more information visit at: https://goo.gl/1FwUPP

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

For more information visit at: https://goo.gl/jiFTBH

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

If you have questions regarding this blog Click here: 

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

Read more information click here: 

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.

For more information visit at: http://bit.ly/2v2ifKu 

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 

For more information visit at: http://bit.ly/2v5ZKWX

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.

For more information visit at: http://bit.ly/2tYoTPv

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.

For more information visit at: http://bit.ly/2vpqGPN

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.

For more information visit at: http://bit.ly/2uxzftS

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.

For more information visit at:  http://bit.ly/2sVIBzV

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.

For more information visit at: http://bit.ly/2uQIceB

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.

For more information visit at: http://bit.ly/2efTXm0

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.

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