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All you need to know before starting your import/export business: IEC

As you think of starting a business wherein you need to export/import certain goods/services, first thing that comes into your mind would be: do I need to take some authorization for it? The answer is Yes. You need an Importer Exporter Code, without which you cannot start your import/export venture in India What is IEC number? IEC (importer Exporter Code) number is a 10-digit code number given to an exporter or importer by the regional office of the Director general of [...]

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Understanding Credit score: Relevance in loan approval and rejection, Errors and rectification.

What is a Credit Score? A Credit Score is a three-digit numeric summary of your credit history. The value ranges between 300-900. It indicates the ‘probability of default’ of a borrower based on their credit history. What role does a CIBIL score play in the loan application process? Your CIBIL Score is one of the first checks that a lender does when they are evaluating your loan application. It’s important to know that nearly 90% of the loans are granted for individuals [...]

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All you need to know before choosing partnership as a form of business

The moment you think of starting a business, you may think of a sole proprietorship form for a start i.e. when the business operations are small. As your business grows this form of business would not be able to grow beyond a certain limit because of the following two reasons: Funds Constraint: Sole proprietorship would not be an attractive form of business for banks to lend their monies as loans. Additionally, the amount of funds that a sole owner could introduce [...]

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All you need to know before choosing One Person company as a form of business

Introduction One Person Company is introduced newly under the companies act, as the name suggests it lets a single person to form and register a company under the Companies Act. Features of a one person company It has only one member No minimum capital is required to start, and it can have maximum Paid up share capital of Rs.50Lakhs It can have only 1 director and maximum 15 directors Term “One person company” must be mentioned below the name of the company. Factors to be considered Benefits of a [...]

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7 things you must know about GST

GST- 7 things you must know! 1. GST applicable on ‘supply’ In GST regime, all ‘supply’ such as sale, transfer, barter, lease, import of services etc of goods and/ or services made for a consideration will attract CGST (to be levied by Centre) and SGST (to be levied by State). As GST will be applicable on ‘supply’ the erstwhile taxable events such as ‘manufacture’, ‘sale’, ‘provision of services’ etc. will lose their relevance. Further, certain supplies, even if made without consideration, such as permanent transfer of [...]

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What would be taxed under GST- the taxable event

Taxable event under GST The GST regime has introduced a new concept for taxable event. While under the earlier regime, the taxable event was: Provision of service for Services, Sale of goods for VAT, Manufacture of goods for Excise and so on, GST would have “Supply of goods and services” as the new taxable event Let’s understand what does “Supply of goods and services” mean: It includes all forms of supply of goods and/or services such as- sale, transfer, barter, exchange, license, rental, lease or disposal. It also includes [...]

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Would GST apply to me?

The bigger question- would GST apply to me? Who needs to register under GST? As we would all know GST would be one tax for all indirect taxes, thus it spreads its applicability to a larger section of businesses and person GST would apply to: All businesses including trade, commerce, manufacturing, service provider, profession etc. All persons in any form- Individual, Individuals, HUF, Company, Firm, LLP, AOP, Co-operative society, Society, Trust etc. However, GST does not apply to Agriculturists. Agriculture includes floriculture, horticulture, sericulture, raising of crops, grass or garden [...]

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Returns Under The GST Law

Returns to be files under GST Following are the returns which would be required to be filed under the GST law Monthly returns Form GSTR-1: To furnish details of outward supplies of taxable goods and/or services effected This return is required to be furnished by the 10th of the next month Form GSTR-2: To furnish details of inward supplies of taxable goods and/or services claiming input tax credit            This return is required to be furnished by the 15th of the next month. Form GSTR-3: Monthly [...]

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