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GST Updates on Proper Fitment of Products Based on Actual Tax

GST Updates on Proper Fitment of Products Based on Actual Tax

The goods and services tax bill (GST Bill) is expected to be introduced pretty soon. As such the GST Council is now looking to meet during May 2017 in order to decide the rates of each item. The two systems that are to be taken into account for this purpose are Service Accounting Codes (SAC) and Harmonised System of Nomenclature (HSN). The GST Council has finalized four tiers of taxation to be imposed on goods. They are 5 per cent, 12 per cent, 18 per cent, and 28 per cent. It is being said that bulk goods are expected to be taxed at 12 per cent and 18 per cent.

Rate of taxation

The lowest category of 5 per cent is expected to be applied for essential goods while luxury goods will be subjected to the highest slab of 28 per cent. Along with this, an additional cess is expected to be levied on goods like luxury cars, pan masala, tobacco products, and aerated drinks. As of now, the different industries are waiting with bated breath to see which category they are slotted in. Once they get to know about the said categories they would be in a better position to take stock of the effects that the new tax structure would have on them. All this data is going to be crucial with respect to GST registration.

How is government seeing the situation?

From the information that has come through the public domain the effect of the new taxes is not going to be too different than what is the case with the present tax structure. However, this is always going to be easier said than done. If we are to understand how government’s thought process will be translated to reality it is necessary to understand the effects of the present tax regime on various products. At present, a lot of goods are subjected to a value added tax (VAT) of 14 per cent and excise duty of 12.5 per cent. Will this have any effect on GST registration in Bangalore?

The effects of present tax regime on goods

If you add those two categories it comes to 26.5 per cent and it is expected that these goods will now be classified under the highest bracket of 28 per cent under the new goods and services tax regime. However, if goods were fitted into higher rates just by adding the value added tax rates and excise rates then the goods and services rates that we arrive at would be distorted to say the least. There is a chance that tax incidence in actuality could be lower than what is apparent now as far as GST in India is concerned.

Reasons for lower tax incidence

GST registration in Karnataka is expected to get smoother than before. One of the major reasons for a possible lower tax incidence is that excise rates could go down in the future. More important than this is the fact that the same good may be subjected to different rates of value added taxes in various states.

Chartered Accountant Services in Bangalore

Chartered Accountant Services in Bangalore

The top chartered accountant service providers in Bangalore operate as firms. In most cases it is seen that these organizations have been in the business for a significant period of time. This means that they have gathered sufficient experience in their line of work and know what they are doing. They have dabbled in a wide variety of services at the same place for a lengthy period of time and thus they can help you no matter how good or bad your situation is. There are always certain areas in which these organizations tend to specialize. Some of those areas may be mentioned as below:

  • back office management services
  • audit and assurance
  • direct and indirect taxation
  • international taxation
  • corporate law
  • management consultancy
  • matters related to the Foreign Exchange Management Act
  • mergers and acquisitions        

Industry-wide experience

The providers of chartered accountant services in Bangalore operate in various industries that can be as similar as chalk and cheese. This means that on a regular basis they are being exposed to various situations and predicaments, and they have thankfully been able to come out of those with flying colours. This also augurs well for you as a prospective client.

Helping you always

This implies that you can be from any industry and you can be facing any kind of problem. You can be sure that when you come to a chartered accountant in Bangalore it will surely help you. These organizations operate as per simple principles – of providing the best-possible solutions for the issues being faced by the clients. The business environment has become quite dynamic now and everyday new challenges are coming up. With the help of these companies you would always be in a better position when it comes to facing such challenges and dealing with them in an effective manner.

Talent and overall way of work

The companies that provide CA services in Bangalore Karnataka normally work with the very best professionals in the industry. This is one reason they are able to deliver the kind of service that they are known for. They are always well served in terms of the people that are working for them. These companies normally use the best and latest – cloud based in this case – accounting, customer relationship management, and payroll software. These software tools are used all over the world. These companies also cater to international clients that can be from countries such as the following:

  • The United States of America
  • France
  • The United Kingdom
  • The Netherlands
  • Spain
  • Hungary
  • Taiwan
  • Singapore
  • China
  • Japan
  • Romania
  • Switzerland
  • Suriname
  • South Africa

These companies always aim to provide services that cannot be matched in terms of quality and are delivered at the time that they are contractually obligated to do. They believe in a never-ending cycle of sharing knowledge with their clients in order to empower them. They always make their best efforts in order to make sure that they are adding value to their clients.

Basics of Limited Liability Partnership (LLP)

Basics of Limited Liability Partnership (LLP)

In India, businesses mainly operated as companies, sole proprietorships and partnerships. Each of these is subject to different regulatory and tax regimes reflecting their organization and ownership. With the growing Indian economy, the role played by its entrepreneurs as well as its technical and professional manpower has been acknowledged worldwide. Since then, a need was felt for a new corporate form that would provide an alternative to the traditional partnership, with unlimited personal liability on the one hand, and, the statute-based governance structure of the limited liability company on the other, in order to enable professional expertise and entrepreneurial initiative to combine, organize and operate in flexible, innovative and efficient way, which would provide a further impetus to India's economic growth. The limited liability partnership (abbreviated as 'LLP') is an answer to that.

After several deliberations and amendments by various committees, the revised Limited Liability Partnership Bill, 2008 was introduced in the Rajya Sabha on 21st October, 2008. After being passed by both Houses, the Honorable President of India gave assent to the Bill on 7th January 2009 and Limited Liability Partnership Act, 2008 ('The Act') became a law. The LLP in India is based on UK LLP Act, 2000 and Singapore LLP Act, 2005.

The LLP is an alternative corporate business vehicle that provides the benefits of limited liability of a company but allows its members the flexibility of organizing their internal management on the basis of a mutually arrived agreement, as is the case in a partnership firm.

The salient features of the LLP under the Act are as follows:

• The LLP is an alternative corporate business vehicle that gives the benefits of limited liability but would allow its members the flexibility of organizing their internal structure as a partnership based on an agreement amongst its partners.

• Since LLP contains elements of both 'corporate structure' as well as 'partnership firm structure' LLP is called a hybrid between a company and a partnership.

• The Act does not restrict the benefit of LLP structure to certain classes of professionals only and is available for use by any enterprise which fulfils the requirements of the Act.

• The LLP is a body corporate and a legal entity separate from its partners. Any two or more persons, associated for carrying on a lawful business with a view to profit, may by subscribing their names to an incorporation document and filing the same with the Registrar, form a LLP. It is capable of entering into contracts and holding property in its own name.

• The LLP has perpetual succession. The LLP can continue its existence irrespective of changes in partners.

• The mutual rights and duties of partners of an LLP inter se and those of the LLP and its partners are governed by an agreement between partners or between the LLP and the partners subject to the provisions of the proposed legislation. LLP provides flexibility to devise the agreement as per their choice. In the absence of any such agreement, the mutual rights and duties shall be governed by Schedule I to the Act.

• The LLP is a separate legal entity, liable to the full extent of its assets, with the liability of the partners being limited to their agreed contribution in the LLP which may be of tangible or intangible nature or both tangible and intangible in nature. No partner would be liable on account of the independent or unauthorized actions of other partners or their misconduct. The liabilities of the LLP and partners who are found to have acted with intent to defraud creditors or for any fraudulent purpose shall be unlimited for all or any of the debts or other liabilities of the LLP.

• Every LLP shall have at least two partners and shall also have at least two individuals as designated partners, of whom at least one shall be resident in India. The duties and obligations of designated partners shall be as provided in the Act read with the LLP agreement.

• The LLP shall be under an obligation to maintain annual accounts reflecting true and fair view of its state of affairs. A statement of accounts and solvency shall be filed by every LLP with the Registrar every year. The accounts of LLPs shall also be audited, subject to exemption to certain class of LLPs.

• The Central Government shall have powers to investigate the affairs of an LLP, if required, by appointment of competent inspector for the purpose.

• The compromise or arrangement including merger and amalgamation of LLPs shall be in accordance with the provisions of the Act.

• A firm, private company or an unlisted public company would be allowed to be converted into LLP in accordance with the provisions of the Act. Upon such conversion, on and from the date of certificate of registration issued by the Registrar in this regard, the effects of the conversion shall be such as are specified in the Act. On and from the date of registration specified in the certificate of registration, all tangible (movable or immovable) and intangible property vested in the firm or the company, all assets, interests, rights, privileges, liabilities, obligations relating to the firm or the company, and the whole of the undertaking of the firm or the company, shall be transferred to and shall vest in the LLP without further assurance, act or deed and the firm or the company, shall be deemed to be dissolved and removed from the records of the Registrar of Firms or Registrar of Companies, as the case may be.

• The winding up of the LLP may be either voluntary or by the National Company Law Tribunal.

• The Act confers powers on the Central Government to apply provisions of the Companies Act, 2013 as appropriate, by notification with such change s or modifications as deemed necessary. However, such notifications shall be laid in draft before each House of Parliament for a total period of 30 days and shall be subject to any modification as may be approved by both Houses.

• The Indian Partnership Act, 1932 is not applicable to LLPs.

• Taxation of LLP is akin to taxation of a partnership firm under the Income-tax Act, 1961.

Benefits to LLP under Income Tax Act, 1961 and Companies Act, 2013: There are several benefits to a LLP under the Income-tax Act, 1961 and the Companies Act 2013 over a company, the same is summarized below:

S. No.

Features

Company

LLP

1

Legal entity

Separate

Separate

2

Perpetual succession

Yes

Yes

3

Liability

Limited

Limited

4

No. of members / partners

Private company- Minimum: 2; Maximum:200 Minimum 2

Public company –Minimum: 7; Maximum: No limit

One person company - 1

Minimum – 2

Maximum – No Limit

5

Instrument requirements -

Incorporation

Memorandum and articles to be filed with RoC, Fees for filing all doc.

Memorandum to be in respective forms specified in Tables A, B, C, D and E in Schedule I

Articles to be in respective forms specified in Tables F,G,H,I and J in Schedule I

Various other documents required to be filed

at the time of incorporation.

Filing Fee high as compared to LLP

Incorporation documents to be filed with Registrar. LLP Agreement is to be filed with Registrar in Form 3. In absence of certain clauses in LLP Agreement, mutual rights and duties will be as specified in First Schedule to LLP Act. Filing Fee very less as compared to company

6

One person formations

One person can form a company under Companies Act, 2013 – One person company

One person cannot form a LLP.

7

Types of entities

Companies Act, 2013 provides for various types of companies such as small company, dormant company, producer company, holding company, subsidiary company,

associate company, etc.

No different types, only one type LLP

8

Change of registered office

In case of change from one Registrar to another – prior approval from Regional Director required

Registered office can be changed to any place in India by informing RoC subject to prescribed conditions. Less formalities as compared to company

9

Suffix to the name

Name to contain 'Limited' or 'Private Limited' as suffix

Name to contain 'Limited Liability Partnership' or 'LLP' as suffix

10

Bringing in capital

Cumbersome process of Public Issue, Private Placement, Preferential Issue or Rights Issue

Very easy to bring in capital

11

Directors identity

All directors to obtain director identification number (DIN)

Only designated partners to obtain designated partners identification

Number (DIN).

12

Operations of business

Regulated by memorandum and articles of association

Regulated by LLP agreement

13

Listing on stock exchanges

Possible

Not possible

14

Meetings

Regulated by Companies Act, 2013 – Board Meetings, general meetings are required.

Not mandatory - No provision for regular

Meeting of Board of partners. Partners can decide when and how to meet, delegation of powers etc. as per the LLP agreement.

15

Statutory audit

Compulsory even if no transaction during the year.

Compulsory only if turnover exceeds Rs. 40 lakh or contribution exceeds Rs. 25 lakh

16

Other audits

Specified companies to have internal auditors, cost auditors, secretarial auditors.

No such requirement under LLP Regulations

17

Formats for Financial Statements

It provides for specific format for financial statements. Non compliance results in heavy penalties

No specific format under LLP Regulations

18

Other Disclosures

Detailed disclosures for annual reports, directors report, etc.

No such provisions under LLP Regulations

19

Method of accounting

Accrual only

Cash or accrual, any one allowed

20

Day-to-day business operations

Managing director, whole-time director and KMP to look after day-to-day administration

Designated partner to look after statutory compliances. All partners can look into day-to-day affairs of the LLP as per LLP agreement.

21

Authority in conduct of business

Individual director or member does not have authority in conduct of business of company

Every partner has authority to conduct business of LLP, unless the LLP agreement provides to contrary.

22

Related party transactions

Regulated under section 188 of Companies Act, 2013

Not regulated by the Act

23

Accepting deposits

Regulated by sections 73-76 of Companies Act, 2013

Not regulated by the Act

24

Making loans and investments

Regulated by section 186 of Companies Act, 2013

Not regulated by the Act

25

Loans to directors / partners

Restrictions under section 185 of

Companies Act, 2013

No restrictions

26

Remuneration

Restrictions on remuneration to director as per Companies Act, 2013

No restriction on remuneration to partner.

Remuneration should be as per the provisions of LLP agreement which may be subject to limits under Income-tax Act.

27

Requirement of specific

management

Specified companies to have independent directors, women directors, key managerial

personnel, audit committee, nomination and remuneration committee, etc.

No such requirement

28

Corporate social responsibility (CSR)

Mandatory CSR provisions for specified companies

No CSR provisions

29

Change in name and address of members / partners

No legal requirement to intimate change of name and / or address by a member

Every partner has to intimate change of name or address to LLP within 15 days in Form No. 6. LLP also has to file the details with Registrar within 30 days of change in Form No. 4.

30

Notice of resignation of director

Notice of change of director is to be given by company in DIR-12. A director who has resigned has also to file Form DIR-11 to RoC

A partner who has resigned from LLP can

himself file notice of his resignation to RoC in Form No. 4

31

Shares, allotment, etc.

Share, share certificate, register of members, transfer and transmission of shares, etc., is required

No requirement of share and share certificate. Hence, no question of its issue, allotment, transfer, etc.

32

Return on capital

Paid as dividend to shareholders. No interest is payable on capital to

shareholders

Profits can be withdrawn by partners as per LLP agreement. Also interest can be paid on contribution if LLP agreement allows so.

33

Charges

Charges are required to be registered

Not mandatory for registration of charges.

Only statement of accounts and solvency requires the information if any charge is registered.

34

Records and registers

Elaborate records and registers are required to be maintained

No records and registers have been prescribed.

35

Fraud, penalties and Prosecution

Fraud defined in the Act. Heavy penalties and prosecutions. More than 80 provisions for imprisonment. Class action provided.

Lesser penalties and prosecution. No class action. Fraud not defined.

36

Oppression and mismanagement

Elaborate provision relating to redressal in case of oppression and mismanagement

No provision relating to redressal in case of oppression and mismanagement

37

Nidhis / NBFCs

Specific provisions relating to Nidhis / NBFC

No specific provisions relating to Nidhis / NBFC

38

Financials

Annual financial statements to be filed.

Statement of accounts and solvency is to be filed annually.

39

Not for Profit Organizations

Can incorporate section 8 company for NPO activities

Not allowed to incorporate LLP for NPO activities

40

Conversion

A private limited company and a unlisted public company can be converted into LLP under LLP Regulations

A LLP can be converted into a company under Companies Act, 2013

41

Rate of Income tax

Domestic companies - For AY 2016-17 - 30% plus 3% cesses. Surcharge 7% if total income exceeds Rs. 1

Crore but is below Rs. 10 Crore.

Surcharge is 12% if income exceeds

Rs. 10 Crore.

For AY 2016-17 - 30% plus 3% cesses. Surcharge 12% if total income exceeds Rs. 1 Crore.

42

Residential status

If it is Indian company or the control and management of company is situated wholly in India then it would be resident in India

If control and management of a LLP is situated wholly outside India then it would be non-resident.

43

Applicability of accounting

Standards

Company (Accounting Standards) Rules, 2006 or to specified companies w.e.f. 1st April 2017 Indian Accounting Standards (Ind AS).

Secretarial Standards for minutes.

Accounting Standards issued by ICAI.

44

MAT / AMT under Income-Tax Act, 1961

Minimum alternative tax under section 115JB applicable

Alternative minimum tax under section 115JC applicable

45

Remuneration to directors / partners

Remuneration allowable would be as per appropriate resolutions passed, there is no specific restriction under Income- tax Act

Remuneration allowable would be as per

LLP agreement subject to compliance and limits mentioned in section 40(b) of Income- tax Act, 1961

46

Interest to directors/ partners

Interest allowable would be as per

appropriate contracts/agreements for taking of loans, there is no specific restriction under Income- tax Act,1961

Interest allowable would be as per LLP Agreement subject to compliance and limits mentioned in section 40(b) of the

Income- tax Act,1961

47

Dividend Distribution Tax

Applicable @ 15% plus surcharge @ 12% and cesses under section115-O of Income-tax Act, 1961

Not applicable

48

Liability of directors / partners for tax dues in case of liquidation

Every director is jointly and severally liable unless he proves non-recovery cannot be attributed to his gross neglect, misfeasance or breach of duty – Section 179 of Income -tax Act, 1961

Every partner is jointly and severally liable unless he proves non-recovery

cannot be attributed to his gross neglect, misfeasance or breach of duty – Section 167C of Income -tax Act, 1961

From the above comparison a person may easily come to a conclusion that for a small and medium enterprise doing business in form of LLP is much easier than doing as a company. Due to this, the law related to LLP, its formation, conversion, operation and taxation has gained immense importance.

GST Slab Rates in India

GST Slab Rates in India

GST stands for goods and services tax, Govt. aims to implication of GST for one nation one tax. Goods and services tax is a tax levied on goods and services imposed at each point of sale or rendering of service. Such GST could be on entire goods and services or there could be some exempted class of goods or services or a negative list of goods and services on which GST is not levied.

GST is an indirect tax in lieu of tax on goods (excise) and tax on service (service tax). The GST is just like State level VAT which is levied as tax on sale of goods. Goods and services tax (GST) will be a national level value added tax applicable on goods and services.

Recently GST council sets different tax slab rate for various types of goods and services under GST regime. As soon as the GST slab was declared a great importance of wave filled with curiosity hits across the industries and traders. Here you can find out the 5 slab rates under 4 categories of GST in India.

Commodities, Services

GST RATE

Essential farm produced mass consumption items like milk, cereals, fruits, vegetable, jaggery (gur), food grains, rice and wheat

NIL

Sleeper, metro tickets and seasonal passes

NIL

Common use and mass consumption food items such as spices, tea, coffee, sugar, vegetable/ mustard oil; newsprint, coal and Indian sweets

5%

Airlines (Economy class)

5%

Railways (AC)

5%

Railway freight

5%

Restaurants with annual turnover less than Rs. 50 lakhs

5%

Cab aggregators like Ola, Uber

5%

Processed foods

12%

Hotels with tariff Rs. 1,000 - 2,500

12%

Fruit juices, live animals, meats, butter & cheese

12%

Non-AC restaurants without liquor license

12%

Work Contracts

12%

Airlines (Business class)

12%

Mobile phones

12%

All FMCG goods like hair oil, soaps, toothpaste and shampoos; chemical and industrial use intermediaries

18%

Telecom, financial service

18%

Hotel room tariff Rs. 2,500 - 5,000

18%

AC restaurants with liquor license

18%

LPG stoves, military weapons, electronic toys

18%

White and brown goods like TV, refrigerator, AC, washing machines, microwave ovens; soft drinks and aerated beverages

28%

Cinema halls, Race clubs

28%

5 star hotels

28%

Perfumes, revolver, pistols

28%

Small cars – petrol driven

28% + 1% cess

Small cars – diesel driven

28% + 5% cess

Luxury cars

28% + 15% cess

Luxury and de-merits goods and sin category items e.g. tobacco, pan masala

28% + cess

Heavy bikes, Luxury yachts, private jets

31%

Gold, Packaged foods, cigarettes, footwear and textiles

Likely to be announced on June 3 2017

For more details of GST registration in Bangalore click here

GST Council Sets New Tax Rates for Products and Services

GST Council Sets New Tax Rates for Products and Services

In its most recent meeting at Srinagar, the Goods and Services Tax (GST) Council of India set the rates for the new tax structure that is expected to roll out from July 1. The meeting was attended by representatives from Indian Government as well as the state governments. At the meeting the rates for various products were decided as well and it is expected that as a result of this the prices of several products and services would come down too. Happily enough, most of these products are used for the purpose of mass consumption. The idea behind the entire effort is to make sure that GST taxes do not have an inflationary effect.

Rates finalized

The council finalized the rates of 1211 items. 81% of these were subjected to the second-highest levy of 18%. As the council stated to the media no increased burden was put on the commodities. In fact, as far as a number of commodities are concerned, the tax rates have reduced significantly and it is expected that the additional taxes imposed on regular taxes will go away as well. This would in the end serve to lower the financial burden associated with those goods and services as well.

What is the government thinking?

The government hopes that by bringing into play the GST it would be able to check ills such as evasion and also make tax collection a much-more buoyant process. As per Mr Arun Jaitley, the Union Finance Minister of India, the council has opted to reduce the tax incidence on products of daily use such as sugar, tea, coffee, sweets and some other consumer durables too. However, it has opted to make sure that cars remained as expensive as before. Bikes, whose engine capacity is greater than 350 cc, are seen as luxury goods and as such they have been levied with a new cess of 3%.

Exemptions

Exemptions have been granted to products such as food grains. This is expected to make it easier for the common people since now thanks to various levies they have to pay an additional 5% on these goods. As per Hasmukh Adhia, the Union Revenue Secretary, automobiles will be subject to a tax rate of 28%. An extra cess of 15% will be imposed on luxury cars. In the same way, the small cars that run on petrol will be facing a cess of 1% and the small cars that are powered by diesel the cess will be 3%.

Reduction in tax incidence

In case of certain goods such as hair oil, soaps, and toothpaste, the rate of tax incidence has come down to 18% from around 28%. The tax incidence on coal has also been reduced to 5% from 11.69% and this is expected to reduce the cost of power. Refrigerators and washing machines are also going to become less expensive as well. The tax rates on these have come down to 28% from 31-32%. Instant coffee and tea are expected to be put in a different bracket as well.

What are the Steps to Setup a New Startup Company in Bangalore?

What are the Steps to Setup a New Startup Company in Bangalore?

One of the first things that you need to do in order to start a startup in Bangalore is get your ideas assessed by a venture capital firm. However, you need to do this only when you are looking for a business model that is based on funding. If you wish to work on your own you can get in touch with groups such as Startup Studios and use their services to carry out their ideas. Apart from that, there are companies in Bangalore that help startups. They can help you create your company. They can help you conceive an idea and then produce it.

The Best Part Of It All

Company registration in Bangalore has become pretty easy. The best part of all this is that you do not have to resign from your job even as your company is being formed. Normally the whole process needs around a year to be completed. These companies help you in the initial stages to assess how viable your business idea is. They define the criteria for achieving success with your concept in markets within India as well as outside. They also explore avenues for making your idea successful from the point of view of e-commerce.

Getting Started

You should know how to register a company.  These companies, in a nutshell, help you get off the ground. With the help of these companies it is indeed possible to get to a stage where your idea can start to become profitable at the market stage. At this stage you can easily resign from your present position and start with your company. All this while, you can also keep funding your startup in a passive manner from the salary that you are earning from your present job.

The Benefits

You can register a company in Bangalore quite easily these days.  The benefit of such services is that you can plan your future – from the time that you start conceptualizing till the point when you take the company over from the startup assistance firms. As far as ideation for a startup in Bangalore is concerned there are a few things that you need to keep in mind. First of all, there are already plenty of such entities in the Garden City. This means that you already have plenty of competition. So, what should you do in order to ensure that you get off to a good start?

The Ideation Process

For starters, you need to find an area that is still virgin territory. Think of a problem that people have and one that is yet to be solved. Try focusing your energies in those areas. There are some simpler ways of getting started as well. You can always start with what you have. In this day and age if you are waiting you are basically wasting your time. There will never be a time when everything would be perfect. Successful people always act quickly while ones who fail are always busy deliberating. You should know the procedure to register a company in Bangalore Karnataka.

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Registrar of Companies (ROC) in India – BusinessWindo

Registrar of Companies (ROC) in India – BusinessWindo

The Registrar of Companies (ROC) is the offices under the Ministry of Corporate Affairs in India situated in different States and Union Territories has power to primary duty of registering companies like private, public, one person, Nidhi companies, NGO and Limited Liability Partnerships (LLP) into their respective states and union territories registrar office. Registrar of Companies (ROC) offices are setup under Section 609 of the companies act, 1956 and 2013. The functions of ROC is to maintain the company registration records, financial details, company status, collect fees and offers to access specific details of the companies at a prescribed fee.

The registrar of company takes look after your company registration or company incorporation in India and deals with reporting and regulation of companies and their directors and shareholders. These offices supervise the government announcement in various interests including the annul filing of various documents.

Address and Contact Details of Registrar of Companies (ROC) in India

 

ROC in ANDHRA PRADESH & TELANGANA

Sh. N. Krishnamoorty (ROC Hyderabad)

2ND Floor, Corporate Bhawan,

GSI Post, Tattiannaram Nagole, Bandlaguda

Hyderabad - 500 068

Phone: 040-29805427/29803827/29801927

Fax: 040-29803727

roc.hyderabad@mca.gov.in

 

ROC in ASSAM, MEGHALAYA, MANIPURA, TRIPURA, MIZORAM, NAGALAND & ARUNACHAL PRADESH

Shri. Chandan Kumar (ROC Shillong)

Morello Building ,

Ground Floor

Shillong - 793001

Phone: 0364-2504093

roc.shillong@mca.gov.in

 

ROC in BIHAR & JHARKHAND

Sh. U.S Patole (ROC Patna)

Maurya Lok Complex, Block A

Western Wing, 4th Floor,

Dak Banglow Road

Patna - 800001

Phone: 0612-222172

Fax: 0612-222172

roc.patna@mca.gov.in

 

Sh. C.M. Karl Marx (ROC Ranchi)

House No-239 , Road No-4

Magistrate Colony, Doranda

Ranchi: 834002, Jharkhand

Phone: 0651-2482811/2480801

 

ROC in CHATTISGARH

Sh. R.K. Sahu (ROC cum OL for Bilaspur )

Ist Floor,

Ashok Pingley Bhawan,

Municipal Corporation,

Nehru Chowk, Bilaspur- 495001

Chattisgarh

Phone: (07752)-250092(D),250094

Fax: (07752)- 250093

roc.bilaspur@mca.gov.in

 

ROC in DELHI & HARYANA

Sh. Rakesh Kumar Tiwari(ROC Delhi)

A) 4th Floor, IFCI Tower,

61, Nehru Place,

New Delhi - 110019

Phone: 011-26235707, 26235708, 26235709

Fax: 011-26235702

roc.delhi@mca.gov.in

 

For Physical Verification of Documents:

B) Plot No. 6,7 & 8,Basement,

IICA Campus, Sector-5, IMT-Manesar,

Gurgaon, Haryana

Phone : 124-2291520

 

ROC in GOA, DAMAN & DIU

Sh. V. P. Katkar (ROC Goa)

Company Law Bhawan

EDC Comlex, Plot No. 21

Patto, Panaji, Goa-403 001

Phone/Fax(Off) 0832-2438617 / 2438618

roc.goa@mca.gov.in

 

ROC in GUJURAT

Sh. Vijay Khubchandani (ROC Ahmedabad)

ROC Bhavan , Opp Rupal Park Society,

Behind Ankur Bus Stop,

Naranpura, Ahmedabad-380013

Phone: 079-27437597,

Fax 079-27438371

roc.ahmedabad@mca.gov.in

 

ROC in JAMMU AND KASHMIR

Sh. O.P. Sharma (ROC cum OL J&K)

Hall No.405-408,

South Block, Bahu Plaza,

Rail Head Complex,

Jammu - 180012

Phone: 0191-2470306

Fax: 0191-2470306

roc.jammu@mca.gov.in

 

ROC in KARNATAKA

Sh. M. JayaKumar (ROC Bangalore)

'E' Wing, 2nd Floor

Kendriya Sadana

Kormangala, Banglore-560034

Phone: 080-25633105 (Direct),

080-25537449/25633104

Fax: 080-25538531

roc.bangalore@mca.gov.in

 

ROC in KERALA

Sh. A Sehar Ponraj (ROC Ernakulam)

Company Law Bhawan, BMC Road

Thrikkakara

Kochi - 682021

Phone: 0484-2423749/2421489

Fax: 0484-2422327

roc.ernakulam@mca.gov.in

 

ROC in MADHYA PRADESH

Sh. J.N. Tikku (ROC Gwalior )

3rd Floor, 'A' Block, Sanjay Complex

Jayendra Ganj, Gwalior

Phone: 0751-2321907

Fax: 0751-2331853

roc.gwalior@mca.gov.in

 

ROC in MAHARASTRA

A) Mumbai

Sh. S.P Kumar (ROC Mumbai)

100, Everest,

Marine Drive

Mumbai - 400002.

Phone: 022-22812627/22020295/22846954

Fax: 022-22811977

roc.mumbai@mca.gov.in

 

B) Pune

Smt. Vijaya Khandare(ROC Pune)

Registrar of Companies

PMT Building ,

Pune Stock Exchange,

3rd Floor, Deccan Gymkhana,

Pune-411004

Phone: 020-25521376

Fax: 020-25530042

roc.pune@mca.gov.in

 

ROC in ORISSA (ODISHA)

Sh. A.K. Mahapatra (ROC Cuttack)

Corporate Bhawan, 3rd Floor,

Plot No. 9 (P), Sector : 1,

CDA, Cuttack : 753014

Phone: 0671-2365361, 2366958, 2366952,

Fax: 0671-2305361

roc.cuttack@mca.gov.in

 

ROC in PUDUCHERRRY

Ms. S.R. Radhika (ROC Puducherry)

No. 35 First Floor

Elango Nagar

Puducherry - 605011

Phone: 0413-2240129

roc.pondicherry@mca.gov.in

 

ROC in PUNJAB, CHANDIGARH

Sh. Santosh Kumar (ROC Chandigarh )

Corporate bhawan, Plot No.4 B,

Sector 27 B, Madhya Marg,

Chandigarh - 160019

Phone: 0172-2639415,2639416

Fax: 0172-2639416

roc.chandigarh@mca.gov.in

 

ROC in RAJASTHAN

Sh. Sanjay Kumar Gupta (ROC Jaipur)

Corporate Bhawan

G/6-7, Second Floor, Residency Area

Civil Lines, Jaipur-302001

Phone: 0141-2222465,2222466

Fax: 0141-2222464

roc.jaipur@mca.gov.in

 

ROC in TAMIL NADU

Shri Sridhar Parmarthi

A) Chennai

Block No.6, B Wing 2nd Floor

Shastri Bhawan 26,

Haddows Road,

Chennai - 600034

Phone: 044-28270071

Fax: 044-28234298

roc.chennai@mca.gov.in

 

B) Coimbatore

Sh. N.Ramanathan (ROC Coimbatore)

Registrar of Companies

Stock Exchange Building, II-Floor,

683, Trichy Road, Singanallur,

Coimbatore - 641 005

Tamilnadu

Phone: (0422) - 2318170 (D), 2318089, 2319640

Fax: (0422) - 2318089

roc.coimbatore@mca.gov.in

 

ROC in UTTAR PRADESH & UTTARAKHAND

Sh. Puneet Duggal (ROC Kanpur & Nainital)

37/17, Westcottt Buidling,

The Mall,

Kanpur-208001

Phone: 0512-2310443, 2310227, 2310323

roc.kanpur@mca.gov.in

 

ROC in WEST BENGAL

Sh. B. Mohanty (ROC Kolkata)

Nizam Palace

2nd MSO Building

2nd Floor, 234/4, A.J.C.B. Road

Kolkata - 700020

Phone: 033-2287 7390

Fax 033-22903795

roc.kolkata@mca.gov.in

 

All You Need To Know About Professional Tax in India

All You Need To  Know About Professional Tax in India

If you look at your pay slip you will see that there is a small amount that has been deducted along with all the basic breakups in your salary, house rent allowance, travel, and other areas. Normally, the amount deducted in this case is in the region of INR 200 and is referred to as professional tax. This tax is not the same in each and every state in India.  In certain states you would see that no money is deducted as professional tax. This is why you may want to know what is professional tax. Professional tax is normally collected by the state and is applicable for all individuals who are earning in the state.

Who all are taxed?     

Professional tax (PT) registration is an important part of these taxes. For purposes of this tax it is important that you do not confuse the word professional with people such as doctors. This tax needs to be paid by every person who earns his or her keep in the state. Normally, the upper limit for these taxes is around INR 2500 per year. This is constant in spite of the fact that the rates vary from one state to another.

Differences and reasons

One of the major reasons for the variation in this tax is the fact that the state governments charge this tax and as such there are always going to be differences. Each and every state that levies this tax declares a slab and the rate of tax collected is based on the said slabs. In some states and union territories the tax does not exist at all. It is normally computed by dividing the yearly professional tax into 12 equal installments. Normally you pay the most in February since it has the least number of days in a year.

Source of income

In certain states the source of your income could itself make you liable to be subjected to other taxes. In some states for example if you are running a transport business you have to pay a professional tax of INR 50 per year. The maximum limit in this case is INR 1000. Professional tax is normally collected by your employers and is deducted from the salary they pay you every month. Having collected them the employers are supposed to deposit it with the government. If they fail to do this – for whatever reason it may be – they can be subjected to penalties. Professional tax registration in Karnataka has become quite easier these days.

What do self-employed people do?

If you are working for yourself then it is your responsibility to pay the said tax by yourself. You can easily register yourself and apply for professional tax registration online. This application can be done by way of a form. Once the government gets the form it will issue a registration number for you. With the help of these registration numbers you can pay professional tax in the banks as well. You can try and find out if there are any benefits related to paying these taxes and avail them.

Startup India – All the Necessary Details

Startup India – All the Necessary Details

The Startup India Stand up India event was organized by the Indian Government under the aegis of Narendra Modi, the Prime Minister of India, on 16th January 2016. In a way this event encapsulated all the benefits for starting an ecosystem of startups in India. Such an event had a significant amount of importance considering how it was the first time that the national government and the startup community in India were coming into contact with each other and interacting on key issues. The very programme – Startup India – can be deemed a flagship effort on part of the central government.

What does this programme intend to do?

The Startup India plan is supposed to create a strong ecosystem where innovation can be nurtured and more startups can be had. This is expected to lead to a level of economic growth that can be sustained over the long time, and also lead to employment on a huge scale. The national government – through this programme – aims to empower these budding business units in such a way that they can chart their own course of innovation and grow in the way that they wish to. In order to satisfy the aim behind this programme an Action Plan has been created by the Government of India.

Action Plan

This Action Plan deals with each and every aspect of the startup ecosystem in India. By using this plan the government is hopeful that it will speed up the startup movement in the country. At present such companies are only limited to the technology and digital sector but the national administration wants it to spread to other sectors as well such as agriculture, healthcare, manufacturing, education and social sector. From a geographical point of view these are restricted to the tier 1 cities but the government is hopeful that the semi-urban and rural areas will come in its fold as well.

Compartments of the action plan

The action plan has been divided into several areas. Some of them may be mentioned as follows – simplification and handholding, industry-academic partnership and incubation, and funding incentives and support. A lot of entrepreneurs in India may be thinking if their venture would be deemed worthy of assistance under the new project or not. The Department of Industrial Policy and Promotion (DIPP) of the Indian Government has provided the definition of startups and thus made it clear as to which companies will be considered eligible for assistance under the programme.

The necessary criteria

The said company must be incorporated and registered in India. It should not be older than five years. Its annual turnover should have never been more than INR 25 crore in any of the years that it has been functional. The company should be focusing on innovating, developing, deploying, and commercializing new products, services, and processes that are technology driven in nature. It is also important that the company applying for the benefit has not been formed by reconstructing or splitting up a company that existed before. If a company has been older than 5 years or if it has ever earned more than INR 25 crore a year it will not be regarded as a startup any more.