Company mitra

GST Registration – Eligibility, Process

GST Registration – Eligibility, Process

GST is the biggest tax reform in India, tremendously improving ease of doing business and increasing the taxpayer base in India by bringing in millions of small businesses in India. By abolishing and subsuming multiple taxes into a single system, tax complexities would be reduced while tax base is increased substantially. Under the new GST regime, all entities involved in buying or selling goods or providing services or both are required to register for GST. Entities without GST registration would not be allowed to collect GST from a customer or claim input tax credit of GST paid or could be penalised. Further, registration under GST is mandatory once an entity crosses the minimum threshold turnover of starts a new business that is expected to cross the prescribed turnover.

As per the GST Council, entities in special category states with an annual turnover of Rs.10 lakhs and above would be required to register under GST. All other entities in rest of India would be required to register for GST if annual turnover exceeds Rs.20 lakhs. There are also various other criteria’s, that could make an entity liable for obtaining GST registration – irrespective of annual sales turnover. Entities required to register for GST as per regulations must file for GST application within 30 days from the date on which the entity became liable for registration under GST.

Company Registration Process

The Ministry of Corporate Affairs has taken another giant step towards making it easier to incorporate a Company and LLP in India by rolling out various process changes on the eve of the 69th Republic Day. In this article, we look at some of the major changes announced by the MCA pertaining to Company Registration and the process for incorporation of a company in India in the year 2018.

The following is the new banner on the MCA Portal announcing the major changes to the company registration process:

Reserve Unique Name (RUN) Form

Incorporation of a company can be done with prior name approval or using SPICe form, wherein incorporation certificate is provided if name is acceptable to the MCA. Entrepreneurs who wish to incorporate a company with a unique name can directly file for incorporation using SPICE form, saving time and money. On the other hand, if an Entrepreneur wants to incorporate a company with a name that could be similar to an existing company or LLP or trademark, then prior approval can be obtained from the MCA for use of name.

Before RUN Web-Form

Before the introduction of RUN web-form, application for reservation of name was to be made in Form INC-1 with upto 6 choices of name. Further, to apply for reservation of company name, a minimum of 2 Director Identification Number and 1 Digital Signature were required.

After RUN Web-Form

With the introduction of RUN web-form, a company name can be reserved quickly and easily even before obtaining a digital signature. However, only one name choice can be provided at a time. The fee for name reservation using RUN web-form is Rs.1000 per form submission – irrespective of whether the name is approved or not.

To apply for name using RUN web-form, the Entrepreneur must first create a free MCA account. After logging into the MCA account, the Entrepreneur can choose the type of company to be registered and provide one name choice and check against the MCA database of company and LLP names.

Its very important to note that the MCA RUN system only checks for identical LLP and Company names. However, Companies Incorporation Rules, 2014 states that a company or LLP cannot be registered with an identical or similar name to that of an existing company, LLP or trademark. Hence, the quick check system, even if it shows a name is available does not guarantee name approval.

On submission of the RUN form with a Rs.1000 fee, the requested name would be checked by MCA personnel at the Central Registration Centre (CRC) against company, LLP and trademarks for tests of similarity. If the name is unique and conforms to the Companies Act 2013, name approval would be provided by the MCA and the applicant would be intimated through the email address mentioned on the MCA account.

Click here to check company name availability.

Director Identification Number for Incorporation

All Director in a Company must have a valid Director Identification Number (DIN). Earlier, DIN could be obtained by any person by filing Form-DIR3 or through the SPICE form while incorporating a company. From 2018, the process for generating DIN has been divided into the following two categories:

DIN Application with SPICE

Any person who wishes to incorporate a new company can now apply for DIN only through the SPICE form. Hence, the details of Directors for whom DIN is to be allotted on incorporation must be filled into the SPICE form along with their PAN or Passport details. On incorporation of a company, DIN would be allotted for each of the Directors who did not have DIN.

In case a person having DIN is incorporating a new company, SPICE form must still be used and DIN can be entered where ever applicable.

DIN Application using Form DIR-3

From the 26th of January 2018, DIR-3 form can be used only by existing companies for adding a Director. The new DIR-3 form has provisions requesting the CIN of the Company to which the Director would be added and a declaration that the DIN is being obtained for adding the person as a Director to the company mentioned. Hence, care must be taken by Professionals to ensure that DIN is not wrongly obtained for a proposed Director of a new company.

Zero Fee for Incorporation

The MCA in an effort to simplify the company incorporation process and spur new Startups has announced zero fee for incorporation. Hence, Entrepreneurs would be able to save a few thousand rupees on incorporation fee. Though zero fees has been announced for the SPICE form, eMOA and eAOA – stamp duty would still be applicable for incorporation as before depending on the state of incorporation.

FORMAT OF ITR VERIFICATION REPORT IN WORD

CLICK HERE TO DOWNLOAD ITR VERIFICATION REPORT IN WORD

 

Ref no-233

 

Date: 4-02-2018

To,

…………..

…………..

……………

……………..

Kanpur

 

SUB: ITR Verification of …………………………. for the Assessment Year 2010-2011, 2011-12 & 2012-13   

 

As per your instructions I have carried out the inspection of above noted ITR and report as under:-

 

A.Y 2010-2011
NAME OF ASSESSE
ADDRESS
PAN OF ASSESSE
PAN STATUS
JURISDICTION
DATE OF RETURN FILING
MODEOF FILING
ACKNOWLEDGEMENT
GROSS INCOME
NET INCOME
ITR V RECEIPT STATUS
BAR CODE STATUS
TAXPAID
TDS
REFUND
VERIFICATION OF TAX PAID

 

 

 

 

 

 

 

 

 

 

A.Y 2011-2012
NAME OF ASSESSE
ADDRESS
PAN OF ASSESSE
PAN STATUS
JURISDICTION
DATE OF RETURN FILING
MODEOF FILING
ACKNOWLEDGEMENT
GROSS INCOME
NET INCOME
ITR V RECEIPT STATUS
BAR CODE STATUS
TAXPAID
TCS
REFUND
VERIFICATION OF TAX PAID

 

 

A.Y 2012-2013
NAME OF ASSESSE
ADDRESS
PAN OF ASSESSE
PAN STATUS
JURISDICTION
DATE OF RETURN FILING
MODEOF FILING
ACKNOWLEDGEMENT
GROSS INCOME
NET INCOME
ITR V RECEIPT STATUS
BAR CODE STATUS
TAXPAID
TDS
REFUND
VERIFICATION OF TAX PAID

 

 

 

Conclusion:-

On the basis of above facts and figure I hereby giving my opinion that the income tax return of A.Y. 2010-11 , 2011-12 & 2012-13 seems genuine and have been verified & attested by me.

 

Submitted for your kind consideration.

 

Thanking You,

 

For ……………………..

       Chartered Accountant

 

 

 

           (M.NO ………………..)