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GST Rates in India 2017 – All You Need to Know

by Sanjeev Archak Sanjeev Archak No Comments

The Goods and Services Tax has taken the entire nation by storm. It’s been the government’s most ambitious attempt at reforming the indirect tax policies into one universal taxation.

This national tax is projected to create a common market for 1.3 billion people.

The 14th GST Council meeting was held yesterday at Srinagar, Jammu & Kashmir, chaired by the Union finance minister Arun Jaitley along with several members that included the representatives of the 32 states and Union territories.

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Best Payroll Practices For Internal Control

by Sanjeev Archak Sanjeev Archak No Comments

For every organization, be it private, public or those of the government, employees are needed to meet the various goals and objectives of the company. These individuals are employed based on a cost to the organization that is reflected in the form of salaries, wages and the relevant benefits attached to them.

The primary purpose of a payroll department is to take care of paying the employees and remittance of correlated benefits, taxes, and deductions. For this department to function in an effective, efficient and adequate manner as stated by the management, internal controls are a necessity.

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Tax Implication on Imports and Exports Under GST

by Sanjeev Archak Sanjeev Archak No Comments

In the present tax scenario, laws on VAT, Service Tax, Customs duty and Excise duty are the ones that lay down the respective tax treatment of imports and exports. However, under the GST regime, the VAT, Service Tax, Excise, and Customs would all be comprehended within GST and the duties on Customs would still continue to be imposed separately.

Before we do a detailed understanding of the impact of imports and exports under GST, let us first understand the basic meaning of import and export of goods and services under the GST laws.

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Labour Law Compliances Made Easy

by Sanjeev Archak Sanjeev Archak No Comments

In their continuous efforts of improving the business environment of the country, the government of India has taken necessary steps to ease the nature of doing business. The Government has been keenly observing the initiatives and benchmarks set by the ‘Doing Business Project of the World Bank.’

Launched in 2002, the Doing Business project provides objective measures of business regulations and their enforcement across 190 economies and selected cities at the subnational and regional level.It looks at domestic small and medium-size companies and measures the regulations applying to them through their life cycle.

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All You Need to Know About the Impact of GST in India

by Sanjeev Archak Sanjeev Archak No Comments

Touted as the biggest tax reform since Independence, the GST bill is India’s solution towards stimulating the economy of the country by changing and transforming the existing indirect tax reforms into one universal tax. This would uniform the ease of doing business in the country by enabling a free flow of goods and services from one place to another and also eliminate the cascading effect of multiple indirect taxations.

Previously we spoke about GST in general and how it would affect your startup, today we do an in-depth analysis of the GST’s impact on the economy and the various sectors of the country.

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Changes in Salary Return Form 24Q

by Sanjeev Archak Sanjeev Archak No Comments

The Income Tax Department by way of its Notification No. 30/2016 dated April 29th, 2016 had introduced a new section 192(2D) of the Income-tax Act, (‘the IT Act’) wherein the employer responsible for making the payment of salary was obliged to collect the necessary proof or evidence in Form 12BB to allow any claim for any deduction and/or tax saving investments.

In the Income-tax Rules, 1962, after rule 26B, the following rule was inserted namely:-

“26C. Furnishing of evidence of claims by employee for deduction of tax under section 192.- (1) The assessee shall furnish to the person responsible for making payment under sub-section (1) of section 192, the evidence or the particulars of the claims referred to in sub-rule (2), in Form No.12BB for the purpose of estimating his income or computing the tax deduction at source. Read more

Mandatory ROC Compliances For Private Limited Company

by Sanjeev Archak Sanjeev Archak No Comments

Any private limited company registered in India and successfully operating their business needs to follow the various compliances laid down by the Companies Act, 2013. Failure to adhere to these ROC compliances and regulations would lead to lawsuits and penalties that could severely damage your business and harm the brand that you have worked so hard for.

Following the various ROC Compliances not only makes you a legal entity as per the government norms but also makes you trustworthy for your investors, shareholders, and customers. Read more

The Capital Structure of a Private Limited Company in India

by Sanjeev Archak Sanjeev Archak No Comments

In our previous posts, we have examined the pros and cons of registering a private limited company in India. In this post, we shall examine the capital structure of a private limited company.

Kinds of Share Capital:

A private limited company can have –

1. Equity Share Capital with voting rights  and equity share capital with differential rights as to dividend, voting or otherwise

2. Preference Shares

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5 Reasons to Register a Private Limited Company in India

by Sanjeev Archak Sanjeev Archak No Comments

Previously we spoke about the fundamental differences between a Pvt Ltd company and an LLP and the factors one needs to take before choosing the right entity for your business. Today we go 2in depth about the important reasons why one should register a Private Limited Company in India.

The most popular choice of corporate legal entity in the country, a private limited company is registered under the governance of the Companies Act, 2013 and the Companies Incorporation Rules, 2014. A minimum of 2 directors and 2 shareholders are needed to register a company under a private limited entity. A corporate legal entity can be a shareholder only while a natural person can be both a shareholder and a director. Read more

What is Better for a Startup – LLP or Pvt Ltd

by Sanjeev Archak Sanjeev Archak No Comments

The first legal step towards starting a new startup venture is choosing the right entity for registering their business. Be it a Private Limited Company or a Limited Liability Partnership (LLP). Founders often find themselves stuck at making this kind of decisions as the right choice would determine the nature of the ownership and the management process. It would further set the tone of the various compliances that needs to be followed, be it LLP or Pvt Ltd.

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