Know the Process to Get Import Export Code Online

Import export industry plays a vital role in maintaining the economy of the country.It helps in unlocking the paths that goes to international markets. If you want to get into the international market then you must first apply for import export registration.It is a significant fact that acquiring Import Export Code is not only a basic prerequisite for venturing into the global market and import export trade but it is also the best way to have an competitive edge over the market players. Working together globally obviously gives a recognized status in the local market. It enables the small dealers and MSMEs to have an immediate access to grab the global chances of trading.

No wonder if you have an Import Export Code, it will help you to fetch many business opportunities for you at the global interface.Unfortunately, the trade & commerce specialists have recently noticed that the peoples are finding it difficult to apply for the IEC Registration online due to some of the technical glitches such asbrowser errors and disrupted browser settings of DSCs (digital signs), and much more.

What is IEC Code?

Import export code is the fundamental registration which is required by every entity who is handling the trade in the internet market. It is considered as the primary document which is a 10 digit unique number and is issued by the Directorate General of the Foreign Trade. It is a lifetime document which needs not to be renewed annually.

What Are The Documents Required for IEC Registration Online?

If you are planning to apply for IEC Registration then you need following mandatory documents that are required at the time of online procedure.

·        Address proof of the organization,

·        PAN card i.e. Permanent Address Number of the company,

·        Passport size photographs,

·        Copy of cancelled cheque that carry the name of the organization,

For more details, you may also contact our Swarit Advisors in order to get direct assistance from the professionals who are having years of expertise in handling the online legal processes. We are 24/7 hr available at your end.

Know what are the basic features of import export code in our business?

IEC Code is of great importance to those who are having their business related to the import export of goods. There are many benefits that we can easily avail once we apply for online IEC registration but have a look at the following basic features of IEC Code.

1.     Can Do Business of Import Export- As we need passport to travel globally similarly we require the import export code in order to export and import goods from India to another country and vice versa.

2.     No Return Filing is required- There is no need to file the return, and there is no typical procedure to follow the validity of the import export code. Our IEC Code remains valid since it get issued to us.

3.     No Renewal is Required- once we get our IEC registration done, our IEC code gets valid for the lifetime. There is no need of renewability, thus it is deemed as a lifetime asset. 

Source url - http://swaritadvisers.doodlekit.com/blog/entry/4592313/know-the-process-to-get-import-export-code-online

Read More

Renew Your FSSAI License in India with the Help of Experts

A FSSAI certificate is the most important permit which is must for running the food business in India. All the food operators who are eligible such as manufacturers, distributors, transporters, retailers must have a FSSAI License before the initiation of their food business. It is therefore similar to that of renewing your license, all you have to do is to get in touch with the best-skilled professional.

The legitimacy of the FSSAI license extends from 1 to 5 years and it relies upon the number of years which is chosen by the food operator. Similarly, the charge of the authentication of food certificate also increases with the quantity of the years that you have applied for. In accordance with the Food Labeling Requirements, you will be required to apply for the renewal of the food license within 30 days before your license expires.

What Is the Procedure to Renew FSSAI Food License?

The procedure of re establishment of the FSSAI license is hence the same as the procedure of utilization of the FSSAI certificate.

The First step is Filling the Form A/Form B: The Form A or Form B is required to be filled which depends upon the eligibility of the food operator. These are the essential structures which comprise of the business activities that are required to be filled alongside the self-attested declaration. The self-attested declaration must comply with the guidelines of the Food Safety and Standard Act. You will also be required the id proof such as Aadhaar card, voter id, Passport, driving license, and much more.

Complete: After the successful inspection, if they get satisfied with everything that you have presented then you can resume your business without waiting for any other notice.

How to Get the License: The food license reach you before 60 days to you but in case if more than 60 days have been passed and you haven’t received it yet then also you may resume your business until and unless any further notice occurs.

What is the Validity & Renewal of the Registration or Food License?

·         The food registration certificate chosen under these Rules will be legal and existing, except specified for a time of about 1 to 5 years as selected by the Food Business Operator, from the date of issue of food license registration.

·         The renewal of the food license certificate will be made in the Form A or B of Schedule 2, but not later than 30 days preceding the expiry date demonstrated in the license.

·         The Registration or Food License Certificate will be continued on use till the time of renewal has come. After that, you need to apply for its renewal before 30 days.

·         Any renewal request which is filed above the expiry date shall be accompanied by the penalty of Rs. 100 each day delay, as stated under the Regulation 2.1.7 (2).

·         FSSAI Registration or license for which renewal has not been functional under the mentioned regulation 2.1.7 (2) or 2.1.7 (4) will get expired and the food operator shall stop all the food business. The Food Business Operator should apply for the new registration as mentioned in the Regulation 2.1.1 and 2.1.3 in case if he wants to restart his business.

For getting more information regarding food license you may anytime get in touch with our experts at Swarit Advisors where we are 24/7hr available at your end to help you with immediate assistance. Get in touch with us through our phone number or email chat we will feel glad to help you with best possible ways.

Source url - http://swaritadvisers.doodlekit.com/blog/entry/4592235/renew-your-fssai-license-in-india-with-the-help-of-experts

Read More

Reverse charge Mechanism under GST

Under normal routine of work, the GST is collected from the receiver and paid by the supplier to the Government on the goods and services he supplies. Under Reverse Charge Mechanism (RCM) as part of GST, the buyer or the receiver of the goods and services pays the supplier the price of the product/service minus the GST. This tax is then paid to the Government, direct by the receiver.

It is important to note that the tax paid under reverse charge mechanism is eligible for input tax credit which means that the taxpayer who has paid the reverse tax can avail input tax credit pertaining to condition that the goods or the services will be used or is being used for his business.

Which are the scenarios were RCM is applicable?

A.    The Reverse charge mechanism, as per the Sec 9(4) of CGST Act applies in a scenario where the supplier is not part of GST registration in India which means that the supplier is not a registered GST supplier but the buyer has done his GST registration online. Hence, the buyer or the receiver does not pay the supplier instead he pays it direct to the Government. Since the buyer or the registered receiver of the goods and services is paying under reverse charge mechanism, he has to prepare a self-invoice against the purchase. The receiver is liable to pay both the Central GST (CGST) and State GST (SGST) in case of intra-state trade and Integrated GST (IGST) in case of Inter-state trade.  The important point to note here is that the taxpayer who is required to pay tax under RCM has to register compulsorily with GST following all the prescribed GST registration procedure. RCM will apply in either of the following cases mentioned below:-

·         Supply of either a good or a service is being done

·         Supply should be with respect to taxable goods and services

·         The supply has to be done by an unregistered supplier (URD).

·         It is compulsory for the receiver of the goods and services to have done his GST registration online

·         The supply needs to be intra-state supply

B.    It is applicable for all e-commerce operators who supply services. In such case the e-commerce platform needs to collect the tax from its customers rather than the service providers and deposit it with the Government.

C.   The Central Board of Excise and Customs has listed about 10 items in which case the receiver needs to pay GST under RCM. The goods include unpeeled cashew nuts, bidi wrapper leaves, tobacco leaves, silk yarn, raw cotton, lottery supply, used vehicles as well as confiscated goods, waste, scrap and Priority Sector Lending certificate.

GST Act exempts payment of tax under RCM for purchases of Rs. 5000/- or less per day from unregistered suppliers. Hence only for expenses above Rs. 5000/- on a daily basis will the registered receiver need to pay tax under reverse mechanism. The registered tax payer needs to keep a check on his daily expenses and P/L accounts to not fail paying tax under RCM.

RCM does not apply for items like salary and wages; electricity; interest; car fuel and government fees. It applies for items like – audit fees, rent, commission payments, office maintenance, gift expenses, repairs and maintenance, office and vehicle maintenance, legal fees, consultancy fees etc.

Source url - http://swaritadvisors.blog.fc2.com/blog-entry-43.html

Read More

An Overview of Producer Company Registration in India

Under the Companies act, a concept of Producer Company was introduced. Now in this article, we will discuss about the Producer Company and its registration procedure. Producer Company Registration is done with the ministry of corporate affairs under the company’s act of 2013.

Let’s have an overview of a producer company

The producer company is basically defined as “Any person that engages in any activity that is connected with any relatable produce or a primary produce. A produce could be anything that’s been produced. Like the things that are grown, like in farming for example. And so, a producer company is a legal body that is incorporated for having one or all of the following objects:-

·         The production of any goods and then harvesting its growth, and then obtainment and grading the fresh produce. After that pooling and handling of the goods produced and finally selling is done.

·         The producer company is supposed to be dealing with the produce of the company’s active members primarily. Allowing them to be able to carry out any activities by themselves or via other such entities that will be done on behalf of the members of the producer company.

·         The processing of the product includes the preservation and drying of the goods. Sometimes distilling, brewing and venting of liquid product. At times canning and then packaging of the produce, that’s been produced by the company members.

·         It can provide you with the education on assistance principals that will be mutual among the company’s members and others.

·         The producer company renders technical services along with the services of the consultancy and training research and development. Along with other activities for the promotion of the respective interests of their company’s members.

·         The primary produce should be relatable to the activities in the producer company. It could be the generation of power, its transmission and distribution among regions for its use. It could also involve revitalization of the said resources like land and water, then their use and water conservation also through the communication.

·         There should also be the welfare measures taken to facilitate the benefits that can be given to the producer company's members. This will usually be decided by the board.

·         The producer company will have to finance the procurement and then process and involvement in the marketing or any other activities which will include an extension of the credit facilities or any other services involving finances to the producer company’s members.

How to Apply for Producer Company Registration?

For the producer company registration in India, following combination is necessary:

The individuals should be in two or more in number as members and all should be producers. It could also be two or more institutions of production or a combination of ten or more individuals and production institutions.

Source url - http://swaritadvisers.doodlekit.com/blog/entry/4590215/an-overview-of-producer-company-registration-in-india

Read More

What exactly is LLP, its advantages & disadvantages and process of registration?

Limited Liability Partnership is a form of legal entity in which all the partners or some partners have a set of limited liabilities and their responsibilities in the business are limited.

Key Points to Remember:

It is generally run by the partnership and cooperation between the partners for which they need to be very reliable and thus it involves a lot of trust risk.

      Each partner will have their own responsibility and liability and no other partner shall be responsible for the other partner’s liability or mistakes.

      Unlike traditional partnerships where all the partners have equal and unlimited liabilities here everyone has their own limited liability.

      All the partners are the stakeholders; however, they are given direct access to control and monitor the business directly which is not given to stakeholders in the corporation.

      That is why the board of Directors is needed for a corporate company and for Limited Liability Partnership there are no such requirements.

      The taxation policy for an LLP is different from companies and is much simpler and small in comparison to them.

In many countries like India in case of a Limited partnership, there exist at least one partner who has the unlimited liabilities and the other partners may be allowed to the limited liability investor and in return, their role will be passive. Thus in such countries, it’s better to choose an LLP as a form of business in comparison to a limited partnership so that all the partners enjoy an active role in the business. All the LLPs in India are registered under the Limited Liability Partnership Act, 2008.

Benefits of a Limited Liability Partnership:

v  The internal structure of an LLP is less complex and easy to organize in comparison to a company.

v  You can have any number of partners and there is no legal maximum number of partners required for an LLP however, obviously the minimum required number is 2.

v  The fundraising and utilization is completely dependent on the partner’s will and say. However they have to follow the rules of Companies Act 2013.

v  You can save your amount of Dividend Distribution Tax, as you do not have to pay it for LLP while in case of the company it’s compulsory.

v  It’s very useful for professional like the Doctors, Advocates, Chartered Accountant and Engineers to register themselves as LLP.

v  There is no such minimum amount of capital that is required to start an LLP, unlike a company which requires certain fixed minimum funds to be invested.

v  There are no compulsory audits required, unlike companies where regular audits are mandatory.

Disadvantages of a Limited Liability Partnership

v  The LLP cannot raise money or funds from the public.

v  The act of one partner without the consent of another partner may bind the LLP.

How to Register for an LLP?

v  The First step is to get the digital signatures of all the partners.

v  All the partners need to apply for DIN i.e. Director Identification Number which is mandatory to become a partner.

v  Apply for the approval of the name of the LLP.

v  Get the Certificate of Incorporation from Indian Registrar of Companies as it is a proof of registration.

v  Then apply for the PAN (Permanent Account Number) of LLP.

v  File all the related documents of the LLP and also apply for the current bank account which is a mandate.

Source url https://swaritadvisorsindia.wordpress.com/2018/09/19/what-exactly-is-llp-its-advantages-disadvantages-and-process-of-registration/

Read More

How copyright registration is beneficial to us?

Copyright is the lawful right of a man which is applied to his creation such as musical, literary, artistic work, dramatic, cinematography, and much more. Copyright is a heap of rights which incorporate the privilege of re-generation, screening, and correspondence out in the public, adjustment, interpretation or any other use in any other type of the work. Copyright can be considered as a process to safeguard the creativity of the individuals. The presence of this privilege signifies the importance given to the individual, in the public society and in the eyes of law as well, where the hard work, original thinking, and idea of creativity is considered as the major contribution for our progress in each and every field. This privilege gives an umbrella security to the sharing of one individual's imagination with others so everybody can commonly profit themselves and at the same time encourages the soul of advancement. The provisions identified with the Copyright are represented in India by the Copyright Act, 1957 which has been amended six times to include the changing elements of the general public.

For Registering a Copyright in India, the candidate needs to accompany the following steps:-

An application for the copyright registration must be submitted to the Copyright Office headed by the Registrar of Copyrights either face to face or through the post. An Application can also be made through the e-filing, it simply requires the documents as per the category of the work for which you are claiming copyright i.e. artistic work, literary, music, sound, recording or cinematograph work, software, etc. You may find the checklist for above mentioned work at the website of the Copyright Office, Government of India. In order to simplify the process, the online e-filing process has been started from 14^th Feb2014.

·         An Application according to the form 4 of the First Schedule of the Copyright Rules, 2013 incorporates the Expression of particulars and Statement of Further Particulars alongside an oath i.e. affidavit ensuring the responsibility for the ownership of the work.

·         The Application must be accompanied with the fees as endorsed in the Second Schedule.

·         The Application should be documented either by the candidate or the Advocate who has been given the Power of Attorney to this regard and his acknowledgment to the same must be thus enclosed in the form as well.

After the successful filing of the application, you must be provided with a Dairy number which will be mandatory for about 30 day period for call for objections. In case if the objections are raised then at that point a notice is issued to both the parties to give a chance of being heard by the Registrar who will resolve the issue. Once the issue is sorted there will be a scrutiny by the examiner. If he finds any issues then the Registrar will again hear the issue. And when everything gets sorted then the Copyright registration is approved by the Deputy Registrar and Extracts from the Register are sent to the applicant.

Source url - http://swaritadvisors.blog.fc2.com/blog-entry-42.html

Read More

What is the need of rental agreement? And how to use it?

A lot of you want to either make use of some property or just generate an earning from your owned property. The best thing to do is to give your property on rent. But before you decide to do that, make sure you enter a residential rental agreement with your tenant, this will provide the parties, you and your tenant with an agreement on understanding that is authenticated with the signatures of both the parties on the document. This will prevent any unnecessary disputes between the tenant and the owner and legally will be able to follow the agreed terms and conditions together.

So, a rental agreement is basically a legal document that abides by the law. The parties can use the rental agreement as evidence in the court of law in the case, there is any disagreement or ill behaviour that wasn’t agreed within the residential rental agreement terms and conditions.

When can you use a rental agreement?

Here is a Residential rental agreement format that you can use in the situations that are as follows:-

1)     In case, you want to let out or give your house or an apartment on rent or a commercial place for business.

2)     You may use the format to have an agreement written with your landlord or your tenant.

3)     You may use the rental agreement to register something with your local authorities.

What Must a Regular Rental Agreement Cover?

1)     A regular residential Rental Agreement must cover the amount of rent as well as the submitted deposit.

2)     It must have terms regarding the electricity, water and other utility maintenance.

3)     The terms must cover any damages, any repairs or possible alterations.

4)     What responsibility the tenant will take.

5)     What responsibility the landlord will take.

6)     Termination of the lease should be mentioned in the residential rental agreement.

7)     Any possible extension of the same lease should also be mentioned in the rental agreement.

8)     And other miscellaneous clauses that you might want to include apart from the above mentioned.

Now we will see how we can make this written document legal and enforceable

Once you are done with the write up of your agreed rental agreement, just check everything up through the checklist below:-

1)     The document must be printed on a stamp paper of the legally recommended value.

2)     Do ensure that both the involved parties’i.e. the tenant and the landlord have signed the right bottom of the legal document on a stamp paper.

3)     There must also be a witness to this residential rental agreement document, who also shall sign the document along with his own residential address.

4)     To the rental agreement, attach any fixtures or schedules of the respective property.

What could happen in case you rent out a property without any rental agreement?

A rental agreement is a legal validation of your understanding with the opposite party involved. Not having a residential rental agreement will lead to possible insufficiencies legally in case of any dispute arise?

Source url http://swaritadvisors.blog.fc2.com/blog-entry-41.html

Read More