Online accounting in Patna

Clients appointing their first accountant should expect and require that accountants utilize the latest and user-friendly software at the very least for the basic accounting tasks and records. We use quickaccounting.in which is one of the most popular cloud accounting packages and are a gold accredited. This results in us being experts in training clients on how to use the software in conjunction with us – this streamlines things, creates efficiency and saves clients money.

We offer the right online accounting solution for your business and an immediate quote which offers certainty and includes advice from our experienced, dynamic and helpful accountants.

We also have a dedicated Client India which offers our clients dynamic status updates through each of the tasks currently in progress.

How much to pay for online accounts services

One of the reasons many new businesses sacrifice such a significant amount of time and productivity, rather than hiring a startup accountant, is that they may believe (especially in the early days) that they don’t have any other option.

The cost (or at least the perceived cost) of retaining an experienced, dedicated online small business accountant may seem prohibitive until a startup has established a solid customer base and is posting strong, reliable revenue figures.

Rather than paying with time, cash-poor startups should consider turning to an online accountant.

Some online accountants may just provide general bookkeeping services so you can record your income and expenses and then you would need to pay for any bolt-ons such as help with filing, financial forecasts or business plans.

Online accounting – what do you want or need?

An online accountant will often provide you with software such as Xero to input your own invoices and manage your own expenses, but there is plenty of added value you should be seeking beyond that.

It is important to have a qualified accountant who can make sure you are itemizing income and expenses correctly and keeping enough aside for tax.

You need to have someone who can make sure you are on the right track in terms of the income you want and strategy of the business, while also helping reduce your tax bill.

Fixed price cloud accounting

At Accounts and Legal we offer fixed price accounting packages for businesses of all sizes. We offer self-assessment for sole traders and for Pvt Ltd companies we do statutory accounts and Goods and service tax. We also offer GST, payroll, bookkeeping, financial forecasting, business plans and company secretarial services amongst other things meaning we can tailor a package to give you exactly what you need.

Our fees are agreed upfront and include unlimited access to the accounts and tax teams for technical questions and your own commercial manager for commercial assistance.

We understand that keeping costs to a minimum is essential when launching a new business. But just as important is choosing an accountant who can help you hit the ground running.

Contact India based online accountants

So if you’re thinking about moving your accounts online, please don’t hesitate to drop in to see us at our head office or get an instant accounting quote.

We created our online accounts service specifically for businesses appointing their first accountant. It’s designed to include everything you need to get started in the business, namely:

Preparation of your annual accounts.

• GST calculations.
• Award accountancy software.
• Director’s payroll.
• Director’s self-assessment.
• Unlimited phone and email support from our team of qualified accountants.
• Online Bookkeeping

If you are looking for online accountants or online bookkeepers, we are an excellent choice offering the best of technology with personal, experienced accountant advice when you need it. When you need some help with preparing a business plan or securing investor funding, we can help you do this without the need to switch accountants.

What are Financial Statements?

Financial Statements are the end products of the Accounting Process, Which reveals the financial results of the specified period. 

• Components of Financial Statement
  • Income Statement
  • Manufacturing Account
  • Trading Account
  • Profit and Loss Account
• Statement of Financial Position
  • Balance Sheet

Why are Financial Statements important for business

• Financial transparency
• Evaluate tax-liability
• Mitigate error
• Improved payment cycle
• Build trust
• Better Decision Making, planning, and forecasting.

Step to start Maintaining Financial Statement.

1. Identify the Company / Business characteristics.

First, determine a value chain analysis for the Company / Business —the chain of activities involved in the ideation, validation, manufacture, services and distribution of the firm’s products and/or services.

2. Identify company/business transaction.

Next, look at the transaction for the product/service being offered by the company, including the uniqueness and nature of transaction like B2C, B2B & C2C, level of profit margins, a creation of brand loyalty and control of costs.

3. Assess the rule and regulation for industries.

The rule and regulation for industries is a formal declaration by the company whereby it outlines its general policies for business. The main objective of any rule and regulation is to augment the business production/service and thereby enhance the Business growth which leads to economic Review. To see financial statements within the context of the Business which is the relevant accounting standards as per any business.

4. Analyze current profitability and risk.

This is the step where financial professionals can really add value to the evaluation of the firm and its financial statements. The most common analysis tools are key financial statement ratios relating to liquidity, asset management, profitability, debt management/coverage and risk/market valuation.

5. Assess the tax structure and compliance’s for company/business.

Income tax rates on partnership firms, corporate income tax, income tax on co-operative societies and Local Authorities in India, EC & SHEC Tax Return is the form in when assesses files information about his Income and tax thereon to income tax. Various forms are ITR 1, ITR 2, ITR 3, ITR 4, ITR 5, ITR 6 and ITR 7.

1. Income tax on Partnership firms/ Limited Liability Partnership (LLP)

2. Corporate income tax

• Domestic Company

*Income tax rate is 29% if turnover for the financial year 2014-15 is below Rs. 5,00,00,000.

•  Foreign Company

• Income tax on Co-operative Societies

• Income tax on Local Authorities

6. Prepare foretasted financial statements.

CA/CS/ICWA must make reasonable assumptions about the future of the company/industry finance and determine how these assumptions will impact both the cash flows and the fund flow.

7. Value the firm.

There are many valuation approaches, the most common is a type of discounted cash flow methodology. when we are maintaining financial statement then we always keep in mide that company value and growth.

Limited Liability Partnership (Second Amendment) Rules 2018

The much-awaited Limited Liability Partnership (Second Amendment) Rules 2018 containing the relevant revised rules and incorporation related eform layouts have been notified on 18th September 2018 which would come into effect from 02nd
October 2018. The said amendment rules contain changes as detailed below:

1. Introduction of a Web Service titled ‘RUN-LLP (Reserve Unique Name – Limited Liability Partnership)’ replacing the erstwhile Form 1 (Application for reservation or change of name).

2. Introduction of a new integrated Form christened FiLLiP (Form for incorporation of Limited Liability Partnership) replacing the erstwhile Form 2 (Incorporation document and subscriber’s statement) combining therein 3 services i.e.,

a) Name Reservation.
b) Allotment of Designated Partner Identification Number(DPIN/DIN).
c) Incorporation of the LLP.

3. Change in the Processing of eForms:

The applications which would be submitted using the web-service/eForms viz. RUN-LLP, FiLLiP, Form 17, Form 18 and Form 5 would be processed at a Centralised location by the Registrar, Central Registration Centre(CRC) for and on behalf of the jurisdictional Registrar. The centralized registration process is likely to bring down the processing time to D+1 Day akin to Companies’ Incorporation forms and thus spur the growth of business in our country.

4. RUN-LLP (Reserve Unique Name – Limited Liability Partnership)

(i) RUN-LLP would be a simple and easy to use Web Service for reserving a name for a new LLP or for Change of Name of any existing LLP with only 4 relevant fields. The new web service would replace the existing Form 1 which contains 15 fields (4 pages) for reservation of name/change of name of LLP.
(ii) This is a ‘post-login’ service and existing users would need to login into their account using their credentials. New users are required to create a login account first before using the service.

5. Form for incorporation of Limited Liability Partnership (FiLLiP) (vis-à-vis existing Form

(i) New field ‘whether name is already approved by Registrar of Companies’ is introduced to accommodate names approved through RUN-LLP and reservation of name through FiLLiP.

(ii) New field 2(a) ‘Type of incorporation’ inserted to enables users to prefill/enter the type of incorporation (New incorporation/ Conversion of firm into LLP/Conversion of private company/unlisted public company into LLP).

(iii) New field introduced to enable the user to enter the number of designated partners/partners in a tabular format. Based on the number in the table, relevant section shall be enabled to provide the details.

(iv) Each category of partner/designated partner (except non-individual partner/designated partner is divided into two types, one having DIN/DPIN and another not having DIN/DPIN.

(v) In case of Body Corporate Designated Partners / Body Corporate Partners, count needs to be entered in the column for ‘not having DIN/DPIN’.

(vi) In case of Body Corporate Designated Partner, details of having DIN/DPIN or not having DIN/DPIN shall also be provided for the ‘Nominee of Bodies Corporate Designated Partners’

(vii) In case individual designated partner/nominee of Body Corporate designated partner is not having DIN/DPIN, all the relevant details pertaining to DIN/DPIN allotment shall be entered in the relevant section.

(viii) Maximum of two DINs/DPINs can be allocated through FiLLiP.

(ix)In case FiLLiP is getting filed for name reservation, user need to enter ‘proposed name’ (only one name is allowed) and other relevant details of name reservation.

(x) Relevant attachments pertaining to the name reservation/DIN allotment through FiLLiP got included in the form.

(xi)In case none of the Designated Partners have DIN/DPIN, the form can now be signed by providing PAN details of the Designated Partner.

If you want to start Most Profitable Food Processing Projects and Agro Based Business Ideas for Start-up.

The food processing industry has been slated for accelerated growth. It is projected to be a futuristic industry and it is anticipated that, over the years, it will emerge as a leading player in the global markets. As a result, the industry is seen to be witnessing feverish activity.

Before starting a food processing unit you must have to fulfil all these legal requirement and certification.

Choose mode to company/ business.

• Private Limited Company
• Limited liabilities partnership
• Proprietorship
• Partnership
• One Person company
• Limited Company

1. For brand building you have to register your brand under Indian Intellectual property right. Apply for Brand Trademark.
2. If your process or product is innovative then you have to apply for product and process patent.
3. Apply for FSSAI for to take a FSSAI License: FSSAI license is necessaries for any kind of food item Manufacture, production, process & market.
4. If necessaries take water testing and organic testing certificate.
5. You must have to verify your nutrition chart which is mention on products level.
6. For brand building you can also take ISO 9001- 2015 quality management certificate.
7. Application of project to take a benefit of central & state policies/ subsidies scheme prepare a project report.      

Each Detailed Project Report Contains

First you have to select the field that you are gonna work upon, some steps might help you.

Step 1: Write a Business Plan (your idea)

Step 2: Get Business Assistance and Training

Step 3: Choose a Business Location

Step 4: Finance Your Business

Step 5: Determine the Legal Structure of Your Business

Step 6: Register a Business Name

Step 7: Register for State and Local Taxes

Step 8: Obtain Business Licenses and Permits

Step 9: Understand Employer Responsibilities

Step 10: Find Local Assistance

These are some ideas that might help you.

1. Bakery

Bakery is one of the most profitable food processing business opportunity one can initiate by having own or rented space. Selecting the right product and proper marketing strategy are the major deciding factor in getting success in bakery business. According to the demand and financial aspect you will need to choose the specific products for your bakery business.

2. Banana Wafer Making

Banana wafers are under-ripe bananas that are cut into slice dipped in syrup solution, dried under the sun or by oven, fried and eaten as snack food or dessert. These can be sold both in the local and export markets. You can initiate this business as small scale basis.

3. Biscuit Making

Biscuit making business is very lucrative and can be initiated as small scale basis. Biscuit making is a conventional activity and an entrepreneur can initiate this business with low startup capital also. Despite the advent of modern, large capacity and automatic biscuit making plants, large section of people still prefer fresh biscuits from local bakery as they are cheap and offer many varieties.

4. Bread Production

Quality bread provides fiber and carbohydrates in a convenient, low fat form that is portable and delicious. Good bread never goes out of style. Bread production industry has several diversification opportunity. Fresh quality breads are always in demand for both urban and sub urban areas. Bread production process is also not complex.

5. Cashew Nut Processing

The manufacturing activities that are involve in cashew nut processing are cell cooking, cutting, cashew karnel drying, peeling, grading and packing. Cashew nut processing can be initiated as small scale and also as an export oriented plant. Simple machinery are required.

6. Cheesecake Making

Ingredients required for cheesecakes production are cheese, sugar, strawberries, wheat flour, egg, maize, vegetable oil, starch, salt, preservative, colour and essence. Cheesecake is also very versatile. It works well with a wide variety of flavors ranging from lemon and chocolate to pumpkin. Cheesecake making business can be started as small scale basis.

7. Chocolate Making

The production process of chocolate may vary according to the different quality of chocolate. Also according to the availability of raw material you can decide the taste and ingredients for chocolate production. Chocolate making is one of the most profitable food processing business.

8. Coconut Milk Powder Production

Coconut milk powder has a good market potential not only in India but also in various other countries. Coconut milk powder has advantage of long shelf life, less storage places required and lower cost of bulk packing. Coconut milk powder is one of the most trending food processing business opportunity for new entrepreneurs.

9. Coconut Oil Manufacturing

Coconut oil is used as an important cooking medium. Apart from this coconut oil has various industry applications. It is used in the manufacture of toilet soaps, laundry soaps, surface active agents and detergents, hair tonics, hair oils, cosmetics, etc. Location is one of the most important factor in starting coconut oil manufacturing. It should be nearby the area where from raw materials can be procured easily.

10. Condensed Milk Production

Sweetens condensed milk has an good market opportunity both in domestic and export sector. The only main raw material is good quality milk. condensed milk production is one of the most profitable food processing business any individual can initiate with substantial capital investment.

11. Custard Powder Production

In starting custard powder production, required raw materials are corn flour, arrow root starch, food colours and essence. Easy availability of raw materials made this business lucrative and profitable. A small scale unit can also be established with some simple machinery. Custard powder is one of the popular food considered as desert.

12. Dalia Production

The increasing demand for nutritional and ready to eat food, has increased the market potential of dalia. Dalia manufacturing business can be initiated as small scale basis with simple machinery. Production process is simple. Dalia production does not imply major licensing issues.

13. Dal Milling

Dal milling is actually processing of different pulses. According the availability of raw material you can select different various products. Commonly two types of conventional processing methods are used. Such as wet milling and dry milling. Dal milling is capital intensive and energy sapping in nature.

14. Energy Drink Production

Energy drink is a very popular options for now a days to relief from stress. Energy drink production is one of the most profitable and trending food processing business. Initiating a energy drink manufacturing business is cost intensive and requires a strong product promotion strategy.

15. Flour Production

Flour is produced by milling food grains. different varieties types of flour is used to prepare different foods. These are Wheat flour, brown flour, whole wheat flour, wholemeal flour etc. Production process is simple. This business can be initiated as small scale basis with simple machinery.

16. French Fry Making

Good quality potatoes are generally used to make french fry. French fries are becoming very popular in Indian market. Apart from domestic demand the product has an export opportunity also. French fry making business can be initiated as small scale basis. Need to pay attention about packaging.

17. Fruit Juice production

Fruit juice is one of the ready to serve item. Another popular product is squash. These are very popular throughout the year specially in summer. Fruit juice production business can be initiated as small scale basis. Product should be selected according to the availability of raw materials.

18. Ginger Garlic Paste Processing

Ginger and Garlic Paste is mainly used as a condiment in various food preparation and also serves as a carminative and gastric stimulant in many medicine preparations. As instant mixes and spices are becoming more popular the demand for ginger garlic paste is also increasing. Production process is simple and the product has an immense market opportunity for export also.

19. Ginger Oil Production

The main application of ginger oil are confectionery beverages and baked products. India is the larges producer of ginger. Ginger oil production is one of the most profitable food processing business that can be started as small scale basis also.

20. Grape Wine Making

Grape wine making is actually fermenting the grape juice. The major raw material required for the processing and making of grape wine is grapes. Grape wine making is capital intensive and it requires proper operational and marketing strategy.

21. Groundnut Oil Processing

Ground nut oil processing is one of the most profitable food processing business considering the required capital investment.The oil that is obtained from groundnuts / peanuts is very healthy and suitable for best human consumption. The manufacturing unit can be established as small scale basis.

22. Hing Making | Compound Asafoetidia

Hing is used in India in culinary preparations for flavouring purpose. Pure asafoetida is generally not preferred for use in view of the high concentration. It is, therefore, sold in compounded form. Hing has a good market potential not only in domestic market but also in export market. The main raw material is generally imported from Afghanistan or Iran.

23. Honey Processing

Honey processing is actually removing wax and other foreign unwanted particles from honey. You can establish the processing unit by two ways. Either by manual system or by electrically driven. Production process is simple and can be initiated as small scale and home based basis.

24. Ice Block Manufacturing

Ice block making business can be established as small scale basis. Ice blocks are essential for transportation and preservation of fishes. According to the local demand of ice blocks, unit should be establish as far as production output is concerned.

25. Ice Cream Cone Making

Ice cream cone making business can be initiated as home based and small scale basis. Ice cream cones of many varieties flavours and in different forms are served round the year and demand is going up year after year. The most popular mode of serving is in cones as it is neat & clean, easy to store and there is no disposal need. With continuous increase in sale of ice-creams, demand for cones is increasing.

26. Ice Cream Making

Ice cram making business can be initiated as small scale basis with low startup capital investment. Ice cream making is a wonderful small business idea that any individual can explore to make handsome money out of it. Ice cream is a frozen blend of a sweetened cream mixture and air, with added flavorings. A wide variety of ingredients are allowed in ice cream, but the minimum amounts of milk fat, milk solids (protein + lactose + minerals), and air should be maintained in ice cream making.

27. Iodized Salt Production

Iodised salt is a white crystalline powder salt fortified by Iodine. Iodine deficiency disorder can be easily avoided by consuming sufficient amount of salt fortified with Iodine. Iodized Salt consumption is directly related with population growth. Iodized salt production can be started as small scale basis also.

28. Jam Jelly Making

Jam jelly making business is profitable and can be initiated as small scale with low capital investment. With proper planning and strategy, jam jelly making business can be initiated home based also. Different allowances and grants from Government sector is also available. Most kinds of fruit and some vegetables are used to make a wide variety of jam and jelly. Fruit jam contains rich fruit pulp and available in mango, apple, mixed fruit, pineapple and orange flavors. Jelly is a clear, bright mixture made from fruit juice, sugar and sometimes pectin. Jelly and jam is used as bread spread and as a filling for some cakes and cookies.

29. Lemonade Making

Lemonade is actually a lemon flavoured very popular soft drink.The principal raw materials required are sugar, citric acid, flavor & essence, food color, and sodium benzoate. Lemonade making is capital and management intensive business.

30. Fruit Bar Making

Mango, pineapple fruit bars are very popular. Unit should be initiated according to the availability of raw materials. Fruit bar making process is simple. By installing simple machinery small scale unit can be initiated as home based also.

31. Meat Processing

Meat processing technology comprises the steps and procedures in the manufacture of processed meat products. All processed meat products have been in one way or another physically and/or chemically treated. Meat processing is capital intensive. Proper distribution and marketing strategy is required before initiating.

32. Microbrewery

Microbreweries produce small amount of craft beer than large-scale corporate breweries and are independently owned. The market of microbreweries is immensely developing. Different licenses and permission is required in initiating microbrewery business.

33. Noodles Making

Generally two types of noodles are popular. One is normal and other is instant. The process is quite simple and requires not much skilled labour. The boom in the food service sector including fast food chain, has widened the demand potential for Noodles.

34. Packaged Drinking Water Production

Increasing awareness of health and scarcity of getting pure drinking water have made an immense market demand for packaged drinking water. Now-a-days people prefer to have packaged drinking water not only at outside but also in house. In initiating packaged drinking water business, it is important to check the PH balance of water where you want to establish the unit.

35. Palm Oil Processing

The main raw material is palm fruits. Palm oil is used as an edible oil. Apart from that there is a demand for commercial industry use. Palm oil processing is profitable and capital intensive. All type palm oil processing units differ in the level of mechanization of each unit operation and the interconnecting materials transfer mechanisms.

36. Papad Making

Papad making business can be initiated as small scale and home based basis also. Papad making is one of the most profitable food processing business considering the low startup capital investment. Papad is a thin wafer like product and served as fried or roasted.

37. Pasta Making

The artificial drying process allows pasta to be produced at industrial level and therefore to be distributed. The drying process is the final main step of industrial pasta production, and it is fundamental to greatly prolong shelf life of the product. Manufacturing process is not complex and the demand is increasing.

38. Pickles Making

Pickles are most popular item. Besides domestic market pickles have an export potential also. Various different quality pickles can be produced. The product should be selected according to the availability of the raw materials. Simple machinery and equipment are required and production process is simple.

39. Potato Chips Making

Sliced, thin and fried potato chips are very popular ready-to-eat snacks item. Potato is one of the easy available vegetable also. Potato chips making process is simple and involved simple machinery. Potato chips making business can be started as small scale basis also. With ongoing growth of the population and rising urbanization, particularly among young people, packaged food such as packaged potato chips have very bright growth prospects.

40. Potato Powder Making

Potato powder is increasingly being used in a variety of food preparations like snack foods, soups, curries and other dishes as a thickening agent. Potato powder manufacturing is capital intensive. FPO and Pollution Control Board permission is required.

41. Rice Bran oil Production

The Commerce Ministry recently allowed bulk exports of rice bran oil and removed quantitative restrictions on out-bound shipments of organic edible oils. Rice bran oil is considered as a premium edible oil with limited consumption in India. Rice bran oil production is capital intensive. Unit must be focused on export oriented to get much better profitability.

42. Rice Mill

India is the second largest producer of paddy in the world. Rice being the staple food of majority population. The mini rice mill consists of a paddy cleaner, sheller, separator and a polisher. Mini rice mill is one of the most profitable food processing business.

43. Soyachunk Processing

Soyachunk processing can be initiated as small scale basis. The major raw materials are soybean meal and peanut meal. Soyachunk production process involves milling, mixing, extruding and cutting. This is one of the most profitable food processing business one can start with moderate capital investment.

44. Soy Sauce Production

The major raw materials, that needed for soy sauce production are soybeans, wheat, and salt. Different types of manufacturing processes are obtained to produce different types of soy sauce. Soy sauce production can be started as small scale basis also.

45. Spice Powder Making

Spice grinding and packaging is one of the most profitable food processing business to be initiated as small and medium scale. Spice is an essential item and is considered as taste maker. Apart from individual spice powder like chilly, cumin, turmeric; special quality mixed spice powder processing is more profitable. Some of the most popular items are meat masala, curry powder, chat masala etc.

46. Sugar Candy Manufacturing

Sugar candy is generally considered as hard boiled sugar confectionery. There are so many popular flavours for sugar candy like orange, pineapple, mango, mint, strawberry etc. Sugar candy manufacturing is one of the most popular food processing business idea.

47. Sunflower Oil Processing

For sunflower oil processing the main raw material is sunflower seed. Refine sunflower oil goes through the long way of purification which consists of the following stages: mechanical cleaning, hydration, neutralization, bleaching, freezing, deodorization and nitriding. Sunflower oil processing capital intensive and profitable food processing business.

48. Tomato Processing

Tomato is a wide available item and processed tomato products are also very popular. Most popular products are tomato sauce, puree, juice, ketchup etc. In initiating tomato processing you can also produce tomato pulp for other small scale industries. Production process is not complex. Simple machinery and equipment are required.

49. Tutti Frutti Making

Tutti frutti is concentrated processed food product produced from raw papaya with attractive colour, sugar and preservative. It is also used by several other food processing industries like cake, bakery bread etc. The product has also a very good retail opportunity.

50. Vinegar Manufacturing

Vinegar is considered as a good preservative containing 5% acetic acid. Compliances under the FPO and PFA Act are mandatory for vinegar manufacturing. Commercial scale vinegar manufacturing requires sound technical knowledge

Easy Steps to Check Company Registration Status on MCA.

Ministry of Corporate Affairs (MCA) is a government portal containing details of all the companies incorporated in India.

Stakeholders are requested to ensure that the proposed name selected does not contain any word as prohibited in Section 4(2) & (3) of the Companies Act, 2013 read with Rule 8 of the Companies (Incorporation) Rules, 2014.

Stakeholders are also requested to read and understand Rule 8 of the Companies (Incorporation) Rules, 2014 in respect of any proposed name before applying for the same.

Step 1: Go to the MCA website. www.mca.gov.in [Check Private Limited Company Name – Private Limited Company search]

Step 2: Scroll mouse on MCA Services Tab and click on “View Company Master Data“

Step 3: Click on the Search button

Step 4: Put the name of the Company / LLP Name, which you want to find.

Step 5: Now you find a list of Company / LLP Name, Click on the desired company which you want to show.

Step 6: Click on the submit button.

Step 7: Now you find the Master data of the Company / LLP Name.

Step by step process : [Check Private Limited Company Name – Private Limited Company search]

1. To access Master Company/LLP Data click “View Company/LLP Master Data” link; to view Index of Charges, click ‘View Index of Charges’; and to access signatory details, click on ‘View Signatory Details’ on the left-hand side of this page.

2. Enter the Company/LLP Name or CIN/LLPIN of the Company/LLP.

3. Click the Submit button in case CIN is entered.

4. In case CIN/LLPIN is not available Press the “Search” button after entering the first few characters in Company/LLP Name field.

5. List of companies/LLPs would appear. Select your company/LLP by clicking the ‘Select’ button.

6. CIN/LLPIN of the Company/LLP with Company/LLP Name shall be displayed on the screen.

7. Click the Submit button once CIN/LLPIN is displayed.

8. System shall display the required data.

9. To take a printout of the same, click on ‘Print’ button given on the page.

10. On clicking the same, the required data shall be displayed in a tabular form. Take the print out of the same.

Made an error in GSTR-3B Yesterday was the last date to file your GSTR-3B for September 2018.

This was also the last opportunity to claim any leftover ITC, or report sales missed earlier or make sure those who sell to you have reported it properly. In case you’ve committed a mistake in filing this GSTR-3B, the only thing that you can do right now is make sure the errors are taken care of while filing your GSTR-1. You must also deposit any additional tax dues with 18% interest. Still facing issues with understanding how to go about this?

Situation 1 – How to revise the GSTR-3B return for error/mistakes done while furnishing in GSTR-3B?

As stated above, GSTR-3B can not be revised. Simply there is no option for revision. Although now user can reset GSTR-3B which is submitted but not filed. This option is recently started. But there is nothing you can do in GSTR-3B once filed.

So therefore the only solution is to file the GSTR-1 and GSTR-2 correctly. If you had reported less sales or more purchases and thus paid less GST then you has to pay difference GST along with interest at the rate of 18% while filing GSTR-3. And if you had paid more GST due to reporting of more sales or less purchases then the difference amount of GST is credited to your electronic credit ledger. (Off course without interest)

Situation 2 – What if the payment of IGST is made instead of CGST and SGST?

Cash balances of IGST, CGST and SGST cannot be adjusted between themselves. In other words, cash payment made for one type of GST can be used only for liability of that type.

This problem arises mainly in cases where a person is purchasing goods from outside state and selling within state, In such cases sometimes person calculates its tax liability and divide it by two to calculate liability for CGST and SGST. Person forgets that IGST is first set off from CGST and then from SGST.

If a person has made such excess payment of CGST and unable to use that due to IGST input tax credit then such person needs to take refund of CGST. Same for SGST and IGST in any other case.

Situation 3 – If inward details is wrongly entered in reverse charge column

There is no need to pay any additional tax amount. You should correct the details in GSTR-1 and GSTR-2 only. Once the details are corrected in GSTR1 and GSTR2 the additional tax liability shall be automatically updated.

Situation 4 – What to do if output tax becomes less than what has already been paid?

If the total GST liability of the registered person is less than the output tax liability mentioned in GSTR-3B then the additional tax paid shall be adjusted with the liability of the next month.

Situation 5 – What if a person has not filed the GSTR-3B for any reason?

Late fees for GSTR-3B for month of July, August, September has been waived off and also there is no limit on such waive. Therefore is a person has not filed GSTR-3B but filed GSTR-1, GSTR-2 and GSTR-3 then it is sufficient.

But GSTR-3B of next month can not be filed till filing of such return for all previous months. And GSTR-1 date has been extended for July and GSTR-2 date is in February. So you can not file GSTR-3B for the month of October at least till March. And late fees amounts to Rs. 50 per day from month of October.

GST Registration- Business consulting for LLP Registration Patna- mistakes in gstr 3b- how to revise gstr 3b after filed

Digital Signature Certificates or DSC or Digital Signature are being adopted by various government agencies and now is a statutory requirement in various applications.

SPLAN offers a different class of certificates to help organization and individuals secure online transactions with legal validity as per the Indian IT Act, 2000.

There are various Type and Class of DSC, the information below would help you to arrive to the right certificate for your needs.

Type of Digital Signature Certificates or DSC.

• Sign

  The DSC could only be used for Signing a document. (The most popular Certificate) The most popular usage is signing the PDF file for Tax Returns, MCA and other websites.

• Encrypt

  The DSC would be used to Encrypt a document, it is popularly used in the tender portal, to help your company encrypt the documents and upload. You could also use the certificate to encrypt and send classified information. We are selling Encrypt certificate as a standalone product as well.

• Sign & Encrypt

  You could buy both Signs & Encrypt DSC by using this category.

Validity of the Digital Signature Certificates or DSC.

You could buy certificates with validity up to three years. (The validity is controlled by law, and you cannot buy certificates more than three years and less than One-year validity)

Classes of Digital Signature Certificates or DSC.

The IT law allows us, three Classes of DSC, however, we only sell Class 2 and Class 3 certificates. We are not selling Class 1 Certificates.

The difference between Class 2 and Class 3 is verification guidelines.

• Class 2

  This is most popular class of certificates, and most applications would recognize this class of certificates.

• Class 3

  This level of assurance is required generally by Tender portals and some highly sensitive websites. If you opt for class 3 certificate, all applications which are created for Class 2, should be able to recognize your certificates.

Who could buy  Digital Signature Certificates or DSC .

There is no limitation on who could buy our certificates, people and organization from India and outside India can buy our certificates, provided they meet our Verification Guidelines. Please look at our list below to select an appropriate application form.

• Individuals

  The DSC is for Indians, who do not want their organization name to be part of the certificate.

• Organization

  Ths DSC is for companies (any type of entity), who want their organization name to be part of DSC.

• Foreign Individuals

  The DSC is for foreigners and would like to use our certificate in their name.

• Foreign Organization

  The DSC is for Organizations registered outside India would like to use our Digital certificates.

• Document Signer Certificate

  If you intend to use our certificate for bulk signing of documents, you could use our Bulk Signer Certificates. We would offer this certificate in PFX file for Class 2 and is sold to Organizations only.

• IET Certificates

  We have a special Digital Signature certificate for IEC code holders, this certificate is specifically used for DGFT portal.

To serve you better the certificates are available locally in your area / city through a SPLAN.

You can also write to us at INFO@SPLAN.IN or speak to our connect manager at +91-9122329999 who will assist you in connecting to our business manager.

What is the cost of obtaining a Digital Signature Certificate?

List of accepted documents – Indian Organization.

E. List of accepted documents – Foreign Individual

F. List of accepted documents – Foreign Organization

TDS must be deducted where total value of supply exceeds Rs 2.5L. This only applies where the payer is a government entity (central and state govts, local authority, govt agency) or those notified by the govt as GST Council may suggest from time to time.

Is TDS on GST 1% or 2%?

1% TDS is required to be deducted under both the CGST and the SGST Act and therefore the total TDS to be deducted is 2%. In case of an interstate transaction, IGST would be levied and 2% TDS would be levied in this case as well.

For example: Suppose a supplier makes an intra-supply i.e. supply within the same state worth Rs. 10,00,000 to a recipient and CGST @ 9% and SGST @9% is required to be paid. The recipient while making the payment of Rs. 10,00,000 to the supplier shall deduct 1% TDS i.e. Rs. 10,000 under the CGST Act and 1% TDS i.e. Rs. 10,000 under the SGST Act and therefore the total TDS Deducted would be Rs. 20,000.

In case the above supplier makes an inter-state supply, TDS @2% i.e Rs. 20,000 would be required to be deducted under the GST Act and deposited with the Govt.

The value for the purpose of computing the amount of TDS shall not include 18% GST.

Purpose of Introduction of TDS on GST

The concept of TDS on GST was initially introduced in the Income Tax Act and has now been introduced in GST as well. The purpose of introduction of TDS on GST is only to enable the govt to have a trail of transactions and to monitor and verify the compliance.

It acts as a powerful instrument to prevent tax evasion and expands the tax net, as it provides for the creation of an audit trail.

Just like in the Income Tax Act, the person deducting the TDS is required to deposit the TDS with the Govt and issue Form 16 and Form 16A, similarly under GST Act as well, the person deducting the TDS would be required to deposit the same with the Govt by the 10th of the next month and issue Form GSTR 7A to the person whose TDS has been deducted.

Who is required to deduct TDS on GST

The following class of persons are required to deduct TDS on GST from the payment made or credited to the supplier if the Contract Value is more than Rs. 2.5 Lakhs:-

1. A Department or Establishment of the Central Govt or State Govt
2. Local Authority
3. Govt Agencies
4. Such persons or category of persons notified by the Govt.

The following category of persons have been notified by the Govt on which the provisions of TDS on GST would be applicable:-

1. An authority or board or any other body with 51% or more participation by way of equity or control
   1. Set up by an Act of Parliament or a State Legislature; or
   2. Established by any Govt.,
2. Society established by the Central Govt. or State Govt. or a Local Authority under the Society Regulations Act, 1860
3. Public Sector Undertakings

No TDS to be deducted if the payment is made by a person who is not mentioned in the above-mentioned list.

Cases where TDS on GST is not required to be deducted

TDS on GST is only required to be deducted where the payment made or credited to the supplier is done by the above-mentioned category of persons.

There are certain exceptions to this and in the following cases, TDS would not be deducted even if the payment is made by the above-mentioned persons:-

1. Contract Value does not exceed Rs. 2.5 Lakhs

If the Contract Value does not exceed Rs. 2.5 Lakhs, No TDS is required to be deducted.

Eg 1: Mr Karan Batra enters into a contract of Rs. 2 Lakhs with a Public Sector Undertaking to provide Income Tax Advisory. He also enters into a contract worth Rs. 1.5 Lakhs to provide GST Advisory.

In the above-mentioned example – the total value of services provided is Rs. 3.5 Lakhs which is more than Rs. 2.5 Lakhs. However, in this case – the provisions of TDS on GST would not be applicable as the value of each contract is less than Rs. 2.5 Lakhs.

1. Refund application filing for multiple tax period is available for below grounds of refund:

• Export of Goods & Services-Without payment of Tax
• Export of services with payment of tax
• Supplies made to SEZ Unit/SEZ Developer-Without payment of Tax
• Supplies made to SEZ Unit/SEZ Developer-With payment of Tax
• ITC accumulated due to an inverted tax structure
• A claim by recipient /supplier of deemed exports

1. Refund application can be filed using refund application Form GST-RFD-01A & selecting the tax period range
2. The multiple tax period application has following restrictions:

1. Multiple tax period selection should be within a single financial year
2. Application has to be filed chronologically for tax periods and in case refund application is not to be filed for any tax period, a declaration of “No Refund Application” is to be provided. -For e.g.: If taxpayer wants to file refund application for period April 2018 to June 2018 and there is no refund application filed for period previous to April 2018, then: First, taxpayer would have to file No refund application till April 2018 & Post that file refund application for April 2018 to June 2018

1. For claiming refund, taxpayer would have to upload invoice details mandatorily in the statement template available in the refund application itself. The statement uploaded by taxpayers will be validated by system from the invoice data declared/provided by the taxpayer at the time of filing return for that period for which refund is claimed. Only after validating data from system, the taxpayer would be able to file refund application
2. All the invoice details are to be provided in a single statement. Taxpayer is not required to upload multiple statements for different periods separately
3. After filing refund application, taxpayer would not be able to claim refund for that invoice again in some other refund application as the system will lock the invoice for which refund is claimed in one application. Also, taxpayer would not be able to amend invoice details after claiming refund
4. Taxpayer can also attach any other supporting document (maximum 4 documents in pdf format of size 5MB each)
5. After filing of refund application by taxpayer, refund application Form GST-RFD-01A along with the statement and documents uploaded shall be available to jurisdictional tax officer for review and processing of refund

Sorce: GST.GOV.IN