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

INCORPORATION OF Limited Liability Partnership

Moving from the LLP Rules, 2009 to the LLP (Second Amendment) Rules, 2018 is like shifting from your old house to a new one. All the provisions in relation to Incorporation of LLP become changed with Amendment Rules, 2018.

Process of Incorporation:

STEP – I: Apply for Name Approval:

A. Login on MCA Website Applicant has to login into their account on MCA Website. (Pre-existing users can use earlier account or new users have to create a new account.) After Login use has to click on the icon ‘RUN’ in MCA Service. An online form shall be open. Applicants have to fill the information online. (This form can’t be download) Note* since 02nd October 2018 e-form LLP-1 has been omitted from the LLP Act, 2008.

B. Details required to be mentioned in the online form:

1. Entity type LLP
2. LLPIN (LLPIN and it has to be entered only when an existing company wishes to change its name and is using RUN to reserve a new name)
3. Proposed name (Auto Check Facility)
4.  Comment (Mention Objects of the proposed LLP and any other relevant information Like Trade Mark etc.)
5. Choose File (Any attachment)

C. Choose File: This option is available to upload the PDF documents. If applicant wants to attach any file, can be upload at this option.

D. Submission of Form on MCA Website: After completion of the above steps user shall submit the Form with MCA website.

E. Payment of Fees: There is no option of pay later challan in RUN. Applicant has to pay fees immediately after submission of form. After payment challan shall be generated.

F. Validity of Reserved Name: Reserved name shall be valid for 20 days from the date of approval of Name.

QUICK QUESTION – LLP RUN

i. Whether DIN or DSC required for filing of Run form?

DSC & DIN not required for filing of RUN form for reservation of Name. Only account of MCA portal is mandatory.

ii. How many resubmission options are allowed in RUN?

Only one Resubmission of application is allowed in case of reservation of Name.

iii. What shall be the validity of the Name after approval?

Reserved name shall be valid for 20 days in case of allotment of name for New LLP.

iv. How many names can be apply through this form?

Two Name can be mentioned in RUN form.

v. What shall be the government fees for RUN?

As per Register office Fees Rules, Fees shall be Rs. 1,000/-

vi. Is it mandatory to attach documents while reserving name?

No. It is mandatory to attach relevant documents and No Objection Certificates(NOCs) only when a name which requires the approval of a Sectoral Regulator or NoC etc. Please note that only one file is allowed to be uploaded as an attachment and the size of the file should not exceed 6MB. In case of multiple attachments, please scan all documents into a single file not exceeding 6MB in size, and then upload the same.

vii. Whether there is any requirement to mention details of Designated Partner in the RUN?

No, there is no need to mention the name or number of proposed Designated Partner in RUN. NOTE: * Approval of Name through ‘RUN’ is an optional way. LLP can also Directly apply for the Name in FiLLip form.

STEP – II: Preparation of Documents for Incorporation of LLP:

After approval of name or for Incorporation of LLP applicant have to prepare the following below mentioned Documents;

• Proof of Office address (Conveyance/ Lease deed/ Rent Agreement etc. along with rent receipts);
• NOC from the owner of the property.
• Copy of the utility bills (not older than two months)
• Subscriber Sheet including Consent.
• In case of Designated Partner does not have a DIN, it is mandatory to attach: Proof of identity and residential address of the subscribers
• All the Designated Partners should have Digital Signature.
• Detail of LLP(s) and/ or company(s) in which partner/designated partner is a director/ partner
• Copy of approval in case the proposed name contains any word(s) or expression(s) which requires approval from central government;

CHECKLIST FOR APPOINTMENT OF MANAGING DIRECTOR

The following are the steps involved in appointment of Mr. A as Managing Director in a Company who is not an Managing Director in any other Company:

• Convene Board Meeting, appoint Mr. A as Additional Director and pass resolution for appointment as Managing Director (sample of resolution specified hereunder) and fix date and approve notice of General Meeting for passing ordinary resolution or special resolution, as the case may be (explained hereunder)
• File Form 32 for app. as Additional Director (with his consent in case of public Company)
• Issue notice along with explanatory statement (sample of exp. specified hereunder) at least 21 days before the Extra-Ordinary General Meeting/Annual General Meeting
• Hold the General Meeting and appoint Mr. A as Director u/s 257 and appoint him as Managing Director by ordinary resolution (sample specified hereunder).
• If the prospective Managing Director is of < 25 yrs. of age but > 18 yrs. or > 70 yrs. of age then appointment has to be approved by Special Resolution in General Meeting.
• Ensure that appointment is in accordance with the provisions of Schedule XIII to the Companies Act, 1956 otherwise Central Government approval is required by making an application in Form 25A.
• File Form 23 within 30 days of passing resolution for appointment even if ordinary resolution is passed (See Section 192)
• File Form 32 within 30 days of app. for change in designation from Additional Director to Managing Director.
• File Form 25C within 90 days of appointment
• Make necessary entries in the Register of Directors

NECESSARY RESOLUTIONS:

• Board Resolutions –
• For Appointment as Additional Director:

“RESOLVED THAT pursuant to section 260 of the Companies Act, 1956 and other applicable provisions of the Act and Article ________ of Article of Association of the Company Mr. A be and is hereby appointed as Additional Director of the Company to hold the office up to next Annual General Meeting and be eligible for reappointment at next Annual General Meeting.

Resolved Further That necessary Return in the office of the Registrar of Companies be filed to intimate the above appointment.”

• For Appointment as Managing Director :

“RESOLVED THAT pursuant to provisions of  Section 269 read with Schedule XIII of the Companies  Act ,1956 and sub to provisions of Sections 198 ,309,314 and other applicable provisions ,if ,any of the Companies Act, 1956 and further subject to approval of shareholders, sanction be and is hereby accorded to the re-appointment of Mr. A as Managing Director of the Company for a period of 1 (one) year with effect from 1st April,_________ and to the payment of the following remuneration:

1. a) Salary Basic Rs __________ PM
2. b) Conveyance on actuals upto a limit of Rs ___________PM
3. c) House Rent Rs _________ PM

Resolved Further That in the event of loss or inadequacy of profits during the tenure of service of the Managing Director, the payment of salary, commission, perquisites and other allowances shall be governed by the limits prescribed under Section II of Part II of Schedule XIII to the Companies Act, 1956.”

• Explanatory Statement (Forming Annexure to Notice)

The Board, subject to the approval of shareholders in the General Meeting, appointed Mr. A as Managing Director of the Company effective 1^st April _____________, for a period of one year on terms and conditions set out in the Resolution. He is a partner of _______________, an associate concern of the Company and Director in ________________ Ltd.

The remuneration as set out in the resolution is in accordance with the provisions of Schedule XIII to the Companies act, 1956.

The Board recommends the resolution for approval of Members.

None of the Directors, except Mr. A is concerned or interested in the resolution.

• General Meeting Resolutions:

• For Appointment of Mr. A as Director u/s 257:

RESOLVED THAT Shri Rajesh Kumar Bansal be and is hereby appointed as a Director of the Company pursuant to the provisions of Section 257 (1) of the Companies Act, 1956.

• For Appointment of Mr. A as Managing Director:

“RESOLVED THAT pursuant to provisions of section 269 read with Schedule XIII of the Companies  Act,1956 and subject to provisions of Section 198, 309, 314 and other applicable provisions , if any, of the companies Act, 1956, approval of the members of the Company be and is hereby accorded  to the appointment of Mr. A,  R/o  ________________ as Managing Director of the Company for a period of 1 (one ) year with effect from 1^st April,_________ and to the payment of the following remuneration:-

a.)        Salary Basic –                         Rs. _______________p.m.

• Conveyance on actuals   _______________ p.m. upto a limit of

c.)        House Rent                             Rs. _____________ p.m.

Resolved Further That in the event of loss or inadequacy of profits during the tenure of service of the Managing Director, the payment of salary, commission, perquisites and other allowances shall be governed by the limits prescribed under Section II of Part II of Schedule XIII to the Companies Act, 1956.”

• Explanatory Statement (Forming Annexure to Notice)

The Board, subject to the approval of shareholders in the General Meeting, appointed Mr. A as Managing Director of the Company effective 1^st April _____________, for a period of one year on terms and conditions set out in the Resolution. He is a partner of _______________, an associate concern of the Company and Director in ________________ Ltd.

The remuneration as set out in the resolution is in accordance with the provisions of Schedule XIII to the Companies act, 1956.

The Board recommends the resolution for approval of Members.

None of the Directors, except Mr. A is concerned or interested in the resolution.

As India enters the era of robots and artificial intelligence, most companies plan to automate jobs to compete on cost. But will replacing humans with machines really turn India into a global economic powerhouse? A new report suggests that a more effective strategy could be to train its workers for the future, giving them the skills they need to work with sophisticated machines, data and algorithms. For businesses facing increasingly complex production processes and a tough global marketplace, cheap labour is no longer the main factor. Instead, the most successful employers are looking for talent and skills in new hires, using technology to enhance rather than automate existing jobs.

The current global economy is caught in a major paradox. We live in a world where systems using artificial intelligence (AI), robotics and automation are matching or exceeding human performance in more and more domains.

In the light of these facts, the NITI Aayog’s latest move to shift the policy focus on AI to stimulate social and inclusive growth is a positive step. Such applications of digital technology can unleash higher levels of productivity gains and push the envelope on the delivery of public goods on a national scale. The real litmus test will be the execution of the policy, but for now it can be said that India has entered the AI playground at the perfect time.

Now human development, enabled by technology advances that are commensurate with those of the first, second and third industrial revolutions, and which are merging the physical, digital, and biological worlds in ways that create both promise and peril.

• Cybersecurity
• Digital Communications
• Neuroscience
• Artificial Intelligence and Robotics
• Geopolitics
• Space Technologies
• Drones
• Biotechnology
• Information Technology
• 3D Printing
• Future of Production
• Innovation
• Blockchain
• Internet of Things
• Inequality
• Virtual and Augmented Reality
• Advanced Materials

“With the world’s largest youth population and more than half of its population of working age, skills development will be critical to sustaining inclusive growth and development in India,” said Dharmendra Pradhan, Minister of Skill Development and Entrepreneurship of India.

Source World Economic Forum.

“Digital India’ campaign with the sole objective of making India a digitally empowered nation. The campaign has three main components: (a) development of secure and stable digital infrastructure, (b) delivering government services digitally, and (c) universal digital literacy.

A digitally literate nation cannot be digitally empowered through the availability of infrastructure and online government services only. India will become digitally empowered only when its citizens will confidently let-in the digital mode into their economic, social, cultural and political lives. In this article, I look at the role of financial technology companies (Fintechs) in making India a truly digitally empowered nation.

Use of Technology,

Huge Markets

Scientific Innovations

Online Presence

Digital Lending

The Future

But the above-listed services are just the beginning of this sector’s growth. Even with several ideas already proving successful, the best and more from Fintechs is yet to come. While payments, lead generation and lending will continue to grow, the induction of new technologies based on alternative data, artificial intelligence and machine learning will lead to continuous innovation and improvement. Sectors like wealth management and insurance will also see a big increase in technology innovation in the next few years.The role of the government and government-supported initiatives is playing a big role in the success of Fintechs.

Source from: Entrepreneurs

Shishu/ Kishor/ Tarun Schemes – Mudra Loan

The Bank will nurture small businesses through different stages of growth and development of businesses termed as Shishu, Kishor and Tarun.
#Mudra Bank Starts Financing at 7.00% rate of #Interest

#Shishu This is will be the first step when the business is just starting up. The loan cover in this stage will be up to Rs 50,000.

#Kishor In this stage, the entrepreneur will be eligible for a loan ranging from Rs 50,000 to Rs 5 lakh.

#Tarun This last and final category will provide loans for up to Rs 10 lakh. 27 nationalised, 15 private and one Regional Gramin Bank participated in a mega loan under Pradhan Mantri Mudra Loan Scheme. 15.90 Crore were sanctioned to 3239 beneficiaries in Gurgaon under Pradhan Mantri Mudra Yojna (#PMMY).

#SBBJ has sanctioned 16,814 loans amounting to Rs 226 crore under PMMY

How to View Form 26AS

Form 26AS can be downloaded: On the TRACES website, Or via Net Banking Facility of authorized banks Go to https://incometaxindiaefiling.gov.in and Login using your income tax department login & password. If you don’t have an account, you’ll need to Register first (see the button on top of LOGIN).

THE FOURTH SCHEDULE TO TRADEMARKS RULES, 2002

Classification of goods and services – Name of the classes

Class 1. Chemical used in industry, science, photography, agriculture, horticulture and forestry; unprocessed artificial resins, unprocessed plastics; manures; fire extinguishing compositions; tempering and soldering preparations; chemical substances for preserving foodstuffs; tanning substances; adhesive used in industry

Class 2 . Paints, varnishes, lacquers; preservatives against rust and against deterioration of wood; colorants; mordants; raw natural resins; metals in foil and powder form for painters; decorators; printers and artists

Class 3 . Bleaching preparations and other substances for laundry use; cleaning; polishing; scouring and abrasive preparations; soaps; perfumery, essential oils, cosmetics, hair lotions, dentifrices

Class 4 . Industrial oils and greases; lubricants; dust absorbing, wetting and binding compositions; fuels(including motor spirit) and illuminants; candles, wicks

Class 5 . Pharmaceutical, veterinary and sanitary preparations; dietetic substances adapted for medical use, food for babies; plasters, materials for dressings; materials for stopping teeth, dental wax; disinfectants; preparation for destroying vermin; fungicides, herbicides

Class 6. Common metals and their alloys; metal building materials; transportable buildings of metal; materials of metal for railway tracks; non-electric cables and wires of common metal; ironmongery, small items of metal hardware; pipes and tubes of metal; safes; goods of common metal not included in other classes; ores

Class 7 . Machines and machine tools; motors and engines (except for land vehicles); machine coupling and transmission components (except for land vehicles); agricultural implements other than hand-operated; incubators for eggs

Class 8 . Hand tools and implements (hand-operated); cutlery; side arms; razors

Class 9. Scientific, nautical, surveying, electric, photographic, cinematographic, optical, weighing, measuring, signalling, checking (supervision), life saving and teaching apparatus and instruments; apparatus for recording, transmission or reproduction of sound or images; magnetic data carriers, recording discs; automatic vending machines and mechanisms for coin-operated apparatus; cash registers, calculating machines, data processing equipment and computers; fire-extinguishing apparatus

Class 10. Surgical, medical, dental and veterinary apparatus and instruments, artificial limbs, eyes and teeth; orthopaedic articles; suture materials

Class 11. Apparatus for lighting, heating, steam generating, cooking, refrigerating, drying ventilating, water supply and sanitary purposes

Class 12 . Vehicles; apparatus for locomotion by land, air or water

Class 13. Firearms; ammunition and projectiles; explosives; fireworks

Class 14. Precious metals and their alloys and goods in precious metals or coated therewith, not included in other classes; jewellery, precious stones; horological and other chronometric instruments

Class 15. Musical instruments

Class 16. Paper, cardboard and goods made from these materials, not included in other classes; printed matter; bookbinding material; photographs; stationery; adhesives for stationery or household purposes; artists’ materials; paint brushes; typewriters and office requisites (except furniture); instructional and teaching material (except apparatus); plastic materials for packaging (not included in other classes); playing cards; printers’ type; printing blocks

Class 17. Rubber, gutta-percha, gum, asbestos, mica and goods made from these materials and not included in other classes; plastics in extruded form for use in manufacture; packing, stopping and insulating materials; flexible pipes, not of metal

Class 18. Leather and imitations of leather, and goods made of these materials and not included in other classes; animal skins, hides, trunks and travelling bags; umbrellas, parasols and walking sticks; whips, harness and saddlery

Class 19 . Building materials, (non-metallic), non-metallic rigid pipes for building; asphalt, pitch and bitumen; non-metallic transportable buildings; monuments, not of metal.

Class 20 . Furniture, mirrors, picture frames; goods(not included in other classes) of wood, cork, reed, cane, wicker, horn, bone, ivory, whalebone, shell, amber, mother- of-pearl, meerschaum and substitutes for all these materials, or of plastics

Class 21 . Household or kitchen utensils and containers(not of precious metal or coated therewith); combs and sponges; brushes(except paints brushes); brush making materials; articles for cleaning purposes; steelwool; unworked or semi-worked glass (except glass used in building); glassware, porcelain and earthenware not included in other classes

Class 22 . Ropes, string, nets, tents, awnings, tarpaulins, sails, sacks and bags (not included in other classes) padding and stuffing materials(except of rubber or plastics); raw fibrous textile materials

Class 23 . Yarns and threads, for textile use

Class 24 . Textiles and textile goods, not included in other classes; bed and table covers.

Class 25 . Clothing, footwear, headgear

Class 26 . Lace and embroidery, ribbons and braid; buttons, hooks and eyes, pins and needles; artificial flowers

Class 27 . Carpets, rugs, mats and matting, linoleum and other materials for covering existing floors; wall hangings(non-textile)

Class 28 . Games and playthings, gymnastic and sporting articles not included in other classes; decorations for Christmas trees

Class 29 . Meat, fish, poultry and game; meat extracts; preserved, dried and cooked fruits and vegetables; jellies, jams, fruit sauces; eggs, milk and milk products; edible oils and fats

Class 30 . Coffee, tea, cocoa, sugar, rice, tapioca, sago, artificial coffee; FLOUR AND PREPARATIONS MADE from cereals, bread, pastry and confectionery, ices; honey, treacle; yeast, baking powder; salt, mustard; vinegar, sauces, (condiments); spices; ice

Class 31. Agricultural, horticultural and forestry products and grains not included in other classes; live animals; fresh fruits and vegetables; seeds, natural plants and flowers; foodstuffs for animals, malt

Class 32 . Beers, mineral and aerated waters, and other non-alcoholic drinks; fruit drinks and fruit juices; syrups and other preparations for making beverages

Class 33 .Alcoholic beverages(except beers)

Class 34 . Tobacco, smokers’ articles, matches

Trademark SERVICES Class

Class 35 .Advertising, business management, business administration, office functions.

Class 36 .Insurance, financial affairs; monetary affairs; real estate affairs.

Class 37 . Building construction; repair; installation services.

Class 38. Telecommunications.

Class 39. Transport; packaging and storage of goods; travel arrangement.

Class 40. Treatment of materials.

Class 41. Education; providing of training; entertainment; sporting and cultural activities.

Class 42. Scientific and technological services and research and design relating thereto; industrial analysis and research services; design and development of computer hardware and software.

Class 43. Services for providing food and drink; temporary accommodation.

Class 44. Medical services, veterinary services, hygienic and beauty care for human beings or animals; agriculture, horticulture and forestry services.

Class 45. Legal services; security services for the protection of property and individuals; personal and social services rendered by others to meet the needs of individuals.

(Parts of an article or apparatus are, in general, classified with the actual article or apparatus, except where such parts constitute articles included in other classes).

TMclass: TMclass helps you to search for and classify Goods and Services (terms) needed to apply for trademark protection.

LLP is an alternative corporate business form that gives the benefits of limited liability of a partnership and the flexibility of a partnership.

The LLP can continue its existence irrespective of changes in partners. It is capable of entering into contracts and holding property in its own name.

The LLP is a separate legal entity, is liable to the full extent of its assets but the liability of the partners is limited to their agreed contribution in the LLP.

LLP form is a form of a business model which/ Advantage of LLP

(i) is organized and operates on the basis of an agreement.

(ii) provides flexibility without imposing detailed legal and procedural requirements

(iii) enables professional/technical expertise and initiative to combine with financial risk-taking capacity in an innovative and efficient manner

Note:

Please note that as a part of process re-engineering of LLP Incorporation related forms viz. Form 1, Form 2 with linked forms Form 2A /17/18, Form 5, the ‘Pay Later’ option would be temporarily disabled for use in respect of these forms with immediate effect till 1st October 2018. 

Process Re-engineering of LLP-Incorporation related forms –  Precautions to be taken by professionals and users Please click here for more details