Import & Export Code License : IEC registration is required by a person for exporting or importing goods. It is a 10 digit code which is issued by the Directorate General of Foreign Trade (DGFT). All businesses which are engaged in Import and Export of goods require registering Import Export Code. IE code has lifetime validity. Importers are not allowed to proceed without this code and exporters can’t take benefit of exports from DGFT, customs, Export Promotion Council, if they don’t have this code.
GST Registration : GST Registration process is online and get temporary registration number immediate on successful application subject to verification by department. Registration number get permanent status along with Certificate within 15 working days.
Profession Tax : Professional Tax is a state-level tax that applies to salaried employees and professionals, including chartered accountants, lawyers and doctors. Business owners, working individuals, merchants and people carrying out various occupations comes under the purview of this tax.
- State in which Professional Tax is applicable:Karnataka, West Bengal, Andhra Pradesh, Maharashtra, Tamil Nadu, Gujarat, Assam, Chhattisgarh, Kerala, Meghalaya, Orissa, Tripura and Madhya Pradesh
MSME Udyam registration : The Union Ministry of Micro, Small and Medium Enterprises (MSME) has introduced a new process of classification and registration of MSME Enterprises under the name of ‘Udyam Registration’ on July 01, 2020.
Employee Provident Fund (EPF) : Every establishment in which 20 or more employees are working ( whether employeed directly or through contractor ) shall comply the Employees Provident Fund (EPF) Scheme under The Employees’ Provident Funds and Miscellaneous Provisions Act, 1952.
EPF Contribution on employees salary ( Basic +DA+ Retaining Allowance) drawing upto Rs.15,000:-
- 12% of Basic ( Include DA & retaning earnings if any) by Employee from his salary
- Equal Amount is i.e. 12% of Basic ( Include DA & retaning earnings if any) by Employer’s. Out this 12% of employers contribution, 8.33% diverted to Employees Pension Scheme (EPS) and 0.5% towards Employees’ Deposit linked Insurance (EDLI) and balacne towards EPF.
- Employer also pays 0.85% as EFP Admin fee and 0.01% as EDLI admin charges.
Employees State insurance Registration : ESI Scheme is govern by the Employees’ State Insurance Corporation, implemented as per the ESI Act 1948. The ESI Scheme applies to factories and other establishment’s viz. Road Transport, Hotels, Restaurants, Cinemas, Newspaper, Shops, and Educational/Medical Institutions wherein,
- 10 or more workers ( 20 or more in some states) working and
- Drawing Salary/wages upto Rs.21,000/- per month.
TAN Application: TAN number is an abbreviation of Tax Deduction and Collection Account Number. It’s a 10 digit alphanumeric number issued by the Income Tax Department. TAN has to be obtained by all the people who are responsible for deducting tax at source (TDS) or the person who is responsible to collect tax at source (TCS).
PAN Application : PAN card is mandatory for carrying out any monetary transaction. The process has to complete in a week’s time → The price for applying for pan card online is Rs. 470/- which includes government fees and registrar charges.
ROC Compliance (Registration) : Post incorporation of a company , regular compliances varies as per nature of companies ( One Person Company, Private Limited, Limited Company) and day to day business activities. More or less few mandatory regular compliances every company has to meet with ROC on time throughout the year.
List of MCA Compliance
- Director’s KYC – DIR 3
- Annual Return – MGT 7
- Auditor Appointment – ADT 1
- Auditor Resignation – ADT 3
- Financial Statement – AOC4
- LLP Form 11
- LLP Form 8
- DIR-12