“Call Our Trademark Registration Consultant at +91-72999-72500”

You may thinking-  Is trademark registration necessary? Business owners aspire to standout in the sea of similar products or services in the market. Hence huge amount of time, money and hard work is involved in building a famous brand. Brand name helps the consumers in easy identification. But brand-name can be duplicated by competitors. This may go waste if you do not protect your brand and logo name with Trademark. Trademark registration is simple and easy @ Filingpoint.Com

What is Trademark registration?

Trademark is an intangible asset  and  intellectual property of an organization.  Be wise to trademark your brands and logo early. For your desired designs of brands and logo could already have got trademarked earlier.

Trademark registration is one of the best legal ways of protecting your business brands and logos.

Process of registering a trademark in India

1. TRADEMARK PRE-FILING SEARCH

This is first important step to assess your mark is unique. If you fail to conduct a proper trademark search, then you need to face repercussions. Like infringement lawsuits or third party challenges or ultimate application rejection.

2. TRADEMARK APPLICATION FILING

As per Trademark rules The owner or proprietor of trademark can file trademark application in prescribed Form TM-A to the registrar of trademarks.   Once you file the application, a trademark application number gets allotted. This point forward, the trademark owner can affix TM symbol against the mark.

3. VIENNA CODIFICATION

Next, the application goes under this process when your trademark contains logos , symbols or figures. The trademark registrar allots a ‘Vienna code’ as per ‘Vienna agreement’. This is done to facilitate smooth & easy trademark search for artwork or logo.

4. FORMALITY CHECK

This happens before proper examination phase. Here the registrar cross checks the application for formality errors. Like improper documents, incorrect class or category, incorrect goods and service description or any other improper info. The applicant gets intimated for the incorrect info. When you are through this stage you get stamped  ‘Formality check Pass’ on your application.

5. EXAMINATION OF TRADEMARK APPLICATION

Trademark application examination is done mainly to check and find out whether it conflicts with existing or pending marks. The trademark registrar issues ‘examination report’ detailing his objections against the trademark , if any. When there are no objections during examination phase from the registrar, your application gets straightaway accepted. It takes two to four months for the examination process.

The prosecution process of the application begins when objections are raised by the registrar in the examination report. You need to submit written response to the examination report along with distinctiveness evidence to overcome the registrar’s objection.

If the trademark registrar is satisfied with your reply and finds your application appropriate, your application gets passed for publishing or advertising in trademark journal. In case the registrar is not satisfied with your response to the examination report, he may raise a show- cause-hearing noticed on a specific date and time. In case the show-cause-hearing goes unfruitful, the trademark applicant can go for appeal before High Court.

Meanwhile the trademark acceptance can be revoked by the registrar as per Trademark Act in case application was accepted by error or any situation the trademark should not get registered or if the trademark registration is subject to fulfillment of conditions /limitations.

6. ADVERTISEMENT OR PUBLICATION IN TRADEMARK JOURNAL

The trademark gets published or advertised in Trademark Journal. It is done  because, public is given a chance to file opposition against the said trademark registration. The Opposition must be filed within four months from the advertisement. When there is no opposition, it goes to further proceedings. In case you have opposition, then a fair chance of hearing is given to the opposition and the applicant by the trademark registrar.

7. OPPOSITION

Any person who has interest in the said trademark registration can file opposition. Within four months from advertisement the written notice of opposition must get submitted in Form-TM-0. Formality check of the opposition is done by the registrar and then he will forward the same to the applicant. In response to this the applicant has to file counter statement within two months from the date of receiving opposition notice. The opposition has to file evidence within two months of the counter statement. Then the applicant has to file evidence to his counter statement within two months of evidence of opposition. Further, the opponent can file additional evidence within in one month from evidence for counter statement. This is done to give fair chance to the opposition proceedings and also to rebut the evidence of applicant.

8. HEARING STAGE

The hearing phase comes after the completion of evidences filing by both by opponent and applicant. The registrar announces his decision after hearing both parties and considering their evidences. You can appeal against the decision of the registrar with the respective jurisdiction High court. Meanwhile the applicant can apply for Trademark amendment or correction through FORM-TM-M. No alteration of the mark or no new specification of goods or services should be made in the amendment.

9. FINAL STAGE OF REGISTRATION

Trademark registration is the final stage. When there is no opposition filed against the trademark application or when the opposition filed gets decided in favor of the applicant, then trademark gets registered.

A Trademark registration certificate is issued to the applicant. Now the applicant can use encircled R symbol next the trademark or logo. It is a perpetual registration that needs timely renewal every ten years. Trademark is valid only upon its renewal. The registration can get cancelled on occasion of non-usage for five years from registration or wrongly granted or the trademark is contrary to law.

Conclusion

Trademark registration has become crucial in the current competitive business world. Before deciding on trademark, go thorough trademark search. FilingPoint is a specialist in trademark search. Seek professional help from FilingPoint for trademark registration.

For more details call us today.

“Our Company Registration Consultant are available to help you at +91-72999-72500” 

Unlike private limited companies, LLPs cannot raise money through equities. You can raise funds only its partner. However debt funding such term loans and other options are available.

LLP registration has become popular among startups and entrepreneurs. You need money to start and grow any business. At starting phase many partners get worried about raising “How to raise funds for a LLP company in Chennai” .No worries. We are here to guide with details about LLP partners’ contribution and Minimum contribution requirement.

Partner contribution in LLP fundraising

Partner contribution is the amount brought in / invested by partner in an LLP. Section 32(1) of LLP Act 2008 spells out about the ways in which a partner can contribute or fund an LLP. LLP contributions can be in different methods . LLP contribution by partners’ can be both monetary and non-monetary. including

• Monetary contribution
• Promissory notes
• Contracts for services performed or to be done
• Agreements to provide cash or property
• Tangible assets- movable or immovable
• Intangible property

In case of non-monetary LLP partner contribution, the relevant value must get accounted. As per LLP rules 2009 – An LLP partner who is making non-monetary contribution like agreement to contribute property;   intangible property; or contract for services performed or to be performed, tangible, movable, or immovable property must get its valuation done through any one of the following methods

1. A Practicing Chartered Accountant
2. A Practicing Cost accountant
3. Approved valuers from central  govt.

The amount certified by the above professionals gets accounted in LLP accounting. Furthermore, for easy fund raising of LLP, the LLP agreement must give information about each partners’ participation and contribution.

Different ways of LLP fundraising by Partners

• Fundraising by partner loan – LLP can raise money from Loan from partners. A complete loan agreement must be drawn up between LLP and loan-giving-partner/s about repayment, interest and other clauses.
• Fund raising by LLP partner addition -Adding a new partner to an LLP is another way to raise contribution of funds to the firm. A LLP resolution gets passed for new partner addition. LLP agreement must get updated reflecting new partner addition, contribution, profit sharing and other conditions. Notification of ROC must get filed in appropriate forms.

• Fundraising by additional capital contribution from existing partners– one of the best ways to raise funds. Each or any of the existing LLP partner may additional funds to LLP as a capital investments. This avoids external loans and liabilities and interest payment. Any increase in LLP contribution must get informed to MCA. LLP resolution must get passed by capital contribution increase. Amend the LLP agreement. Submit MCA form about the changes within 30 days.

External funding to an LLP

• Bank Loans- approach banker for extern funds in terms of Term Loan, Machine Loan, Cash Credit etc. This loan comes with interest component and monthly EMI
• Venture Capital Fund raising – external investor. Fund raising via Venture capital in LLP is risky as well as huge potential to grow.

Minimum contribution requirement of an LLP

Section 33(1) of LLP Act 2008 clearly states that ‘the partners’ financial and non-financial contribution must be in accordance with LLP agreement ‘.  It means that no minimum contribution is necessary to form an LLP. Contribution is not a requisite in forming an LLP. In addition, a person need not invest cash or money to be considered a LLP partner.

Why Register LLP through Company Registration Consultants

Best LLP registration consultant offer quick LLP registration services with unparalleled professionalism at low prices. They can channel your LLP registration through simple and hassle free process. They can provide single roof solution for business registrations and filings.

• Flexible and smart LLP registration service
• Experts and leaders in the field
• best template to assess your business needs
• Quick LLP registration in a cost effective way.
• Experienced professionals and experts at your service
• Simple Hassle-less process
• Handy expert Consultation
• Easy Portal Navigation

Best LLP registration consultants in Chennai.

LLP gets is first and initial funds from partners as capital contribution. LLP registration defines duties and responsibilities, capital contribution, profit or loss share ratio and other important aspects of the firm and its partners. LLP agreement records the initial capital investment by partners. Funds get transferred from partners to LLP bank account after registration.

FilingPoint is one of the best rated LLP consultants in Chennai. FilingPoint consultants in Chennai have many years of experience in company registration and can assist you in all aspects of the LLP registration and management of your LLP. Seek their professional help to establish the best possible company structure for your particular company.

“Call Our Company Registration Consultants at +91 72999 72500”

A small business can be started with relatively very little or no investment from your home. A small business would be your source of second income. You would command a great deal of self-respect and financial independence. Imagine the pride about being an entrepreneur.  

This write-up is for enthusiastic upcoming entrepreneurs who are looking for inspiration to start a business.

• These business ideas provide entrepreneurs the spark and who to start something new. You could already be a business owner or looking to set-up your first company.
• The Idea of starting a Small businesses involves online businesses
• Choose your business idea you are passionate about and have in-depth knowledge. Develop business plan
• Before starting your business, check out the demand for your upcoming product or services

Empower people with support of social business ideas that improve living conditions of people. Startups can aim to identify and foster innovative technology to solve problems of basic needs. They include the following areas

• Waste and recycling- waste management and innovative recycling solutions’
• Ideas to socially empower people with inventions and innovations
• Food and agriculture-  innovation in food and agriculture
• Publication and resources about social enterprise, financing
• And many more

Make your entry into business world with great startup ideas. It’s important you consider what people need in their lives and devise ideas that you could satisfy with your products and services. If your target market satisfies this condition, then you have business idea with legs. We have given possible great types of business ideas that could help you make it a BIG success.

• Online reselling of clothing. You need have good eye on fashion, source it for low and market them online earning premium profits

• Pet sitting- you’ll watch over your clients’ dogs, cats or other pets at their house

• T-shirt printing– print designs and screen-print them onto a blank tee. T-shirt printing setup needs of set-up and tools

• Cleaning service– This is one of the most demanding services from people.  You can provide your services to homeowners, apartment complexes and commercial properties. You can always differentiate your business by offering them with your premium cleaning options and type of services.

• Online teaching– It is another great idea after this covid era. Consider for instance Byjus.  You can teach and learn anything online right from core subjects of school, to music, art and craft.

• Online bookkeeping- Maintain books of accounts of a company online. As accountant you will have freedom of own business with online bookkeeping services.

• Consulting- people who are knowledgeable and passionate about specific topic can start consulting. Topics in demand at present are social media, marketing, human resources, business,leadership , human resources , communication and so on.

• Medical courier service- Start your own business by transporting medical items like lab specimens, prescription drugs and equipment.

• App development- As smart phones have become a necessity in today’s world. Develop and sell your app to many entrepreneurs services .

• Transcription service-Medical transcription services are of great demand. Get certified for the same and start your own services. If you have a good year and can type quickly.Transcription service is a thoughtful one.

• Professional organizing- help people declutter and minimize making spaces functional and comfortable

• Freelance copy writing or content writing- If you are good at writing with bit of marketing knowledge. You could choose freelancing

• Home care service-  help seniors and patients and  grow a successful business at the same time

• Translation service- multilingual speakers offer specific services. Like document translation. They can do translation of website information into languages for use in other markets. 

• Digital marketing- It’s has become a necessity today. Social media management. Respond to client queries and posts and keep a watch over your account is necessary to have active digital marketing
• Owning a food truck- might sound like a wild idea, but the industry is growing. The overhead and upkeep for a truck is significantly less than for a restaurant, and you have the added benefit of mobility.

• Ride share driving- use your car to become a ride share driver. The overhead and responsibility of running the company fall on the rideshare service, giving you the freedom to work as much or as little as you want.

• Real estate- you can help people find their dream home at a price that fits their budget

• Graphic design- have an artistic streak and know how to organize content into a visually pleasing format, start a graphic design business to provide flyers, digital ads, posters and other engaging visual materials

• Drop – shipping- The minimal inventory and tools needed for drop-shipping make it an especially great startup idea

• Personal training- you can offer in-home training sessions that cater to each of your clients’ exercise capabilities. You can also help clients build customized nutrition and meal plans so their diets complement their physical goals.
  
• Resume writing– you can help job applicants’ resumes stand out from their competition.

• Event catering- have a passion for the culinary arts? If so, event catering may be a great business idea for you

Words of Wisdom

It is entirely possible to start and grow a business with zero capital investment provided you know what you are doing. But you should be ready for sacrifices, such as starting small, accommodating partners or taking on debt. But if you believe your business idea is strong, none of them should matter.

It is always advisable to seek viability of your business ideas through professional advice from Business consultants and company registration consultants in Chennai. FilingPoint provides you their best company registration services in India.

For more details call or email us. Fix up an appointment for free consultation.

“Call our ROC Experts at +91 72999 72500”

Overview

ROC Filing plays an important role after registration of a company. In fact, it’s a never -ending relationship between the ROC and a company.

Filing of ROC annual returns and audited financial statements and income tax returns is mandatory for every financial year for all companies registered with ROC. In few scenarios you might want to change company registered office or might wish to change company objectives or company name. In every such event you must intimate ROC, after completion of formalities, through online filing of respective ROC forms.

In short, every important company changes or event must get intimated to ROC. Moreover you have e-KYC compliance of ROC forms and mandatory ROC filing compliance too.

What is ROC filing and ROC Compliance?

In general, ROC filing means the online submission of the company’s audited financial statements and annual returns to the Registrar of Companies via MCA website. As per section 130 and 137 of The Companies Act 2013 every company must mandatorily file their audited financial statement with the ROC for every financial year.

But ROC filing and compliance involves tons of other legal formalities too. It is advisable to seek professional support of Chartered Accountants or Company Secretaries for a perfect ROC compliance business entity.

What happens when you neglect ROC Filing?

Every company registered in India must get ROC Annual filing and other ROC compliance done for each financial year. It is a mandatory rule under the law. Do not take it lightly. Neglecting ROC compliance results in huge penalties. Avail the best ROC Annual filing package at reasonable cost @ Filingpoint. Be ready to be a ROC compliant company.

All companies in India must get their ROC annual returns and income tax returns done for each financial year. We help corporate to file their company ROC annual returns and income tax returns. Our professional fees are economical. We deliver on-time professional services to all industries.

Penalty for Non-compliance

If you fail to follow ROC compliance, govt. will charge penalty/late fees to your company. The details of few penalties and restrictions, levied by MCA, are as per companies act related to non compliance of annual ROC tasks. There is separate late fee structure for every day of delay in filing ROC forms. The late fee can go up to Rupees five lakhs or higher. The company name can even be struck off from the ROC register as the case may be. The above figure is not exclusive. It is just given to give you an idea. As per companies Act there is a separate penalty structure for each non-compliance. Your Auditor / CS can guide you about the same. 

Benefits / Advantages of Company ROC filing Compliance

You get to enjoy tons of benefits by duly filing your ROC returns

• Following ROC compliance protects your company from penalty from MCA or other govt. departments.
• By being a ROC acquiescence company, you can attract investors. If you are a non acquiescence company, then investors may not approach you to invest money in your company.
• You create a good impression and image with your customers and clients by fulfilling all prescribed rules and norms of govt.
• By being a law and compliance abiding company, you build trust of govt. authorities. 
• Annual compliance helps your company in better operations. It brings down the pressure of unnecessary late fees and penalties.

How can we support in ROC filing?

We are a team of practicing Chartered Accountants, Company Secretaries and advocates. Our clients get dedicated managers to assist your company once they come aboard. Our professional’s will take care of all requirements of your company all through the year. Leave us all your worries of ROC and other compliance. Focus on your core business and attain your goal.

For more details call us to fix up a free appointment for consultation +91 72999 72500.

“Our Company Registration Consultant are available to help you at +91-72999-72500”

Are you looking forward to expand your business? Do you want to gain entry into new markets to make profits? Joint venture Business Plans are an attractive option. Joint Venture-JV is a special business relationship. Different people / businesses enter into contract for specific period. It is to achieve a special aim. Collective goal will help the businesses to reach their goal in an easy and efficient manner.

You may want to partner with another business that has resources and abilities. It can be technology, finance or channels of distribution. These are some of the good reasons why Joint ventures are becoming popular.

What is Joint Venture-JV?

It is a business association where two or more persons/entities enter in to agreement. These agreements / business plans get entered between businesses for making profits without permanent partnership. Joint venture members maintain their independence.

Partnership and Joint venture may look similar. But there is significant difference in their implications. A partnership is a long term business association but a JV can be a single business project. Businesses enter into JV business plans / JV agreement for individual benefit and share project goal. It can be to develop a product or Intellectual property rights. But partnership is about collective profits.

The legal obligations of JV Business Plans are a bit complex for a layman to understand. We are glad to assist you in joint venturing with another business. We strive to protect your business interest ensure your business remains compliant.

You need to be aware of the Joint Venture Business Plan compliance obligations. You need to conscious about the risk of forfeiting the contract. We know the nuances & pitfalls that they encounter during entering a business venture. Our firm assists in bidding of joint venture up to ensuring contract performance. We make sure that the parties qualify for joint venture.

What is an International Joint Venture?

Two international companies or individuals form a company. Business of one gets transferred to the other in return for a consideration. The consideration is in the form shares of the new company formed. Other party gets the share by paying cash.

Promoter shareholder can be resident or nonresident. He can buy shares in the Joint venture. Business houses need to take into account some practical considerations before JV contracts. Some countries have separate legal entity for joint venture business. But some countries do not make them any different from corporate.

The compatibility between the parties of joint venture leads to success. The parties need to have positive goal and conditions drawn out for them in the JV clauses.

One hundred percent foreign direct investment is not allowable in India. Hence foreign investors prefer to do business in India through Joint Venture Company. JV has low risk option for foreign business entering India.

Choosing business structure for your Joint venture in India

Joint ventures prefer to get incorporated as Private Limited Company. Company Registration in Chennai is simple and easy with professional help. It’s a popular recourse amongst foreign investors. Other types of Joint venture can also be formed.

Incorporated

• Company
• Limited Liability Partnership- LLP

Unincorporated

• Partnership
• Co-operation agreements / strategic alliances

Company Joint ventures, the parties of JV may either incorporate new company or join hands with promoters of existing company. Setting up of new company gives more flexibility to the entity. You can have a structured specifications, obligations and intentions defined with the associated parties. Company Registration in Chennai is simple and easy through CAs. Get Company Registration Online in Chennai with Company Name Registration. Company registration process in Chennai is stress free through professional help.

LLP joint venture parties establish a new legal entity as LLP under Limited Liability Partnership Act. They can set up a new LLP or join hands with an existing one and start LLP joint venture. How do I register my firm? No worries. CAs offer end to end support.

Partnership joint venture is set up under Partnership Act. They include contractual and corporate JV. Partnership JV business structure gets defined by parties’ relationship. They must agree about business profit sharing, business management by all or any of them and other legalities. Partnership firm registration in Chennai is stress free easy process through Chartered Accountants in Chennai.

Joint venture business plans are Strategic alliance. The parties involved may prefer to act as independent contractors rather than share holders of company or enter into partnership. JV business plans scenario defines rights, duties, obligations expected from partners with JV, between the business parties and third parties. JV business plan defines duration of the legal relationship too. Joint venture business plans are legally binding agreements. Any breach gives the aggrieved party to seek legal action against the offender. 

Laws governing Joint ventures in India

Corporate Joint ventures come under

• Companies Act,
• Limited Liability Partnership Act
• Foreign Exchange Management Act
• Min. Wage Act
• Industrial Disputes Act
• Shops and establishment legislation of respective states
• Competition Act
• Other industry-related laws.

How to prepare joint venture business plan or JV contract?

The first step of success of your joint venture is to choose a good home partner.

Once chosen parties sign a Memorandum of Understanding or letter of intent. It lays foundation for the future joint venture agreement.

It is wise to move forward with the JV Business Plan with a Chartered Accountant and Professional experts. They are proficient in Foreign Exchange Management Act and Indian Income-tax Act. They have good knowledge on Companies Act; international laws & other applicable Indian regulations

Assessment of terms and conditions is a must before signing of contract. It is necessary to understand cultural and legal background of the parties. All applicable Govt. and legal approval is necessary for joint venture. Foreign companies need not get no-objection certificate from Indian associate. Overseas companies can work-on their own now.

Important points to be borne in mind while entering in to joint venture Business Plans.

• What are the Applicable laws?
• What is the Shareholding pattern?
• What is the Composition of board of directors?
• Who are there in Management committee?
• Venue & Frequency of board meetings
• General Meeting & its venue;
• Quorum composition for important decisions
• Share Transfer
• Dividend policy;
• Employment of funds
• Change of control
• Restriction on assignment clauses
• Non-compete clauses
• Confidentiality clauses
• Indemnity clauses
• Deadlock clauses
• Jurisdiction for dispute resolution of dispute
• Notice and Termination clauses

Benefits of Joint venture

• A foreign investor can get in to India’s marketing & distribution channels.
• Indian partners’ financial resources are accessible through joint venture.
• Indian partners’ established contacts are accessible through joint venture. It eases foreign investors to set up their operations in India
• Associate parties can together manage the risks and share liabilities.
• Joint venture offers business diversification.
• Foreign investment is not allowable in India for certain sectors. A local partner is a necessity in such cases.

Why Choose CAs for Joint venture business Plan?

We specialize in drawing up joint venture Business Plans. Our Professional experts have experience in handling and launching many joint venture companies.

Many organizations think of downloading a joint venture template from the internet. Sign the same and go ahead with running the business. But there is more to entering in to Joint Venture agreement than signing the contract. Small businesses may be at risk of losing their business to the industry sharks.

Get in touch with us and fix up an appointment for free consultation.

“Call Our GST Experts +91-72999-72500”

Overview

GST and filing of GST returns is still an enigma to the taxpayers. Many of the taxpayers are confused between GSTR Annual return and GSTR Final return. Today let’s discuss about GSTR 10 form- Final return filed after GST surrender or GST cancellation.

GSTR 10 is the final return a registered taxable person must file who have surrendered their GST registration or have got GST cancellation order from the department.

GSTR-10 final return is an important return. Fill-in the details of every section of carefully. You need to verify your gstr-10 final return before submission. Ensure you submit the GSTR final return ahead of gstr-10 final return due date. Seek professional help as you cannot make correction or revised returns after gstr-10 final return gets submitted.

You may think what happens if gstr-10 is not filed. Your error doesn’t go unnoticed by the department. Our government levies penalty for non filing of gstr-10. Your need to pay gstr-10 final return late fees. Submit your GSTR annual return form on time to avoid further financial losses. It helps you build goodwill in case you want to start new business in future.

What is GSTR 10?

A GST registered taxpayer who voluntarily opts to surrender his GST registration or gets GST cancellation order from department must mandatorily file GSTR 10 final return form. Within three months you must submit your final GST returns to the government to avoid late fees / penalty. This is called final returns in general terms.

GSTR 10 is the final return a registered taxable person must file who have surrendered their GST registration or have got GST cancellation order from the department.

What is the difference between GSTR Annual return and GSTR Final return?

• GSTR Annual return- Every registered tax payer has to file GST annual return for every financial year. You need to file GSTR annual return when your annual turnover exceeds prescribed limits. GSTR annual return must get submitted online in FORM GSTR-9 before due date.

• GSTR  Final return- Taxpayers who have surrendered or got cancellation order of their GST number must submit their final return in FORM GSTR 10. They must submit the final return before 3 months from the date of submission or cancellation order whichever is later.

When is GSTR 10 final return filing due?

A Taxpayer who has surrendered or got cancellation order must file GSTR 10 form within three months from the date of surrender or cancellation whichever is later. For instance,if the date of GSTR 10 surrender is 15^st March 2022 whereas the cancellation order is 21^st March 2022, then the taxpayer must file GSTR 10 by  21st  June 2022

Who must file GSTR 10

GSTR 10 final return form must get filed by the taxpayers who got their GST surrendered or cancelled. The regular taxpayers under GST need not file this return. The following persons are not required to file GSTR 10

• Input Service Distributors
• Composition taxable persons
• Non-resident taxable person
• TDS deductor as per Sec. 51 of CGST Act
• TCS collectors at source as per Sec 52 of CGST Act

What happens if gstr-10 is not filed

gstr-10 final return must get filed within 3 months from the date of surrender or cancellation order. Taxpayer gets levied penalty for not filing GSTR 10 on time. If GSTR 10 is not filed within due date, a notice gets sent to the taxpayer. You will be given 15 days time to file GSTR-10 with all required documents. If you still fail to file the return then the GST officer will issue final order for cancellation with tax payable, interest and penalty as applicable.

Details required for filing GSTR 10

1. GSTIN
2. Legal Name
3. Business or Trade Name
4. Address for any future correspondence
5. Effective Date of Surrender/Cancellation
6. Reference number of Cancellation order
7. Date of Cancellation Order
8. Particulars of Closing Stock
9. Tax payable amount and tax paid
10.  Interest, late fee payable and paid: 
11.  Verification

Tips for filling up GSTR 10 FORM

• Few sections or details get auto-populated when you fill GSTR 10.

• In case of cancellation of GST number through GST order, fill in the details if applicable.

• For closing stock furnish details of stock held at time of closure. Like Input in stock, inputs of stock for semi-finished or finished goods, capital goods or machinery in stock and inputs in stock or in stock of semi-finished or finished goods. Invoices are a must for closing stock details.

• Once you submit al details correctly, the taxpayer can digitally sign the form with his/her DSC or get Aadhar based signature verification done.

• When you do not have invoices for declared inputs. The inputs may be semi-finished or finished gods. Then the estimation of amount is different. It’s a compliance under CGST rule to estimate at market value. A practicing Chartered accountant must certify the same and upload along with GSTR 10

• In case of capital goods or machinery valuation, a formula is prescribed. It is invoice value less value of one-sixtyth per month or part thereof. This calculation is based on purchase date by taking useful life as five years.

Words of Wisdom

Business owners not only need a strong tax technology to support them on GST advisory matters and GST returns, but also need a good GST advisor or GST consultant to help them sail through their GST compliance process.

Our GST advisors have local expertise and global reach and deliver wide range of GST advisory service to help businesses.

The taxpayer must file GSTR10 on time within the due GSTR-10 filing due date. It helps them to avoid unnecessary litigation and liabilities and avoid getting any GST notices. Seek professional help of CAs for GSTR 10 final return filing. It is simple and stress free way of getting your compliance fulfilled with perfect legal formalities.

At FilingPoint, top Chartered accountants in India, handle your job. We help companies get their work done through our best chartered accountants in India. We are a group of highly trained Chartered Accountants, Company Secretaries and finance specialists. Our experts have decades of experience who can add value to your business with their skill and expertise.

Manage your tax and accounts planning the better way through us. We tailor and customize our service plans based on our client needs. Avail top quality CA services at affordable prices. We offer tax and compliance services in India, both online and offline using top notch technology. We make businesses grow and scale up the success ladder. We understand your changing business environment. We follow transparent pricing. You can find best professionally skilled experts with us. We deliver what is best for you.

For more details call us today +91 72999 72500.

Our Company Registration Consultant are available to help you at +91-72999-72500

Starting a business is an adventurous experience to entrepreneurs. That too first time entrepreneurs face lots of trouble to make their business dreams, a reality. Choosing right business model is one of the significant business decisions. Entrepreneurs may have lots of confusion in selecting type of business structure.

Private companies are one of the popular types of business models. Private companies are governed by companies act & Ministry of Corporate Affairs. Companies need to file all forms and compliance with Registrar of Companies online. To start a private company minimum of 2 members and share capital of 1 lakh is necessary.

Partnership firm can be easily set up by drafting a partnership deed on a stamp paper. Partnership firm registration is not compulsory but advisable. Partners get bound by partnership agreement clauses and obligations. Partners cannot transfer shares without approval from other partners.

For Startups and new entrepreneurs, the Terms Company and partnership firm may sound very familiar. But, it is very essential to understand the difference between the two forms of business structure before you start your business.

The aim of this write-up is to help budding entrepreneurs to develop a clear understanding about the difference between a partnership firm and a company.

Meaning of Partnership Firm

Partnership firms is a business structure which can be started with a legal contract/ agreement  between two or more members who agree to share business’ profit/ loss. Either one partner or all or any of the partners can operate the business.

The business owners or members of the partnership firm are known as partners. The partners are collectively known as a partnership firm. The contract agreement that contains terms and conditions of the partnership business are drawn is known as Partnership Deed

It is easy to get Partnership firm registration in Chennai.  Partnership firm is the simplest form of business type in India. “2 or more heads is always better than 1”

To form a Partnership firm, you need to draw-up partnership deed. Partnership deed is drawn-up on judicial stamp paper. It has to be signed by all the partners. It contains details about capital contribution, profit sharing ratio, rights, duties and obligations of partners and so on.

Meaning of Company

Company is a separate legal entity which is association of persons engaged in business operations. A company is a separate legal person unlike partnership. It is under the control of Ministry of Corporate affairs where in every state has its own Registrar of companies.

As per Indian Companies Act of 2013, ‘a company’ means a business incorporated under Indian companies Act or any other previous laws.

You can start your own company with minimum of 2 members. And can have up to 200 members. These members are called share holders who are business owners of the company. In case of Public limited company the minimum number of members is 7 and no restriction for maxim um members.

Partnership firm Vs. Company

We present you most fundamental differences between partnership firm and a company to help you get a clear idea about two different forms of business structure.

Meaning

• Partnership – Partnership firms is a business structure which can be started with a legal contract/ agreement  between two or more members who agree to share business’ profit/ loss. Either one partner or all or any of the partners can operate the business.
• Company – A Company is a separate legal entity which is association of persons engaged in business operations. A company is a separate legal person unlike partnership. It is under the control of Ministry of Corporate affairs where in every state has its own Registrar of companies.

Law Applicability

• Partnership- Indian Partnership Act, 1932
• Company- Indian Companies Act, 2013

Minimum members / owners

• Partnership- 2 members are necessary to start a firm Indian Partnership Act, 1932
• Company-  2 members to start Private limited Company and 7 Members for Public Company

Maximum members / owners

• Partnership- up to 100 members can be partners / owners  in a firm
• Company-  Up to 200 members can be shareholders in Private limited Company and unlimited Members for Public Company

Important document

• Partnership – Partnership deed is a must for partnership creation
• Company – Memorandum of Association and article of association is mandatory for incorporating a company

Capital Required

• Partnership- No such minimum amount requirement
• Company-  Rs. 1 Lakh minimum  to start Private limited Company and Rs. 5 Lakh  for Public Company

Audit  Requirement

• Partnership- No audit is necessary for partnership business every year except restrictions 
• Company-  Audit  is mandatory every year for Private limited Company and for Public Limited Company

Share Transferability

• Partnership- All partners’ consent necessary before transferring
• Company- can be easily transferred Indian Companies Act, 2013

Is it a Legal Entity?

• Partnership – Not considered a legal entity
• Company –It is a separate legal entity or person right from the date of its incorporation

Limited liability feature

• Partnership – Partners have unlimited liability. In extreme situations business owners need to meet company creditors demands which could extend to their personal assets too. 
• Company – Shareholders have limited liability. In extreme situations business owners need to meet company creditors demands as company is a separate legal person. Their liability is up to value of shares held by them

Own assets

• Partnership – partnership firms cannot own property in its own name. Partnership firms do not have separate legal entity.
• Company – The Private limited company is artificial legal business entity as per law. Company can own assets or borrow loan in its own name

Life of the Company

• Partnership- When there is change in partners, the partnership firm gets dissolved /closed. A new deed must be formed to continue business
• Company- Whereas when there is change in shareholders the company continues to exist. The longevity of private company is more when compared to partnership

Source of funds

• Partnership  – It is a bit difficult to get loan for partnership firms when compared to companies

• Company- Private limited company can source capital and funds by issuing shares. Foreign direct investments are allowable for companies but not for partnership firms. Statutory compliance is relative-ly less in partnership when compared to companies.

Statutory compliance

• Partnership- Relatively less when compared to companies
• Company- Involves various statutory compliance

Ownership and business management

• Partnership- Ownership and business management cannot be separate for firms. The partners usually own and manage the business
• Company- Ownership and business management can be separate for companies. Shareholders can opt not to be involved in business management

Fees for Registration

Get your business registered with best rated corporate consultants in India. Avail best professional services at reasonable fees @ FilingPoint. We are top rated consultants in business registration, advisory and filing services in India. Business registration fee varies based on the company structure you choose. FilingPoint fees for business depends  based on the professional services you require. Our professional consultants offer excellent support and advice. They help you choose right business model for your business as per your needs. Be wise to seek best company registration services at low cost. We are here to support your business needs for a reasonable fee.

Words of Wisdom

We understand Entrepreneurs may have lots of confusion in selecting type of business structure. Private companies are one of the popular types of business models. Ownership and business management can be separate for companies. Whereas it is not so with partnership firms. When you want to source huge funds for your business private limited registration is advisable. It is easy to transfer ownership of shares to other people without approval of other share holders unlike partnership firms. But partners cannot transfer shares. The maximum number of members in private companies is 200 where as maximum number of partners gets limited to 20.

You get more tax benefits with Private company compared to partnership firms. When you want to have grand launch of your business in to corporate world private limited company is the right choice rather than partnership firms. For more information get in touch with our consultants.

Best Company registration consultant in India

Avail private limited company registration services from best company registration experts in Chennai. FilingPoint is a popular leader & expert in business registration. Avail excellent professional Private limited company registration services from industry leaders. Be wise to seek professional help from the best corporate consultant in Chennai. We support international / global companies / foreign investors who have vested interest in India. We deliver best in the industry services at reasonable cost.

Our core competency is that we have vast knowledge about regulatory rules; govt. Policies and compliance about Private limited company registration. We have got reputed experience & exposure about various industries. We have strong knowledge in the subject matter of private company compliance and business set up. We deliver innovative solutions & comprehensive corporate services to all our clients.

To contact best rated Private company corporate consultants in Chennai call or text us on 72999-72500. Please send us your mail to info@filingpoint.com.

Our GST Registration Experts are available to help you at +91-72999-72500

To Whom is E-invoicing applicable? This is the first question that pops in the mind of every GST registered tax payers.

GST department is planning to implement e-invoicing for all taxpayers irrespective of turnover limit. But it is yet to be finalized by the department. Hence many taxpayers are getting confused with e-invoicing system, .It is important for businesses to know about this e-invoicing system. Today we are going to see what e-invoicing system is all about. E-invoice is a billing system introduced by GST to simplify billing and compliance norms for all related invoice stakeholders.

Under e-invoicing system, the seller as usual raises sale bill using his billing software. Then you need to generate an IRN number (Invoice Reference number) for the said invoice at IRP (Invoice Registration Portal). This IRN number is important for all the respective stake holders like sellers, buyers, supply chain professionals and govt.

What is GST E-Invoice ?

GST council has implemented e-invoicing system to reduce GST tax evasion from taxpayers. GST officers conclude that with mandatory e-invoicing for all sale of goods and services to businesses, tax evasion can be reduced and reporting gets easier for taxpayer and  assessments becomes easy for GST department.

GST e-invoice is not the soft copy of GST bill like PDFs, prepared by business. GST    e-invoice is a digital invoice for goods and services provided by businesses. You can generate the same at GST e-invoice generation portal. Raising GST e-invoice at GST portal is compulsory for certain taxpayers whose turnover exceeds the prescribed govt. limits. It is applicable to only certain taxpayers only at present.

When a taxpayer generates bill on GST e-invoicing portal, an unique number(IRN) is allocated to the e-invoice generated by them. This unique number can be used by all related parties for correlating those respective invoices, sales returns, reconciliations and tax paid verification and so on.

E-invoice can be generated with your billing software and be updated at GST portal with API integration and excel modes. For more details please consult your tax and software professionals.

Applicability of E-Invoicing

To Whom is E-invoicing applicable? This is the first question that pops into the mind of every GST registered tax payers.

E-invoice is being implemented on a phased manner by the GST council. E-Invoicing system is applicable to only for B2B billing only. It is applicable to PanIndia businesses with an aggregate annual turnover above prescribed limit .

Turnover Criteria for E-Invoicing

Tax payers must mandatorily shift to e-invoicing in FY 2023-24 and onwards if their turnover exceeds specific limit from FY 2017-18 TO FY 2021-22 as per government notifications. Moreover, aggregate turnover means it covers all GSTINs under a single PAN across India.

Now, the government declares E-Invoice is mandatory if the turnover crosses Rs.5 Crores.

To Whom E-Invoicing is not applicable

Irrespective of turnover limit, e-invoicing is not applicable to the following registered tax persons.GST e-invoicing is not applicable to sectors like

1. Passenger transport services,
2. Insurance or banking company nbfc or financial institution,
3. SEZ units,
4. A registered person supplying services by way of admission to the exhibition of cinematographic films in multiplex services
5. Goods transport dealer by road gta
6. Govt. Department or local authority as per cbic notification
7. Persons registered in terms of rule 14 of cgst rules (oidar)

CBIC has clarified that e-invoicing exemptions applies to the entity as whole. It is not restricted by nature of supply of the entity.

What are the Mandatory details required for e-invoicing?

E-invoices need to adhere to GST billing rules. Moreover they need to also comply with billing rules and policies of respective business sectors too. Some details are mandatory while few are optional.

The following is the list of mandatory fields in GST e-invoice:

• Supplier details like GSTIN, address and contact details
• Buyers details like GSTIN, address and contact details
• IRN number.
• Item description, price, assessable value and GST rate and value
• Assessable value and total invoice value
• HSN code
• Shipping  details

Can you cancel GST e-invoice?

Yes. You can cancel GST e-invoice wholly/fully. But you cannot cancel e-invoice partially. The cancellation of invoice must be intimated to IRN within 24 hours. In case you want to cancel the invoice after 24 hours, the same can be done manually at GST portal. But the same has to be done before filing GST returns for the period.

Is there any standard format of e-invoice?

All businesses in India need to adhered to standard e-invoice format given by GST department pertaining to their business sector. Each and every taxpayer must follow the single format given by the department.

Present invoicing Vs. E-invoicing

At present bills are prepared by the suppliers through their own billing softwares. E-way bills are generated at GST e-way bill portal. GSTR returns are filed. There are lot of errors in submitting details. Many taxpayers are not able to claim input tax credit due to mismatch and wrong inputs during filing. Tracking and tracing of goods is still a mountain task for the government department. Tax evasion is still a major problem for the government with current invoicing system.

WHEREAS, under e-invoicing system, seller need to just prepare B2B sale bill and generates IRN at IRP portal. The e-invoice automatically gets reflected in respective GSTRs of buyer and seller. No invoice mismatch or errors in invoice. The buyers can easily claim input tax credit. No need for the buyer to keep GSTR return filing of seller. Its’ easy for the government to keep track of movement of consignment & product, frequent route of consignment, product movement, and other factors.

No doubt GST e-invoicing is beneficial to all the stake holders.

Bottom Line

It is advisable to seek professional advice to find out your applicability. Tax and software professionals can integrate your normal billing with GST e-invoicing. Talk to them today. E-invoice can be generated with your billing software and be updated at GST portal with API integration and excel modes. For more details please consult your tax and software professionals.

“Call Our Company Registration Experts +91-72999-72500”

Want to Start your own business? Ten things you must know to really get started

There’s no doubt that setting up your own business and making money out of it, is one of the most rewarding and challenging ways to earn a living. You have complete control of your destiny. You have the power to improve your success and outwit competitors. It also means you are responsible for tackling challenges and making right decisions along the course. Hence it’s vital you start your business with a firm foundation.

With the support and encouragement from our government many entrepreneurs and startups are keen to start their own company. However, starting a business needs lots of hard work and dedication. You need to have a good business idea, legal requirements and marketing.

Here are the 10 key factors to consider starting a business

1. Business ideas

Decide on business product and  services.The first baby step begins with your decision about the kind of business you want to do.  Develop your unique business idea that has your dedication and passion. Search Google for keywords related to your potential industry. Do not feel low if the market is flooded. You can consider it an advantage. If competitors are making money in the industry, then you too can make money. Do a thorough research and study like an expert. It is a smart way to learn from your competitors.

Decide about the business product or services that you are going to cater to your target audience. In India ‘Make in India’ initiative has many opportunities for hospitality, manufacturing industries, tourism and agriculture.

2. Business Plan

Irrespective of whether you want to apply for loan or not a business plan is an absolute necessity for any business aiming for long-term success and growth. The key headings in a business plan really make you think hard about all the areas you need to cover for your business to be sustainable, mid- to long-term. It helps you to be on track and is essential when you approach potential partners and investors – and will give them the confidence they need to invest in you.  

Create a Business plan that includes business milestones, financial targets and timelines. Describe your visions and missions. These plans guide you through difficult times /projects. Few must have components of business plans are

• Company description
• Executive summary
• Products and services
• Market analysis
• Process of implementation and business strategy
• Team management
• Financial projections and plans.

3. Arrange for funds

Every business needs funding. Few entrepreneurs  use up their life’s savings .Some collect funds from family and friends. Small businesses can fund themselves. However, when you want to source funds outside, you have the following options

Business can obtain loans under various schemes like working capital loan, term loan and so on.

Co-operatives societies offer loan to business who buy their shares

Sourcing money through crowd funding. Crowd funding  means attracting friends,neighbours or relatives to invest in company stock

Venture capitalists and angel investors are good options fo startups and small businesses

4. Business Name

When you are planning to incorporate your start-up, the very first thing you need to do is choosing a perfect company name. It is the crucial step  in setting-up of  business

You may think “What’s in a company name?” But in reality a company name means a lot when it comes to business’ success and growth. The perfect company name can make your company ‘the talk of the town’. The wrong one can doom it to failure. In an ideal business world your name should convey the proficiency, value and individuality of your product or service.

The perfect company names are intangible and abstract. It is like an image created on a blank slate.

In reality, any name can be perfect if it’s launched with appropriate marketing strategy.  The following considerations should be given a thought before deciding upon a company name.

Ensure your company name is already not taken to ROC, trademarks or copyrights etc. to avoid unnecessary rework and legal hassles.

5.Business office

It is necessary for a business to have an office address for business registration and other official communications. You can start business from your home address or any other rented premises. In case of online business, then you can use your home address as business office address.

Also consider factors like easy transport accessibility from main road for customers. However, online businesses can create e-commerce store with varied payment options.

6.Business Registration

You need business registration to get legal recognition for your business. You can choose any business structure

• Sole proprietorship firm
• Partnership firm
• Limited Liability Partnership (LLP)
• One Person Company (OPC)
• Private limited company
• Public limited company

Sole proprietorship and partnership firm are not recognized as separate legal entities from their owners. They have the risk of unlimited liability. But, they have fewer compliance and low registration cost.

OPC, LLP, Private limited and public company are separate legal entities. It’s easy to source funds from investors. However, they need to comply with large compliance formalities.

Moreover, you need to get municipality or civic body permissions, electricity and water connections, the shop and establishment act registration and specific  licenses depending on business nature like GST Registraion, FSSAI license and trade license.

7. Create website & make your website content shareable

Draw up an attractive content on your website and ensure it is shareable. Our Ensure that your site is in such a way that your readers and viewers can reference back to, for more of your incredible content. When you are developing your own brand, it’s important to create unique content on a single hub. You could also seek professional help for developing your website.

Create your website and list your products and services online. Many people prefer online shopping and having website helps to attract more customers. Customers can contact you quickly with an active website and email address. An active business website is the primary place of online contact for your online clients. Your website must have your contact info, about us, product or services list, price and description and other important details.

8. Marketing Strategies

Business promotion is vital to attract customers. Create an efficient and attractive marketing strategy Promote your products and services amongst  your target audience. Online business promotion is the fastest way to tell the world about your business’ products and services.

Apart from active business website, be active on social media pages Facebook, Youtube and Instagram. Reach large audience and grow your business

9. Build an E-Mail List.

E-mail list is one of the most important tools in building a business. As you develop your website, build an e-mail list of visitors of your site. Provide them interesting offers and subsequently translate them into you regular buyers of future. It is advisable to have opt-in form and a place to store your emails, to build email list.

10. Open Business Bank Account

Get ready to open a business bank account once you have necessary business registration. Though for a sole trader it is not compulsory to open a separate business bank account, it is always wise to have a separate bank account for business purposes to have separate record for business banking transactions.

The benefits of business bank account include Better organization of business transactions, Accept credit cards and fund transfers, Multiple business accounts, Professional Image, Gain bank relationship, Loan and overdraft, Mandatory for Private limited, LLP and Public companies, have scores of transactions per day, Easy and simple to file tax return, Proof of business, builds a professional image and builds up the trust and confidence of the stakeholders.

Consider factors like overdraft facility, loan facility, letter of credit facility, free cheque limit and other factors before opening your business account with any bank.

Words Of Wisdom

Starting a new business is a thrilling and overwhelming experience. In the present day’s environment, founders and entrepreneurs want to start their business operations as quickly as possible. Yet, they get stalled and slowed by legal or administrative matters. It restricts them on focusing what’s more important.

Listed below are few popular questions we hear from people who want to start business in India.

• Which one fits right to my business- LLP, company, OPC?
• How to register my business? What does govt. need?
• Does my business get any government or tax subsidy?
• What tax registration do I need to get?
• How much shares can founders hold?
• What are the legalities you need to follow for employee agreements?
• Are any labor and factory registrations required?
• Can we allot ESOP to employees?
• What funding options are available?
• Are foreign investors allowed to invest in my business? Do FDI rules apply?

Many business founders find themselves stuck with a cycle of consulting different professionals like Chartered Accountants, advocates, company secretaries to get answers for important issues. FilingPoint is the single point of solutions for all your professional needs. We provides full suite of startup advisory services for incorporation and remove all hassles. We aid you to focus on business operations. We bring you our two decade knowledge and experience in audit, tax, M& A and operations to the table. We have good insights about your present and future issues. Join hands with us and make your business a success story.