When starting a business, one needs to be aware of the legal regulations and compliances that are associated with its operations. One such essential license is theTrade License.ATrade Licenseis a form of government approval provided through Municipal Corporation for a specific business in a specific locality. Such permission is granted subject to the adherence to relevant rules, guidelines, and standards as per the laws applicable in the area of operations. Hence after the registration of the business form into a company, sole proprietorship, LLP etc, it is mandatory to obtain the Trade Licensebefore the commencement of any business activity. Operating without theTrade Licenseis illegal and attracts heavy penalty in many states. The general time period within which theTrade Licensemust be acquired is 15 days of commencement of operations of the business. The rule may vary for the states. Who Regulates Trade License? The local authority, Municipal Corporations aid the state governments in such regulations. The fees prescribed and the accepted modes of payment for the Trade Licensevary from one state to another. All the regulations regarding theTrade Licenseare state-specific. In Delhi, the Municipal Corporation of Delhi regulates theTrade License Renewal. MCD issues aTrade Licenseto the business establishments permitting business activities to be commenced under the DMC Act, 1957. It is mandatory for a person who intends to set up a trade in the jurisdiction of MCD to obtain trade/ storage license. Where to apply for the Trade License? An application for theTrade Licensehas to be made either at a CSB or on the online portal of MCD. An applicant can submit the required documents at any CSB after mentioning the Acknowledgment Number provided upon making the online application. What documents are essential for making an application for the Trade License? The following documents require to be submitted for a freshTrade License: 1. Proof of legal occupancy of the unit 2. Proof of establishment of trade 3. Site plan 4. Key Plan 5. Proof of fire-fighting equipment existing at the unit (NOC) 6. Proof regarding non-existence of unauthorized construction at the unit (NOC) 7. An indemnity Bond for Rs.100/- 8. An affidavit for Rs.10/- 9. NOC from land-owning agency 10. Deed of constitution, if any An amount of Rs.500/- per application has to be submitted as processing charges. How many days does it take to obtain the Trade License? It takes approximately 20 working days from the date of payment of the required charges by the applicant for issuance of theTrade License renewal. It shall either be issued by hand to the applicant at the CSB or can be couriered to the provided address if it has been requested by the applicant. Can a duplicate Trade License be applied for? Yes. A duplicateTrade Licensecan be applied for ifthe original is lost, mutilated, destroyed, etc. It can be issued upon the payment of Rs.100/- towards processing charges after the submission of the below mentioned documents: a) First Information Report (FIR) b) Indemnity Bond in prescribed format Source url -https://entersliceindia.livejournal.com/545.html ...read more
By Enterslice July 16, 2018
After implementation of GST, the government has also focused on setting norms for requirement of generation of E way bills for movement of goods from one place to another. What is an E way Bill? Electronic way bill is an electronically generated unique document. This document is for specific consignments of goods from one place to another. Such movement can either be inside state boundaries or inter-state in nature. In earlier VAT regime, Way Bill a physical form was used for the same purpose. After introduction ofGST registrationprocedure, with replacement of VAT and other taxes, Way Bill is also replaced by Electronic way Bill. When anyone generates an E way bill a unique EBN (E-way Bill Number) is allotted. This EBN is mentioned in the E way bill which is available to supplier, recipient of goods along with the transporter. When to Generate E way Bill? Every time for movement of goods E way bill is required to be generated if the value of consignment exceeds Rs. 50,000/-. Such movement can be of any type, including supply in the form of sales (with or without consideration), transfer between branches, exchange etc. However, there are certain cases when the requirement of E way bill is mandatory irrespective of the value of the consignment. Such cases include the following: 1. In case of any transport of handicraft goods exempted under GST regime. 2. For movement of goods by Principal to Job worker ad back by registered Job Worker. E way bill is required to be generated before initiating the movement of goods in question. Who Generates E- way Bill? E way bill can be generated by following people in different circumstances: · Person Registered under GST regime When such a consignment is either made by or to a GST registered person, then such registered person is required to generate E way Bill for the movement of goods. · Person Not Registered under GST regime ax The liability to generate E way bill does not only lie withGST registrationperson. If any unregistered person is initiating the supply then they will be liable to generate E way bill. However, if such supply was made by an unregistered person to the registered person, then the recipient is expected to comply with e way bill generation requirement. · Transporter of Goods If the supplier and the recipient of the goods do not generate the E way Bill, then in such a case the transporter is required to generate the E way Bill. How to Generate E-way Portal? Now that we have clarified as to what is an e way bill. Now, the question is how to generate an E-way Bill. An e-way bill can be generated either by visiting the official portal or it can be done through SMS on phone. This SMS facility was introduced later on for ease of doing business. In order to generate an E-way Bill, the person is required to first create a login ID on the Official portal of E-way Bill. For how long is E-way Bill valid? Vide Notification No.12/2018 the authorities have replaced the rules relating to E way Bill. However, there have been no major changes; one of the main changes introduced is the validity of E-way Bill. Current rules state the following: · Any E-way Bill issued for any distance less than or equal to 100 K.M will be valid for one day. For every additional 100 K.M. of part there of the validity will increase by additional 24 hours. · In case of Over dimensional cargo for distance upto 20 K.M. the validity is one day. And for every additional 20 K.M. or part there of the validity will extend by additional 24 hours. Note: Here “Over Dimensional Cargo” shall mean a cargo carried as a single indivisible unit and which exceeds the dimensional limits prescribed in rule 93 of the Central Motor Vehicle Rules, 1989, made under the Motor Vehicles Act, 1988 (59 of 1988) Source url -https://www.bebee.com/producer/@enterslice-india/e-way-bill-requirement-under-gst ...read more
By Enterslice July 16, 2018
MSME means Micro, Small and Medium Enterprise and under the MSMED Act, 2006 it is mainly classified into two types: 1. MANUFACTURING SECTOR:The enterprises which are engaged in manufacture or production of goods or investment in plant & machinery for processing of final product which has a distinct name or use. Ø Micro Enterprises:Investment in plant & machinery should not exceed Rs.25 lakhs. Ø Small Enterprises:investment in plant & machinery should not exceed Rs.5 crores. Ø Medium Enterprises:The investment in plant & machinery should not exceed Rs. 10 crore. 2. SERVICE SECTOR:The enterprises which are engaged in providing or rendering of services are covered under this. Ø Micro Enterprises:Investment in equipment’s should not exceed Rs. 10Lakhs Ø Small Enterprises:Investment in equipment’s should not exceed Rs. 2 crores Ø Medium Enterprises: Investment in equipment’s should not exceed Rs. 5 crores SSI Registrationor MSME Registration is one of the most important sector of the Indian economy. They contribute maximum to the country GDP in terms of exports and employment generation. ...read more
By Enterslice April 17, 2018
Many people give money to family members as a gift in their time of need or if they come into a substantial amount of money. Giving money to a family member can sometimes be taxed; however, there are ways to avoid this this and give money to family members free of tax. ...read more
Many people have opted to learn to file their taxes themselves. This is a great way to save money, and it puts people in control of their own tax return. The process can be confusing, but there are enough resources to learn the correct method. ...read more