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Venture Care can help you guide through the process for winding up a limited company or how to close a limited company easily & also helps in the closing a ltd company.
Procedure for strike off limited company under Companies act 2013| Venture Care
Venture-Care can help you to execute your business plan and launch the company.
At Venture-Care we have the team of dedicated, experienced and skilled professionals who have made the Launchpad a one-stop solution to execute your Best business plan.
Closure of LLP company:
There are a number of companies, which are registered under the Companies Act, 1956/2013, but due to various reasons they are inoperative since incorporation or commenced business but became inoperative or defunct later on. A company requires various compliances like the appointment of Auditor, the regular filing of income tax return, annual return filing and more. Failing to maintain compliance for a Company could result in fines and/or debarment of the Directors from incorporating another Company. To enable inactive private limited companies to quickly close or wind up, the Ministry of Corporate Affairs has introduced Fast Track Exit Mode - an easier way to close inactive companies at a cheaper cost with lesser formalities. Venture Care can help you guide through the procedure for the closure of your company quickly and easily.
WHAT ALL YOU GET?
1. Copy of e-forms FTE(for private limited or OPC)/e-form 24(For LLP) as the case may be filed with the Registrar of Companies
2. Copy of the payment challans of e-form FTE(for private limited or OPC)/ e-form 24(For LLP)
3. Proof from Registrar of Companies that the company or LLP has been striking off from their record.
Process – winding up of llp
In case the LLP wants to close down its business or where it is not carrying on any business operations for the period of one year or more, , it can make an application to the Registrar of Companies for declaring the company as defunct and removing the name of the LLP from its register of LLP’s. The procedure is given below: (clause (b) of sub rule 1 of Rule 37 of LLP Rules 2008)
An application is required to be made in e-Form 24 to the Registrar of Companies for Striking off the name of the LLP under Rule 37(1)(b) and 37(1A) of LLP Rules with following below mentioned documents:
File e-form 24 with following documents:
a) a statement of account disclosing nil assets and nil liabilities, certified by a Chartered Accountant in practice made up to a date not earlier than thirty days of the date of filing of Form 24.
b) Copy of acknowledgement of latest Income tax return- Self Explanatory
c) copy of the initial limited liability partnership agreement, if entered into and not filed, along with changes thereof
d) an affidavit signed by the designated partners, either jointly or severally, to the effect,—
(i) that the Limited Liability Partnership has not commenced business or where it commenced business, it ceased to carry on such business from ………….(dd/mm/yyyy);
(ii) that the limited liability partnership has no liabilities and indemnifying any liability that may arise even after striking off its name from the Register;
(iii) that the Limited Liability Partnership has not opened any Bank Account and where it had opened, the said bank account has since been closed together with certificate(s) or statement from the respective bank demonstrating closure of Bank Account;
(iv) that the Limited Liability Partnership has not filed any Income-tax return where it has not carried on any business since its incorporation, if applicable.
e) Copy of Detailed Application- Mention full details of LLP plus reasons for closure
f) Copy of Authority to Make the Application- Duly signed by all the Partners.
[1] The date of cessation of commercial operation is the date from which the Limited Liability Partnership ceased to carry on its revenue generating business and the transactions such as receipt of money from debtors or payment of money to creditors, subsequent to such cessation will not form part of revenue generating business
[2] As per Rule 37 of LLP Rules if a LLP wants to strike off it should not carrying on any business operations for the period of one year or more.
We can help you guide through the process for
winding up a limited company
#winding up a limited company#closing a limited company#closing a ltd company#liquidation of company in india#how to close a limited company#company closure procedure in india#Fast Track Closure procedure#winding up of llp#dissolving a limited company#strike off limited company#setting up a llp in india#closing down a limited company#Closure of LLP company#LLP Closure form
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Venture care help you in digital marketing of educational services .
Importance of Digital marketing for education sector – Venture Care
Venture Care offers complete digital marketing solutions for education sector.
The education sector has become more competitive and sophisticated than ever before. This is due to the increase in the number of digital marketing agencies. In today’s era of competition, institutions need to adapt to effective digital marketing strategies to go through new changes.
Utilization of digital marketing for your institution-
1. Cost Effective: Most online marketing platforms are affordable compared to traditional marketing methods. Online Marketing methods such as social media, email, RSS feeds and mobile marketing require very little implementation cost or investment. This means that educational institutions can target a larger audience at a low investment and thus benefit greatly.
2. Enhance Brand Awareness: Digital marketing is the best way to generate brand awareness through social media platforms like Facebook, Twitter, Instagram, LinkedIn, etc., as they comprise a greater section of the audience. This can help enhance followers and improve the conversion rate as well.
3. Facilitates performance tracking: You can track campaign performance with the help of relevant digital marketing tools, which can help extensively when it comes to measuring and tracking the overall effectiveness of your marketing campaign. This marketing strategy can also be changed if the statistics of the institution are on a low. Digital marketing in the education sector helps to redirect the focus of the strategy, so that can help optimise the marketing mix.
4. Measurable: There are varied tools which can be used to measure digital marketing effectiveness. Since this type of marketing is highly targeted and in most cases uses permission based marketing, it becomes easy for the educational institutions to measure or track the effectiveness of a given marketing campaign as crucial data is available.
5. Easily Accessible Tools: Digital marketing tools or platforms are easily accessible and as a result produce better results. Using digital marketing forms such as social networking sites like Facebook, Google+, Twitter, and others or SMS marketing guarantee a large focused audience.
6. High Conversion Rates: SMS and email are some of the digital marketing forms that receive high response rates due to the fact that they are personal and educational institutions can easily target the audience in the right manner.
The various aspects of Digital Marketing for an educational institution:
Institutions that impart higher education are using digital marketing as one of the most preferred means of engaging students. These educational institutions follow a step by step approach and a well-planned strategy that is implemented in the right manner. The first thing that educational institutions need to do is target the actual audience. Now, for higher educational institutions, the target is obviously the students. Of the various students, there will be a market of the mature students who are the actual target audience of the educational institutions because of the fact that they research in detail about the courses and career options. Once this audience has been identified, the digital marketing techniques can be used to create and share the required level of information with these students. Also digital marketing can be used to create content that can directly influence the prospective students. In addition, direct communication via online technology can also be used with digital marketing to maintain a dialogue with the target audience.
When devising digital marketing strategies, the educational institutions need to consider the fact that the needs of every student are different and thus various types of communication and discussion channels may be required to be set up so that the needs of every prospective client is met in the best manner possible.
One of the most important things that educational institutions need to keep in mind is the fact that most internet users do not go beyond the first three pages of the search engines to look for the required information. This means that these institutions need to make use of the right keywords and key phrases so that their website is always be in the first three pages of the search engine result pages. This requires the educational institutions to make use of optimization techniques. The educational institutions also need to make sure that the content they create for the prospective students is powerful and relevant.
The role of Social Media in Digital Marketing
Digital marketing enables the educational institutions to make use of the power of social media. Various social media sites can be used to share the information with a global audience. This information can be shared in the form of pictures as well as videos.
Digital marketing in education sector assists universities and institutions to build their brand and amplifies student recruitment process.
#online marketing strategies for educational institutions#digital marketing for education sector#marketing plan for educational institute#digital marketing for education industry#digital marketing of educational services#digital marketing plan for educational institute#marketing strategy for education sector
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Importance of Digital marketing for education sector – Venture Care
Venture Care offers complete digital marketing solutions for education sector.
The education sector has become more competitive and sophisticated than ever before. This is due to the increase in the number of digital marketing agencies. In today's era of competition, institutions need to adapt to effective digital marketing strategies to go through new changes.
Utilization of digital marketing for your institution-
1. Cost Effective: Most online marketing platforms are affordable compared to traditional marketing methods. Online Marketing methods such as social media, email, RSS feeds and mobile marketing require very little implementation cost or investment. This means that educational institutions can target a larger audience at a low investment and thus benefit greatly.
2. Enhance Brand Awareness: Digital marketing is the best way to generate brand awareness through social media platforms like Facebook, Twitter, Instagram, LinkedIn, etc., as they comprise a greater section of the audience. This can help enhance followers and improve the conversion rate as well.
3. Facilitates performance tracking: You can track campaign performance with the help of relevant digital marketing tools, which can help extensively when it comes to measuring and tracking the overall effectiveness of your marketing campaign. This marketing strategy can also be changed if the statistics of the institution are on a low. Digital marketing in the education sector helps to redirect the focus of the strategy, so that can help optimise the marketing mix.
4. Measurable: There are varied tools which can be used to measure digital marketing effectiveness. Since this type of marketing is highly targeted and in most cases uses permission based marketing, it becomes easy for the educational institutions to measure or track the effectiveness of a given marketing campaign as crucial data is available.
5. Easily Accessible Tools: Digital marketing tools or platforms are easily accessible and as a result produce better results. Using digital marketing forms such as social networking sites like Facebook, Google+, Twitter, and others or SMS marketing guarantee a large focused audience.
6. High Conversion Rates: SMS and email are some of the digital marketing forms that receive high response rates due to the fact that they are personal and educational institutions can easily target the audience in the right manner.
The various aspects of Digital Marketing for an educational institution:
Institutions that impart higher education are using digital marketing as one of the most preferred means of engaging students. These educational institutions follow a step by step approach and a well-planned strategy that is implemented in the right manner. The first thing that educational institutions need to do is target the actual audience. Now, for higher educational institutions, the target is obviously the students. Of the various students, there will be a market of the mature students who are the actual target audience of the educational institutions because of the fact that they research in detail about the courses and career options. Once this audience has been identified, the digital marketing techniques can be used to create and share the required level of information with these students. Also digital marketing can be used to create content that can directly influence the prospective students. In addition, direct communication via online technology can also be used with digital marketing to maintain a dialogue with the target audience.
When devising digital marketing strategies, the educational institutions need to consider the fact that the needs of every student are different and thus various types of communication and discussion channels may be required to be set up so that the needs of every prospective client is met in the best manner possible.
One of the most important things that educational institutions need to keep in mind is the fact that most internet users do not go beyond the first three pages of the search engines to look for the required information. This means that these institutions need to make use of the right keywords and key phrases so that their website is always be in the first three pages of the search engine result pages. This requires the educational institutions to make use of optimization techniques. The educational institutions also need to make sure that the content they create for the prospective students is powerful and relevant.
The role of Social Media in Digital Marketing
Digital marketing enables the educational institutions to make use of the power of social media. Various social media sites can be used to share the information with a global audience. This information can be shared in the form of pictures as well as videos.
Digital marketing in education sector assists universities and institutions to build their brand and amplifies student recruitment process.
#online marketing strategies for educational institutions#digital marketing for education sector#marketing plan for educational institute#digital marketing for education industry#digital marketing of educational services#digital marketing plan for educational institute#marketing strategy for education sector#online marketing strategies for educational institutions in pune maharashtra#digital marketing for education sector in pune maharashtra#marketing plan for educational institute in pune maharashtra#digital marketing for education industry in pune maharashtra#digital marketing of educational services in pune maharashtra#digital marketing plan for educational institute in pune maharashtra#marketing strategy for education sector in pune maharashtra
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Procedure for strike off limited company under Companies act 2013| Venture Care
Venture-Care can help you to execute your business plan and launch the company.
At Venture-Care we have the team of dedicated, experienced and skilled professionals who have made the Launchpad a one-stop solution to execute your Best business plan.
Closure of LLP company:
There are a number of companies, which are registered under the Companies Act, 1956/2013, but due to various reasons they are inoperative since incorporation or commenced business but became inoperative or defunct later on. A company requires various compliances like the appointment of Auditor, the regular filing of income tax return, annual return filing and more. Failing to maintain compliance for a Company could result in fines and/or debarment of the Directors from incorporating another Company. To enable inactive private limited companies to quickly close or wind up, the Ministry of Corporate Affairs has introduced Fast Track Exit Mode - an easier way to close inactive companies at a cheaper cost with lesser formalities. Venture Care can help you guide through the procedure for the closure of your company quickly and easily.
WHAT ALL YOU GET?
1. Copy of e-forms FTE(for private limited or OPC)/e-form 24(For LLP) as the case may be filed with the Registrar of Companies
2. Copy of the payment challans of e-form FTE(for private limited or OPC)/ e-form 24(For LLP)
3. Proof from Registrar of Companies that the company or LLP has been striking off from their record.
Process – winding up of llp
In case the LLP wants to close down its business or where it is not carrying on any business operations for the period of one year or more, , it can make an application to the Registrar of Companies for declaring the company as defunct and removing the name of the LLP from its register of LLP’s. The procedure is given below: (clause (b) of sub rule 1 of Rule 37 of LLP Rules 2008)
An application is required to be made in e-Form 24 to the Registrar of Companies for Striking off the name of the LLP under Rule 37(1)(b) and 37(1A) of LLP Rules with following below mentioned documents:
File e-form 24 with following documents:
a) a statement of account disclosing nil assets and nil liabilities, certified by a Chartered Accountant in practice made up to a date not earlier than thirty days of the date of filing of Form 24.
b) Copy of acknowledgement of latest Income tax return- Self Explanatory
c) copy of the initial limited liability partnership agreement, if entered into and not filed, along with changes thereof
d) an affidavit signed by the designated partners, either jointly or severally, to the effect,—
(i) that the Limited Liability Partnership has not commenced business or where it commenced business, it ceased to carry on such business from ………….(dd/mm/yyyy);
(ii) that the limited liability partnership has no liabilities and indemnifying any liability that may arise even after striking off its name from the Register;
(iii) that the Limited Liability Partnership has not opened any Bank Account and where it had opened, the said bank account has since been closed together with certificate(s) or statement from the respective bank demonstrating closure of Bank Account;
(iv) that the Limited Liability Partnership has not filed any Income-tax return where it has not carried on any business since its incorporation, if applicable.
e) Copy of Detailed Application- Mention full details of LLP plus reasons for closure
f) Copy of Authority to Make the Application- Duly signed by all the Partners.
[1] The date of cessation of commercial operation is the date from which the Limited Liability Partnership ceased to carry on its revenue generating business and the transactions such as receipt of money from debtors or payment of money to creditors, subsequent to such cessation will not form part of revenue generating business
[2] As per Rule 37 of LLP Rules if a LLP wants to strike off it should not carrying on any business operations for the period of one year or more.
We can help you guide through the process for
winding up a limited company
#winding up of llp#dissolving a limited company#strike off limited company#setting up a llp#closing down a limited company#Closure of LLP company#LLP Closure form#winding up a limited company#closing a limited company#closing a ltd company#liquidation of company in india#how to close a limited company#company closure procedure#Fast Track Closure procedure
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GST registration procedure - Should bloggers register for GST? | Venture Care
Get one tax (GST) for your business. GST company Registration is mandatory for all Service providers, buyers, sellers. Get to know about gst registration fees.
When GST registration is compulsory for bloggers
There are certain conditions where registration becomes compulsory for bloggers. The following are the circumstances where bloggers has to register under GST-
Crossing the threshold: Like everyone else, bloggers are also under the same dynamics when it comes to turnover in a financial year. If you are a blogger whose turnover is above 20 lakhs then it is necessary for you to register under GST.
Interstate supply: Being a blogger it is very frequent that you provide your services outside your state. Providing content from one state to another comes under this category and it becomes necessary to register under GST irrespective of the turnover. In other words, even if you earn Rs.1000 by way of interstate supply, then GST registration becomes mandatory.
Income from outside India: Many bloggers earn their ad sense income from out of India i.e. from Google US directly. In this case, GST registration becomes mandatory.
how to register a company for gst
How bloggers can register under GST
Bloggers can register under GST like anyone else. The procedure for registration is similar to any other service provider. You have to provide your pan card details along with phone number and email to receive TRN number. After generation of TRN number, the following details are to be provided
#1. Business details – the person is required to fill in the business details. Here the reason for registration would either be the following of the three –
Crossing the threshold (above 20 lakhs)
Interstate supply (between 2 states)
Voluntary
#2. Personal information – personal information like name, address and DOB has to be provided. A photo of applicant is also required to be attached. The details of the person are to be provided correctly as incorrect information may result in rejection.
#3. Place of business – Here unlike other providers, bloggers will be providing their residential address as the business address. As a blogger usually works from their home and do not have a fixed office space.
#4 Bank account details – A blogger has to provide his/her personal account details as they are proprietors.
Consequence of not registering GST
As almost all the bloggers are doing interstate supply it becomes necessary for them to register under the tax. Failure to do so may result in legal consequences.
Hence if you are required to register under GST by law and you do not take registration then you would face legal charges.
Similarly, if you are registered and do not follow the mandatory compliances like GST returns etc then also you will face consequences.
For not registering under GST the penalty is of Rs.20,000.
For not filing returns- Rs. 200 per day.
Can a blogger register under composition scheme
Composition scheme is the benefit provided by the government to small businesses whose turnover is less than Rs.75 lakhs in a financial year.
They are provided certain benefits like less compliances and less tax to be paid.
Unfortunately, since bloggers mostly do interstate supply they would not be able to register under composition scheme. This is not just for bloggers but for everyone else as well who is doing interstate supply.
Also, the composition scheme does not apply to any service sector except restaurant.
GST rate for bloggers
Like most of the service providers, bloggers would also be charging 18% tax under GST.
Conclusion
For any information regarding gst company registration , gst registration fees , gst registration online for bloggers here.
#gst_registration_online#how_to_register_a_company_for_gst#online_gst_apply#gst_registration_fees#gst_company_registration#gst_registration#gst_Registration_Process#gst registration online#how to register a company for gst#online gst apply#gst registration fees#gst company registration#gst registration#gst Registration Process#gst registration procedure
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GST registration online: Implication of GST on e-Commerce Sellers | Venture care
Get one tax (GST) for your business. GST Company Registration is mandatory for all Service providers, buyers, sellers.
The Goods and Services Tax (GST) is the single biggest reform in India’s indirect tax structure since the liberalization of the economy in 1991. Through this reform, the government has integrated the previously disparate segments of the Indian economy and has truly begun the process of creating one market for the entire nation. The idea of a single tax on the supply of goods and services, from manufacturing to delivery to the final consumer, has eliminated the need for sellers to register with multiple tax platforms and file multiple tax returns. Online GST Apply here.
GST is going to have a major impact on e-commerce in the country. Apart from consumers, this trade segment has two key players: the e-commerce marketplaces and the sellers. While e-commerce marketplaces such as Flipkart and Amazon are required to make necessary adjustments to their operations, it is the impact on e-commerce sellers, represented by the thousands of retailers that sell through the marketplace that requires intense scrutiny. Through this blog, we assess the impact of GST on e-commerce sellers and the steps such businesses need to take to ensure regular compliance.
gst Registration Process
GST-induced taxation changes for e-commerce sellers
Presently, GST appears to be an assortment of compliance guidelines. The enhanced regulatory requirements might take a seller’s focus away from operations for some time. However, GST as a single tax for products across India will be beneficial for all e-commerce sellers in the long run because of the aspect of transparency in trade brought forth by this new indirect tax reform. Let’s discuss the impact of GST on an online seller’s operations:
1. Increased reach of e-commerce sellers: GST has opened avenues for small and medium sized e-commerce sellers to compete with larger enterprises at a national level. Previously, these sellers were limited to operating within the confines of one state due to the looming tax rates of trading across multiple states. By unifying the taxation, e-sellers need not be burdened by multiple taxes while selling to consumers across various states.
2. Compulsory registration required: The government has specified a turnover threshold of Rs 20 lakh for registration under GST. This has been relaxed to Rs 10 lakh for north-eastern states. However, for e-commerce sellers, registration is mandatory, irrespective of whether they fall below the turnover slab of Rs 20 lakh or not. Removal of the threshold for registration will help bring more online businesses into the sphere of taxation.
3. Ineligible for Composition Scheme: E-commerce sellers are not eligible for the Composition Scheme either. The Composition Scheme permits businesses with a turnover of under Rs 75 lakh to file quarterly returns instead of monthly and pay tax at a low rate of 2%. Although this might seem to be a disadvantage for e-commerce sellers, the number of documents required to file for the Composition Scheme is relatively higher, reducing the burden of document collation on the seller.
4. Tax collected at source (TCS): E-commerce marketplaces are required to deduct 2% TCS on the net value of sales as the GST liability of the seller and deposit it with the government. Further, the sales reported by both the e-commerce marketplaces as well as the seller need to tally at the end of each month. Discrepancies, if any, will be added to the turnover of the seller and they will be liable to pay GST on the additional amount. This measure will weed out fraudulent sellers and shall subsequently build trust between marketplaces and sellers.
5. Filing of tax returns: The e-commerce sellers need to follow the same process that is followed by brick-and-mortar retailers. Form GSTR-1, containing details of outward supplies, needs to be submitted by the 10th of every month. The seller will receive Form GSTR-2A by the 11th of the same month, which contains details of the tax collected by the e-commerce marketplace. They then need to review and submit Form GSTR-2 by the 15th of the month. Discrepancies in supplies are to be submitted through Form GST ITC-1 by the 21st of the same month. This would require businesses to be particular about tallying data coming from different sources before filing returns. Taking the help of a professional GST services provider in meeting compliance has become a requisite in light of these regulations.
6. Increase in Credit: The GST law has established ‘input tax credit’ to cover goods or services used by a company in the course of business. E-commerce sellers need to establish a direct relationship between the input material and the final product/service is eliminated. Much like other registered entities under GST, e-commerce sellers too can now avail input credit.
7. Refunds under cash on delivery: Consumers extensively opt for ‘cash on delivery’ in India and such sales witness return of orders to the tune of 18%. The reconciliation process for refunds takes around 7-10 days. Initially, there might be confusion around generating refunds for cancelled orders where taxes have already been filed.
The impact of GST on logistics and warehousing
With the Government having done away with multiple layers of tax, GST is bound to reduce costs incurred in e-commerce logistics. This reduction, according to some estimates, could be as high as 20%. Also, with state-level taxes being subsumed under GST, e-commerce platforms can reduce warehousing costs as they need not maintain huge warehouses across multiple locations in India. Such warehouses were earlier operating below their rated capacities, adding to inefficiencies and the selling price of products. Now, e-commerce marketplaces can opt for maintaining a few warehouses at strategic locations. These well-maintained logistics hubs will be able to attract FDI inflows and lead to an increase in overall efficiency in operations. With the free movement of goods and services and a uniform tax rate across states, e-commerce sellers will be free to transport across different locations in India.
The implementation of GST stands to benefit e-commerce sellers, as due to the elimination of entry taxes and faster movement of goods vehicles across states, the last mile delivery costs will come down. This benefit can be passed on to customers. Also, e-commerce marketplaces are now free to source goods from SMEs across India and not just limit themselves to local players across states. They were compelled to do this earlier to save costs on heavy inter-state taxation. Such a move will give impetus to the SME sector in India and foster healthy competition among SMEs, thereby improving the quality of products and services available in India.
Conclusion
There is no doubt that e-commerce will be subject to increased tax compliance and subsequently increased costs. However, in the long run, GST should level the playing field for e-commerce sellers, thereby streamlining their operations and setting the tone for increased business growth
Visit our blog to read more engaging content on GST and Get to know about gst registration fees.
#gst registration online#how to register a company for gst#online gst apply#gst registration fees#gst company registration#gst registration#gst Registration Process#gst registration procedure
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Text
GST registration: Implication of GST on e-Commerce Sellers | Venture care
Get one tax (GST) for your business. GST Company Registration is mandatory for all Service providers, buyers, sellers.
The Goods and Services Tax (GST) is the single biggest reform in India’s indirect tax structure since the liberalization of the economy in 1991. Through this reform, the government has integrated the previously disparate segments of the Indian economy and has truly begun the process of creating one market for the entire nation. The idea of a single tax on the supply of goods and services, from manufacturing to delivery to the final consumer, has eliminated the need for sellers to register with multiple tax platforms and file multiple tax returns. Online GST Apply here.
GST is going to have a major impact on e-commerce in the country. Apart from consumers, this trade segment has two key players: the e-commerce marketplaces and the sellers. While e-commerce marketplaces such as Flipkart and Amazon are required to make necessary adjustments to their operations, it is the impact on e-commerce sellers, represented by the thousands of retailers that sell through the marketplace that requires intense scrutiny. Through this blog, we assess the impact of GST on e-commerce sellers and the steps such businesses need to take to ensure regular compliance.
gst Registration Process
GST-induced taxation changes for e-commerce sellers
Presently, GST appears to be an assortment of compliance guidelines. The enhanced regulatory requirements might take a seller’s focus away from operations for some time. However, GST as a single tax for products across India will be beneficial for all e-commerce sellers in the long run because of the aspect of transparency in trade brought forth by this new indirect tax reform. Let’s discuss the impact of GST on an online seller’s operations:
1. Increased reach of e-commerce sellers: GST has opened avenues for small and medium sized e-commerce sellers to compete with larger enterprises at a national level. Previously, these sellers were limited to operating within the confines of one state due to the looming tax rates of trading across multiple states. By unifying the taxation, e-sellers need not be burdened by multiple taxes while selling to consumers across various states.
2. Compulsory registration required: The government has specified a turnover threshold of Rs 20 lakh for registration under GST. This has been relaxed to Rs 10 lakh for north-eastern states. However, for e-commerce sellers, registration is mandatory, irrespective of whether they fall below the turnover slab of Rs 20 lakh or not. Removal of the threshold for registration will help bring more online businesses into the sphere of taxation.
3. Ineligible for Composition Scheme: E-commerce sellers are not eligible for the Composition Scheme either. The Composition Scheme permits businesses with a turnover of under Rs 75 lakh to file quarterly returns instead of monthly and pay tax at a low rate of 2%. Although this might seem to be a disadvantage for e-commerce sellers, the number of documents required to file for the Composition Scheme is relatively higher, reducing the burden of document collation on the seller.
4. Tax collected at source (TCS): E-commerce marketplaces are required to deduct 2% TCS on the net value of sales as the GST liability of the seller and deposit it with the government. Further, the sales reported by both the e-commerce marketplaces as well as the seller need to tally at the end of each month. Discrepancies, if any, will be added to the turnover of the seller and they will be liable to pay GST on the additional amount. This measure will weed out fraudulent sellers and shall subsequently build trust between marketplaces and sellers.
5. Filing of tax returns: The e-commerce sellers need to follow the same process that is followed by brick-and-mortar retailers. Form GSTR-1, containing details of outward supplies, needs to be submitted by the 10th of every month. The seller will receive Form GSTR-2A by the 11th of the same month, which contains details of the tax collected by the e-commerce marketplace. They then need to review and submit Form GSTR-2 by the 15th of the month. Discrepancies in supplies are to be submitted through Form GST ITC-1 by the 21st of the same month. This would require businesses to be particular about tallying data coming from different sources before filing returns. Taking the help of a professional GST services provider in meeting compliance has become a requisite in light of these regulations.
6. Increase in Credit: The GST law has established ‘input tax credit’ to cover goods or services used by a company in the course of business. E-commerce sellers need to establish a direct relationship between the input material and the final product/service is eliminated. Much like other registered entities under GST, e-commerce sellers too can now avail input credit.
7. Refunds under cash on delivery: Consumers extensively opt for ‘cash on delivery’ in India and such sales witness return of orders to the tune of 18%. The reconciliation process for refunds takes around 7-10 days. Initially, there might be confusion around generating refunds for cancelled orders where taxes have already been filed.
The impact of GST on logistics and warehousing
With the Government having done away with multiple layers of tax, GST is bound to reduce costs incurred in e-commerce logistics. This reduction, according to some estimates, could be as high as 20%. Also, with state-level taxes being subsumed under GST, e-commerce platforms can reduce warehousing costs as they need not maintain huge warehouses across multiple locations in India. Such warehouses were earlier operating below their rated capacities, adding to inefficiencies and the selling price of products. Now, e-commerce marketplaces can opt for maintaining a few warehouses at strategic locations. These well-maintained logistics hubs will be able to attract FDI inflows and lead to an increase in overall efficiency in operations. With the free movement of goods and services and a uniform tax rate across states, e-commerce sellers will be free to transport across different locations in India.
The implementation of GST stands to benefit e-commerce sellers, as due to the elimination of entry taxes and faster movement of goods vehicles across states, the last mile delivery costs will come down. This benefit can be passed on to customers. Also, e-commerce marketplaces are now free to source goods from SMEs across India and not just limit themselves to local players across states. They were compelled to do this earlier to save costs on heavy inter-state taxation. Such a move will give impetus to the SME sector in India and foster healthy competition among SMEs, thereby improving the quality of products and services available in India.
Conclusion
There is no doubt that e-commerce will be subject to increased tax compliance and subsequently increased costs. However, in the long run, GST should level the playing field for e-commerce sellers, thereby streamlining their operations and setting the tone for increased business growth
Visit our blog to read more engaging content on GST and Get to know about gst registration fees.
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How to write a winning and best business plan - Venture care
Executive summary:
It is a very important section while drafting a clear business plan. Executive summary reveals that how the company is planning for its future growth and whether this is different from others’. Apart from discussing organizational plan, product/service plan, marketing plan, survival and growth plan and financial plan it should also answer some critical questions such as:-
· Why this business will be successful?
· What is the risk appetite level of the business owner?
· What is the level of fund required to successfully launch the business and how much will be promoters’ fund?
· What is the short-term and long term goal of the business?
Business Description:
This includes the core related areas surrounding the business and product/services. Some of the key questions could be:
· What is the core area of business chosen?
· What is the product or service which will be sold?
· What is the growth potential?
· What is the business life?
Organizational description:
This is all about the organizational structure and unique factors which competitors do not have. Whether there is a plan to have Pvt Ltd or LLP or any other structure for the business. Has the business idea been conceived by a single person or more people are involved. Whether there is single decision authority etc. in the nutshell, the following questions may be important to be considered:
· What is the legal status of the company and future plan?
· How many are key decision makers?
· How many managers are required (operational segment-wise)
· How many technical personnel are required?
· How many sales personnel are required?
· What is the plan to increase the number of personnel in next 12 months?
Product and services:
What is marketed are actually products and services. This section should comprehensively include even the small aspects related to products/services. “What is the USP of the product and how it serves the exact need of the customers” should be very clearly mentioned. If services are attached to the product then focus should be highlighting the add-on benefits which customers will drive.
Every product has the life. The section must mention the approximate product life. Also, how the company will plan with the new or modified product with extended or with at least earlier similar benefits. Few questions which draw attention are:
· Is it the standard product or customized one?
· If it is standard product and any customer wishes to add some more features then is it possible?
· Whether IP has been taken on the product?
· How product maturity shall be tackled?
· What will be the R&D cost and maintenance to the business?
Industry:
Industry dynamics always change. A business plan must include the probable changes and the way to overcome those changes. Key success factors should be identified and should be mentioned that how the company will go forward.
The complete industry should be categorized into segments and sub-segments and accordingly, the customers should be identified. This section must include also:
· Who are the targeted customers?
· What is the size of the targeted customers?
· Who are the competitors? (in numbers)
· What is the expected market share for this product/service?
Marketing:
Many business plans usually say that what marketing channel shall be used to market products/services. But a sound and explanatory business plan should clearly express that HOW MARKETING WILL BE DONE, WHICH CHANNEL SHOULD BE ADOPTED AND THE EXPECTED TANGIBLE BENEFITS WHICH THE COMPANY WILL DERIVE FROM IN TERMS OF GROWTH OF CUSTOMERS.
This section should answer the following also:
· Why the customers will need it?
· How the potential customers can be reached?
· Can the customers manage their business operations without this new product/service?
· Does the price (cost to the customers) of the product/service justify the benefits?
Threats:
No business can avoid threats. It should be mentioned that how the possible threats should be handled. Answering the following questions may be beneficial:
· What could be the potential threats?
· How frequently it can come?
· What will be the level of impact of the threat to the business?
· How the company will overcome it?
Financials:
A financial plan is one of the crucial aspects because ultimate objective is to raise finance and use it for various purposes. How much finance is needed at which place should be mentioned? The following should be included:
· What will be the promoters’ contribution?
· For what purpose the promoters’ money shall be used?
· What will be the exit option to the investors?
To conclude:
Every Business plan is unique in its case. So it should be drafted with utmost care. Moreover, it should include all the planning aspects and should be self-explanatory. Loopholes, if any, should be highlighted and also the way to remove those loopholes. This will make the business plan more genuine and presentable.
Venture Care can help you with the Business Plan Services, Click here to know about our Business Plan Services in India.
If you have any query please comment in the comment box below or call us on 020 65363633
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