Monthly Archives: March 2016

Why should we allow GST to replace the Current Tax Scenario ?

Screenshot_12The proposed GST bill aims to introduce a goods and services tax (GST) which will subsume various indirect taxes, including Excise Duty, Countervailing Duty, Service Tax, value added tax (VAT), entry tax, entertainment tax, etc. which makes our grocery goods to a multiplex ticket cost raised upto 40% and that is too much.

When GST will be introduced the price of a product will become reduced. A fall in price generally increases the product demand. Not only the price reduces but also the working capital too. GST makes the price of a product unique throughout the country which makes it more interesting.

In GST both Central GST and State GST will be charged on manufacturing cost and will be collected on point of sale not like current scenario where tax is levied on all stages.

The proposed rate of GST is about 16%-17% which is much lesser when compared with the current rate of taxation. As per current tax pattern, the tax rates are about 35%-40%.

Its introduction would be a very significant step as it is expected to raise India’s GDP by up to 2 percent. The bill has already been passed in the Lok Sabha and is awaiting its passage in the Rajya Sabha and THE TAXPAYER INDIAN believes that we should support it for a good cause.

 

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Women winning the Race

Screenshot_1When it comes to professionalism, leadership and management, does gender matter? Is there any difference between the working style of men and women? If so, does it have effects on the end result? Though we have women at the top of the top industries and businesses in the world, the growth has not been able to wipe out gender prejudice. Professional women face problem of biasness due to some preconceived notion which are deeply set in the minds of the society Worldwide.

The partialness against women is so strong that even their working hard or being career-oriented is considered to be a problem. The reality is that they want women to be mute observers and supporters because they are not able to digest the fact that women can be smarter, sharper and perform better.
The insecurity has risen so much that people stoop as low as to blame good looking women of using appearances to move ahead.

However, the good news is that all this chauvinism has not deterred women for we have women like Chanda Kochhar, (CEO, ICICI bank), who had the courage to pave their way to the top through the thorns. These brave women not only made success their own, but also delivered it to numerous hopeful women who needed that ‘push’ to mark their place in the world.
According to a survey, Women leaders have proved to be far more assertive and persuasive, have a tougher call for getting things done and are more willing to take risks than male leaders. They are also found to be more considerate and flexible, as well as stronger in interpersonal skills than their male counterparts.
Nevertheless this article is not for sulking at the chauvinistic thought process of the world. We are here to empower all those strong headed women who are going to take over the corporate world pretty soon!

Here are a few stepping stones for you:

Do not loose who you are to fit in. The world will tell you to change their way to be a part of their world. However you do not need to undo your personality for the likeliness of others. Strong streams make their own ways!
Keep your dose of Determination high. Know that you have chosen to face all the heck of problems. Keep yourselves sturdy and meet your problems face to face.

Aspire to give your best, you’ll be the Best. You do not need to compete hard or be flawless in everything you do. All you need to do is give your 100% to everything you do. Rest will automatically be taken care of.
Find and give support. There might be other female aspirants struggling their way up, waiting for this kind of support or there may be times when you might need support from others. Know everyone else around you and stay in touch. Be available for help every-time someone needs you.

If you have any inspiring story of yours or any one you know, that can boost the morale of our readers, do share with us in the comment box below.

 

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Donation gets a modern makeover

Altering the existing trends of taking donations, the Temples, churches & masjids have now started opening Demat accounts to accept shares as donations.

Latest developments have seen various temples, churches and masjids becoming shareholders of companies listed on domestic exchanges. Numerous wealthy devotees are offering shares instead of donating cash and gold. Thus in the past few months more than 50 trusts of places of worship have opened demat and EEFC accounts.

Tirupati Balaji Temple, leading the list has become world’s first temple to open a Demat account to accept donations from devotees in the form of shares and securities and EEFC accounts for accepting foreign currencies. The account has been opened in the Stock Holding Corporation of India Limited (SHCIL) by the managing body of the Temple. Shree Siddhivinayak in Mumbai, Vaishno Devi Temple in Jammu and Vardhman Mahavir Temple, have also opened their doors for donations through shares.

According to the experts, the flourishing stock market and weakening of gold prices have encouraged rich devotees to offer shares to religious trusts. However, the managing trusts cannot be long-term shareholders in private companies for one can’t hold the shares of private listed companies for more than a year. Further there are no such restrictions on holding shares of public undertaking.

Interestingly the numbers involved in this case are enormously breath-taking.

According to an investigation, the donation amount received by 4 big temples of our country is around 1Lakh 32000 Crore! As per the survey an average of 8 crore is received by these temples on daily basis.

What do you think about it? Have anything to share? Do leave your comments and views about the topic in the comment box below.

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Starting a Fashion Business in India

Interested in fashion and trends? Here’s how you can open a business of your dreams in India.

With the fashion industry growing more and more each year and customer demands increasing for fashionable clothing and various modes opening for the fashion business like malls and small stores, boutiques etc, the fashion industry is witnessing a hype like never before. The fashion industry is becoming organised like it has been never earlier. This article particularly discusses the modes of establishing a fashion industry in India

The fashion industry in India is one of the largest in the world. The business in fashion is growing more and more each day. For establishing a fashion business in India various modes can be adopted. One of the most famous modes is Fashion Designing. The name itself is self explanatory. The Fashion designers design clothes as per the demand of the client as well as contemporary inspiration.

On the other hand there are stylists who advice their customers about the kind of garment they should wear depending upon the occasion and their type of body and personality.

Other option is opening Fashion boutiques. These are small stores that sell their own unique line of clothing designed by any one or more than one fashion designers.

Online Fashion Retail business is also an option if you are interested in fashion business. With E-commerce dominating the market,more and more consumers are opting for buying clothes online. Though there are various well established online fashion websites like Myntra, Jabong etc there still exists plenty of opportunities for online fashion businesses. Also if you do not wish to open your own website, you can sell goods on already existing markets like Paytm etc.

If you wish to start a fashion business in India, you will first have to setup a bank account in the name of the business. The potential entrepreneur is free to establish the business as Proprietorship, Partnership, a Limited Liability Partnership or a Company.

Regarding the accumulation of funds for any kind of business, it can be seen in the market scenario that most of the funds come from the promoters and personal sources. The fashion business is in the same position as most of the fashion businesses are funded by the promoters. However, if the business is being established at a large scale and a big amount of investments is required, one can always opt for a bank loan. The Private equity funding or angel funding is another option of acquiring funds for Fashion Business.

Certain kinds of fashion businesses like styling and fashion designing do not need VAT registration. Even Service tax registration is required only for those who provide taxable services exceeding Rs.9 lakhs per year.

However people selling cloths in India require VAT registration, that can be obtained from the local sales tax office. It must be noted that un-stitched garments are kept free from VAT registration.

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Quick Name Approval for Companies

Screenshot_7Check how the Companies Incorporation Amendment Rules 2016 has paced up the name approval process for companies.

Taking another step towards its goal of turning the business process in India into an easy and inspired ride, the government on 22nd January of this year launched the Companies Incorporation Amendment Rules 2016. It came into effect from 26th of January, 2016. The motive behind the launch was making the name approval process for companies rapid and also for simplifying the process of company registration. This article brings to you the developments brought lately in the Company Name Approval process.

Before the launch of Companies Incorporation Amendment Rules 2016, the approval process was comparatively complex. Prior to the launch, the applications for name approval had to be submitted to the concerned ROC of the area based on the registered office address of the Company. The State level ROC officers administered the process of processing of the applications and accorded approval.

However with the introduction of the new process of name approval, the things have turned simpler and faster. A Centralised processing centre has been established for the process. Now all name approval applications are sent to the centralised processing centre for name approval. The process of processing of name approval applications all over the country is now administered by the central processing centre. The centre provides name approval based on the name availability. With the introduction of the new process, the new process of name approval has become faster, simple and easy.

Since the previous naming process adopted more rigid Company Naming guidelines and regulations than the present one, the process was comparatively more firm and inflexible. The new rules have brought relaxation in major restrictions in the company naming guidelines. With the relaxation, a lot more options have opened up for the companies to choose form. The key changes that have been brought by the Amendment Rules are enlisted below:

  • It is no more mandatory for the Companies to have a name in line with correspondence to the objects of the company.
  • The Companies can now choose a vague or abbreviated name unlike before, names like A2Z limited are now acceptable.
  • Previously the names that misled the customers about the objects and services of the firm where not allowed, now this ban on misleading names has been lifted.
  • Now the companies can change the activities of their firm without changing the approved name that the firm is already using.
  • Using names no more requires a NOC.
  • Responsibility of the process now in the hands of Central Registration Centre.
  • Number of Resubmissions for incorporation increased from two to three.

 

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The case of Identical Trademark

Screenshot_7Read the article to learn how trademarks are evaluated for being similar/identical.
The Section 11(1) of the Trade Marks Act 1999 says that a trade mark will not be registered if it has identical traits/similarities with any other already registered trade mark(s). This is because, the similarity/being identical of trademarks may create confusion for the public, for the services of one company may have association with those of the company with already existing trade mark.

The criteria adopted for classification of a mark as an identical trademark is very simple. A mark is considered identical to a trade mark when as a whole it contains extremely insignificant differences, so much so that they may go unnoticed by an average consumer.

On the other hand two trademarks are considered to share similarities when they are so nearly resembling that one mark can easily be deceived as other or may cause confusion.

The Trademark Office usually considers three factors while examining the trade mark applications. These factors are:

•    All that is similar and different between the respective trademarks is considered.

•    It is also brought into consideration that how distinctive the already existing mark is.

•    To what degree the respective goods or services are similar, is also noted.

The criterion for evaluating trademarks has been created over the years and is very uncomplicated. Some of the major factors that are considered for the comparison of trademarks are:

•    The Comparison is to be made keeping in mind the point of view of an ordinary person with average intelligence and of an imperfect recollection.

•    One has to make sure to take into account the structural, visual & phonetic similarities, along with the similarity of the idea in both the marks. It must also be noted whether there is any likelihood for the two marks to cause confusion.

•    One has to be careful that the whole mark is taken into consideration while evaluating. Only a selected part of the trademark compared with part of another trademark is not acceptable.

•    However this does not mean that a letter by letter comparison is required. Also side by side comparison is not the correct test.

•    Also in the case of medicinal preparations, additional precautions are required as possibility of confusion over marks on medicinal products may cause far more harm than that in case of ordinary products.

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Company Incorporation becomes easy as Government launches CRC

Screenshot_5CRC is the Central Registration Centre (CRC), launched lately by the Ministry of Corporate Affairs, Government of India. CRC became officially active from 27, Jan 2016. The CRC has been designed specifically to act as a catalyst of the company incorporation process. The government has been sincerely working towards bringing solid changes in the Indian market scenario to create an environment which encourages potential entrepreneurs. The Standup India Startup India Action Plan is one such large scale initiative by the government towards the aim. The launch of Central Registration Centre is yet another step taken by the government to enhance the ease of doing business in the country. With the launch of CRC, the government is also hoping for timely approvals and a uniformity in application of rules.

One of the major objectives is to encourage young entrepreneurs who are setting up businesses focused around the Digital India initiative. eFilingPortal.in has been introduced for such a purpose so that the new young entrepreneurs can easily set up their Business without any hassle of putting extra efforts for registering their Businesses as a legal entity.

Central Registration Centre, an initiative of the Ministry of Corporate Affairs, is placed under the Government Process Re-engineering (GPR). The Government Process Re-engineering involves a three dimensional approach of automating some of the approval processes. It will be made possible by using advanced software tools and engines, modifying some rules and bringing professionals into play. According to the release, with this kind of innovative and high tech approach, it will be possible to provide speedy incorporation-related services, in line with international best practices.

The release brought forward that the GPR procedure harmonises with the Ministry of Corporate Affairs’ intention behind introducing this platform, which is to make it easy to do business in India. In this context the release said that, “It is expected to result in speedier processing of incorporation-related applications, uniformity in application of rules and eradicating discretion. It will also be supplemented by intensive monitoring aimed at providing timely approvals”.

Technically the CRC will be taking care of the INC-1 e-forms that are filed as applications for name availability and are submitted online in India. The CRC will process the applications as soon as the next working day.
It is hoped that the launch of CRC will bring positive changes in the incorporation process of companies in India, and will contribute towards revolutionising the face of Indian Market Scenario.

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