Apply for various government licenses. Post approval, claim their unlimited benefits.
Goods & Services Tax (GST)
GST is a destination-based tax on the consumption of goods and services. In any tax system, registration is the fundamental requirement for the identification of taxpayers ensuring tax compliance in the economy. Registration of any business entity under the GST Law implies obtaining a unique number from the concerned authorities for the purpose of collecting tax on behalf of the government and to avail of input tax credit for the taxes on inward supplies. Without GST registration, a person can neither collect tax from his customers nor claim any input tax credit of tax paid by him.
Advantages
- Legal recognition of a business
- Uniform accounting of taxes
- Businesses will be eligible to avail of several benefits under the GST regime
- Legal authorization of collecting tax from sales made
Start-Up India
Startup India is a flagship initiative of the Government of India, intended to build a strong ecosystem for nurturing innovation and startups in the country that will drive sustainable economic growth and generate large-scale employment opportunities. The Startup India campaign is based on an action plan aimed at promoting bank financing for start-up ventures to boost entrepreneurship and encourage startups with job creation.
Advantages
- Financial Benefits
- Income Tax Benefits
- Registration Benefits
- Government Tenders
- Huge Networking Opportunities
Importer-Exporter Code (IEC)
The Importer-Exporter Code number is a 10-digit code issued by the Directorate General of Foreign Trade (DGFT), Ministry of Commerce and Industries, Government of India. Every business that involves international trade, irrespective of the size and nature, requires IEC Registration as the goods involved will be cleared from customs using the code without which no seller can import or export the goods from India.
Advantages
- Scope in the International Market
- The registration process is completely online which makes it hassle-free for the traders to register
- Lesser Document Requirement
- Lesser compliances
- Permanent Registration
Udyam Registration
Udyam Registration also known as MSME Registration involves the government sign-off and the provision of an Udyam Recognition Certificate and a Unique Number. This certification is essential if you seek legal and operational certification for small or medium businesses. The Ministry of MSME, Government of India, conducts Udyam registration for micro and small businesses.
Advantages
- Borrowers get collateral-free loans from banks
- Production/manufacturing sectors have special reservation policies
- Barcode Registration Subsidy
- Trademark & Patent registration subsidy
- Protection against late payments or supplied services
- Organizations registered with Udyam get eligible for Credit Linked Capital Subsidy
FSSAI Registration/license
FSSAI stands for the Food Safety and Standards Authority of India, an organization that monitors and controls the food business in India. This ensures that quality checks of food products are carried out, thus restricting food regulation violations and the selling of substandard goods. Every food business operator associated with the manufacturing, processing, sale, and distribution of food products must acquire an FSSAI registration or license lawfully.
Advantages
- Banks do favor food businesses with licenses, and not the others
- With FSSAI registration, the Food Business can avoid various legal penalties
- If a Food Business is not registered under FSSAI, penalties are more expensive than getting a food license
- The Food Business can then expect more consumers to trust and try the food with less or no hesitation
- The FSSAI logo also helps promote food quality. With the logo being printed onto packages, menus, etc., it will help consumers trust the quality
Shop & Establishment
Shop and Establishment registration is required while establishing any commercial place and is a state-based registration for which rules vary according to the state. The act requires all commercial establishments like theaters, eateries, hotels, amusement parks, shops, retail/trade businesses, etc. to apply for the license and registration within 30 days of commencing the business.
Advantages
- Ease of Opening a Current Account
- Hassle-free Inspections
- Ensure Peace of Mind for Employer & Employee
- Enforce Better Wages and Holiday Management
- Avoid Unethical Business Practice
- Encourage Expansion
Employees State Insurance Corporation (ESIC)
ESIC or Employees State Insurance Corporation is a statutory corporate body set up under the ESIC Act 1948 which provides financial coverage to workers against sickness, maternity, disablement, occupational disease, or death due to employment injury.
Advantages
- Medical Benefits
- Disability Benefit
- Sickness Benefits & Maternity Benefit
- Unemployment Allowance
- Death benefits
EPF Registration
EPF Registration is mandatory for all those organizations that have 20 or more employees. Such organizations are required to contribute a fixed amount towards Provident Fund out of employee salary. The fixed amount that the employer is required to make is 12% of the Basic Salary plus DA and RA. It is a scheme that offers retirement benefits to all salaried employees irrespective of working in Government or Public or Private Sector organizations.
Advantages
- Risk Coverage
- The amount saved in the PF account helps the employee in fulfilling his or her long- term goals
- Uniform Account
- All PF account holders are eligible under Employee Deposit Linked Insurance Scheme
ISO Certificate
ISO certificate is a certification that provides standards to organizations and thus shows the way to innovation and development of trade. ISO Certification is mandatory to form certain standards that ensure products and services’ quality, safety, and efficiency. It also ensures that the products and services of the company meet the customer and regulatory requirements. It certifies that the company’s management system complies with an ISO standard beneficial to the business, clients, and employees/team.
Advantages
- Enhances Business Efficiency
- Improves Marketability
- Better Customer Services
- Global Credibility
- Improves Product Quality
- Helpful In Government Tenders
The Agricultural & Processed Food Products Export Development Authority
The Agricultural & Processed Food Products Export Development Authority, commonly known as APEDA, was established in 1985 as per the prescriptions mentioned in the Agricultural and Processed Food Products Export Development Authority Act of 1985, aimed to develop and promote the export of scheduled products. It has been formed to offer financial assistance, guidelines, and information concerning planned product development. These prepared products have been listed in the Act mentioned above, and the exporters of such products are required to register themselves under the APEDA.
Advantages
- Exporters may avail of various financial assistance schemes under the APEDA
- The registration enhances the brand and helps exporters in terms of brand publicity through advertisements, packaging development, database upgradation, surveys, and so on
- APEDA-registered members can participate in training programs organized and held by APEDA for multiple scheduled products, thereby bringing constant and significant improvements in their business
PAN
PAN is an abbreviation of Permanent Account Number. The Income Tax Department of India assigns an alphanumeric, 10-digit unique number to each taxpayer. Each PAN number is unique and different for everyone. The PAN number keeps track of a person’s financial activities and is required for all forms of payment. The PAN number is valid for life because it is unaffected by changes in address or job profile and can thus be used as proof of identity.
Advantages
- Tax deductions
- For Business registration
- Filing for a tax refund
- Opening a Demat Account or Bank Account
- Purchasing or Selling Immovable Property
- While Applying for a Loan it is essential to submit your PAN card details to your lender
TAN
TAN is Tax Deduction and Collection Account Number. It is basically a 10-digit alphanumeric number which is issued by the Income Tax Department. It is necessary to obtain TAN for those who are responsible for TDS (Tax deducted at source) or who are responsible for TCS (Tax collected at source).
Advantages
- Deductor can easily receive communication from the Income Tax Department regarding Tax collected at source (TCS) and Tax Deducted at Source (TDS) from the database of updated active TAN details
- Registration and verification of TAN are quite simple and easy
- The deductor can receive a statement showing the status of tax deducted at source (TDS)
- Reconciliation of tax deducted at source (TDS) to TAN holder with regards to Section 200A
- Deductor can easily upload e-TDS returns online
Questions that may arise
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