GST Registration Online India – FAQs 2022
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What is GST?
The goods and service is an additional benefit collected or imposed on all goods and services that are meant for selling for domestic consumption. The GST payment is made by customers and remitted via selling business to the government providing revenue for the government.
What is the GST tax Rate?
0%, 5%, 12%, 18% and 28% are the five different rate slabs in which GST tax are collected from the consumers. But, petroleum products, alcoholic drinks, and electricity are not taxed for. Rather, it is charged as per state government’s rule under every state according to the old regime.
What are the types of GST? Who is the founder of GST?
The major three types of GST and its full form?
SGST – State Goods and Service Tax. This is charged in regards to supply of goods and services and it includes taxes on State Sales, VAT, Luxury, Entertainment (local bodies are charged, if intimated), lottery, betting and gambling, Entry level not instead of Octroi, State Cesses and Surcharges.
IGST – Integrated Goods and Service Tax. This is for goods and services that are moved from one state to another.
What is the purpose of GST?
Why do we need GST?
Is GST good for the Present Indian Economy?
But, will GST pave way for a better economy?
- Direct tax is collected
- Cascading tax effect is not seen
- Tax market is single
- Regime created on Tax is simple and understandable.
- Smaller units have an option to choose composition scheme.
- Tax filing and payment is available online.
- Logistics have become efficient.
- Encouraging Make in India campaign and investments from foreign nationals.
- Export and manufacturing activity are encouraged.
- Business start-up or carrying over the firm had become easy.
- Tax Evasion has drastically reduced.
- Administering a firm is simple and made easier.
- The Government has shown increase in profit.
How will GST work?
How to calculate GST?
When GST is Rs. 1,000 and the estimated slab is 18% GST then 1,000+ 1,000 X (18/100) 1,000+180 = Rs. 1,180.
How can this GST be calculated on MRP?
What is GST tally?
What is the GST on gold?
Is it compulsory to pay GST?
What are the goods that are included in GST?
- Small cars , Durables like AC and Refrigerators, premium cars, cigarettes and aerated drinks, High-end motorcycles are subjected to 28% GST
- Hair oil, toothpaste and soaps, capital goods and industrial intermediaries are levied at 18% GST
- Computers and processed food Must pay 12% GST
- Household necessities such as edible oil, sugar, spices, tea, and coffee (except instant) are included. Coal , Mishti/Mithai (Indian Sweets) and Life-saving drugs are subjected to 5% GST.
Is there a need for the physical presence needed for Private Limited Company incorporation?
What do you mean by Start-Up India initiative?
Can foreigners register and become the owners of the Indian registered company?
What is an Authorized Capital? What is the minimum authorized capital for registering my company?
The highest end limit of the capital given to a Company that can issue shares and collect money from its shareholders is said as an Authorized Capital or Registered Capital. The authorised capital are approved through the resolution given in a meeting of the shareholders.
The least Authorized Capital of a Private Limited Company required is Rs. 1 lakh for which the Ministry of Corporate Affairs charges Rs 5,000/- as fee for allotting this minimum authorized capital.
What is company Law Act, 2013?
- A minimal paid capital is required to start a Private Limited Company in India.
- The need for the Commencement of Business Certificate post registration is cancelled in the new Act.
- Common stamp is optional at present and acceptance to the signatures of the Directors is very important.
- At present, there are strict punishments given for Companies which welcomes or accept stores beginning from the Public with any approval from the Regulatory Authorities.
- The holding Company can provide loans or guarantees to the subsidiary Company.
- Company having losses or negative reserves cannot declare dividends.
- Board Resolutions will be confidential starting from now.
Merger and Acquisition is possible only for ?
What does it mean by Micro Finance Company and register it in India?
What is Section 8 company?
What is a limited liability company?
What is a public limited company?
What are the requirements of a private limited company?
Director: two initially and must posses a DIN number and one among the two must be a resident of India and should have stayed in India for a minimum of 182 days in the previous calendar year.
Name: name is segmented into three parts that is, a name, the function, and private limited company. The company must suggest 4 to 5 names to the registrar of the company and it will choose one among those as it is unique and attractive. As it will stay with the company till the end.
Registered company address: this needs to be registered for the company to run successfully. Before company registration it is a mandatory procedure that needs to be followed.
Digital Signature acquiring: It is mandatory that the directors digital signature is to be obtained rather than regular visits to sign every paper. Rather it is a rule to attach digital sign on every page of the online documentation to confirm the verification process.
Professional Certificate: it is necessary as incorporating it is very important.
What are the characteristics of a private limited company?
Limited liability: Each director and shareholder will have to bare the loss when the company faces it. This means that when the loss is minimal or maximum the shareholders are also supposed to pay for the loss by selling or pledging their own belongings.
Perpetual Succession: the company exists at any point in the eyes of the law like it can be any death, insolvency, bankruptcy or anything.
Index of member: no requirement to main index of the company in the private sector while in the public sector it has to maintain.
Number of directors: it can start two
Paid initial capital: a minimum of 1 lakh rupees or more is very essential and can be increased from time to time
Prospectus: Detailed prospectus is essential to start a company
Subscription: no subscription is required to receive share in private limited firms.
Name: unique, mandatory to use following naming, must abide to terms and conditions
What is meant by a Private Limited Company?
What is a DPIN?
What is the difference from other sectors compared to OPC?
- Pre-Incorporation expenses
- Taxation Aspects
- Future Aspects
- Need of Loan
These are the positive features when compared to all other firms. But more than these Sole Proprietorship is better as it requires less investment and compliance in the start.
What is the minimum and maximum members allowed in a Private Limited Company?
Shares form the total company and every shareholder is a partner.
What is OPC?
The concept of One Person Company is the new vehicle of doing business introduced by the Companies Act, 2013. The old Companies Act, 1956, required at least two directors and shareholders to form a private limited company. Only one person will be the Director and a shareholder as well. This can be converted to a Private Limited Company at any time.
How to obtain DIN?
Second step: complete and submit the application with the required documents on address and identity proof.
Third step: verification by Ministry
Fourth step: get the DIN number alloted.
What is DIN?
What are the different classes of DSC?
- Class-1 DSC: This class of DSCs is issued to private subscribers and individuals to help them in securing their email communications, and authentication of their individual identity.
- Class-2 DSC: These DSCs are issued to company directors and other signatory authorities of a company/firm/organization.
- Class-3 DSC: This class of DSC is useful for participation in e-Tenders and e-Auctions, conducted anywhere in entire India.
These are the three different stages of DSC that is worth and beneficial on unavoidable circumstances.
What is DSC?
What is an AOA?
What is MOA?
What are the different types of company registration?
- Private Limited Company
- Public Limited Company
- Limited Liability Company
- Unlimited Liability Company
- Non-Profit Organizations / Sec.25 companies
What is a company registration and write in brief?
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