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Public Limited Company​ Registration in India

A Public Limited Company under Company Act 2013 is a company that has limited liability and offers shares to the general public. Its stock can be acquired by anyone, either privately through (IPO) initial public offering or via trades on the stock market. A Public Limited Company is strictly regulated and is required to publish its true financial health to its shareholders. Characteristics of a Public Limited Company Directors As per the provisions of the Companies Act, 2013 to start a public limited company, a minimum of 3 directors are required and there is no restriction on the maximum number of directors. Limited Liability The liability of each shareholder is limited. In simple words, a shareholder of a public limited company isn’t personally responsible for any loss or debts of the company for any amount greater than the amount invested by them; contrary to partnerships and sole proprietorships, where the partners and business owners are jointly and severally liable for the debts...
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One Person Company Registration in India

A new concept has been introduced in the Company’s Act 2013, about the One Person Company (OPC). In a Private Company, a minimum of 2 Directors and 2 Members are required whereas in a Public Company, a minimum of 3 Directors and a minimum of 7 members. A single person could not incorporate a Company previously. One Person Company (OPC) is a company incorporated by a single person. Before the enforcement of the Companies Act, 2013, a single person could not establish a company. If an individual wanted to establish his business, he/she could opt only for a sole proprietorship as there had to be a minimum of two directors and two members to establish a company. As per Section 2(62) of the Company’s Act 2013, a company can be formed with just 1 Director and 1 member. It is a form of a company where the compliance requirements are lesser than that of a private company. The Companies Act, 2013 provides that an individual can form a company with one single member and one director. The dire...
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FSSAI Registration in India

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Every food business operator involved in the manufacturing, processing, storage distribution and sale of food products must compulsorily obtain FSSAI Registration or License. FSSAI Registration is different from the FSSAI License in the sense that depending on the size and nature of the business, FBO should obtain the necessary registration or license. It is a 14-digit registration or a license number that is printed on all the food packages. The 14 digit registration number gives details about the assembling state, producer’s permit. This registration procedure is aimed to create more accountability on the FBO to maintain the quality of the food products. The licensing and registration procedure and requirements are regulated by Food Safety & Standards (Licensing and Registration of Food Business) Regulations, 2011. Food Business Operators (FBOs) Who Require FSSAI Registration The FBOs carrying on the following kinds of business are mandatorily required to obtain an FSSAI Regist...
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ISO Certification in India

ISO refers to International Organization for Standardisation. It is an independent organisation that provides standards in terms of quality, safety, and efficiency of products and services provided by businesses. With the increasing competition among the business, it is important to deliver high quality of goods & services in order to sustain in the market. ISO certification helps to improve your business credibility as well as overall efficiency of the business. Pre-Requisite to ISO Certification Process in India Choosing the type of ISO Certification First of all, you need to choose the type of ISO certification required for your business. There are various types of ISO certification available such as : ISO 9001 2008 – Quality Management ISO 14001 – Environmental Management ISO 27001 – Information security Management ISO 22008 – Food Safety Management and so on. Choosing an ISO Certification Body It must be noted that ISO itself does not prov...
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GST Advisory in India

Goods and Services Tax is one of the significant indirect tax reforms in India since Independence. It was first introduced in July 2017. Goods and services tax is a single unified tax on both the Goods and Services that is levied only on 'value-added' to goods and services at each stage in the industrial supply chain. GST has brought a broad impact on each facet of business operations in the country, such as pricing of products and services, optimizing the supply chain, IT accounting, and tax compliance systems. It overall impacts the tax incidence, tax structure, tax payment, tax computation, compliance, credit utilization, and reporting that changed the entire indirect tax system's functioning. The Government has been very active in structuring its processes and adjusting to the demands of the industry. The various clarifications or changes in law at the time of the introduction of GST were done to ensure that no businesses get affected in the future. At CAGMC, our profe...
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GST Audit in India

GST Audit applies every year for those GST registered businesses (GSTIN) having turnover more than Rs.2 crore, by the sale of goods or services in the financial year. It is dealt under Sections 35(5) and 44(2) of the CGST Act. As per the Finance Act, 2021, the requirement of GST audit and submission of GSTR-9C as certified by the CA/CMA is removed. It will come into force once notified by the CBIC. Meanwhile, as per the 43rd GST Council meeting that was held on 28th May 2021, the GST Council recommended that GSTR-9C may be still submitted as self-certified by taxpayers with annual aggregate turnover of equal to or more than Rs.5 crore. The same is yet to be notified by the CBIC as on 11th June 2021. Latest Update on GSTR-9C 31st July 2021 The CBIC has exempted GST-registered taxpayers with annual aggregate turnover up to Rs.2 crore in FY 20-21 from filing Form GSTR-9. 30th July 2021 The CBIC has notified changes to Sections 35(5) and 44 of the CGST Act. The requirement to get a GST au...
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GST Return in India

GST return is a form that a taxpayer registered under the Goods and Services Tax (GST) law must file for every GSTIN that he is registered. Did you know that there are 22 types of GST returns prescribed under the GST Rules? Out of them, only 11 GST returns are active, 3 suspended, and 8 view-only in nature. This article will provide more details for you. In short, the number and types of GST return that a business/professional must file is based on the type of taxpayer registered. These types include regular taxpayer, composition taxable persons, e-commerce operators, TDS deductor, non-resident taxpayer, Input Service Distributor(ISD), casual taxable persons, etc. Further, the frequency of filing some GST returns may differ among the GSTR-1 and GSTR-3B filers, if they opt into the Quarterly Return filing and Monthly Payment of taxes (QRMP) scheme. To know more about the due dates of each GST return and form, read our article on GST Calendar. Types of GST Returns and Due dates GSTR-1 ...
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