Import and Export Code
Also known as the Importer-Exporter Code, IEC License is a must when one is thinking of importing and exporting from India. Anyone looking to start an import/export business needs an IEC. It is issued by the DGFT. IEC is a 10 digit code that has lifetime validity. Currently, importers and exporters cannot import or export goods without the code.
Food Safety and Standards Authority of India is an autonomous organization that monitors and governs the food business in our country, established under the Ministry of Health and Family Welfare. The FSSAI was established under the Food Safety and Standards Act, 2006, which is a consolidating statute in India. It ensures food products undergo quality checks before being sold.
According to Section 31(1) of the FSSAI Act, 2006, every food business operator is required to be licensed under the FSSAI. This licensing and registration procedure and requirements are regulated by the Food Safety and Standards Regulations, 2011.
The state government levies a Professional tax on all individuals who earn a living. It is to be paid by every working individual. The calculation and amount collected might differ from one state to another, but it has a limit of Rs. 2500 per year.
Copyright is the right to ownership for literature, artworks, music, etc. Copyright registration provides several rights, such as rights to reproduction, communication, and translation of the work. Registering copyright ensures several safeguards to the owner. Copyright registration is done by the Copyright Act, 1957. Under this, no person is allowed to use the said person’s creation without his permission. The author has the authority to charge others for using or changing his work. Such protections can last for 60 years.
A patent is an exclusive right that is granted by the Government, to an individual who has invented any new device or software. The Patent Act, 1970 protects the inventions of the individual. The patent registration process involves steps that are mandatory to get a patent in India.
GST AND SERVICE TAX
All businesses supplying goods exceeding Rs. 40 lakhs in a financial year are required to register as a normal taxable person. Once a business has been registered, a unique registration number, known as the Goods and Services Tax Identification Number is assigned to it. This 15 digit number is assigned by the central government after the said taxpayer obtains registration.
GST Return Filing
GST return is an official document to furnish all purchases, sales, and tax collected on sales-related details. The GST returns needs to be filed, which the taxpayer has to pay off. Any business registered under GST has to file returns monthly, quarterly and annually through the GST portal. They have to provide the details of the sales and purchases of goods and services. Individual taxpayers use 4 forms for filing their GST returns such as the return for supplies, purchases, returns etc.
GST Registration Cancellation
A registered person can submit an application to revoke the GST registration. It must be submitted within 30 days from the date of service of the cancellation order at the Common Portal.
GST Annual Return
GSTR 9 is the annual return that has to be filed yearly by the taxpayers registered under GST. It contains details about the outward and inward supplies that are made during the relevant financial year. It is a consolidation of all the monthly/quarterly returns that have been filed in the same year. This return helps in the extensive reconciliation of data.