0 New in Labs: Preview Pane - Official Gmail Blog

New in Labs: Preview Pane - Official Gmail Blog

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1 Company Formation in India | A step by step guide

 learn how to register a Private Limited Company. A step by step guide on Company formation in India

Steps to be taken to get incorporated a private limited Company:

• Selection of Name for your company is the first step you have to do.You have to fill up form 1A to apply the name. The ROC will
• Ensure that the name does not resemble the name of any other company already registered and also does not violate the provisions of Emblems and Names (Prevention of Improper Use) Act, 1950.Also, you can not register a new company with the name of an existing company. This is one of the biggest benefits of registration of business as a company.
• Apply to the concerned ROC to ascertain the availability of a name in the General Rules and Forms along with the prescribed fees. If the proposed name is not available apply for a fresh name on the same application. You can browse www.mca.gov.in to know about the fees structure
• Arrange for the drafting of the Memorandum and Articles of Association with the help of some professionals, the vetting of the same by the ROC and the printing of the same.
• Arrange for the stamping of the Memorandum and Articles with the applicable stamp duty. Now stamping can be done electronically.
• Get the Memorandum and Articles signed by at least two subscribers in his own hand, his father's name, occupation, address and the number of shares subscribed for and witnessed by at least one person.
• Get the following forms duly filled up and signed:
  • Declaration of Compliance
  • Notice of the situation of the registered office of the company
  • Particulars of the Directors etc.
• Present the following documents to the ROC with the filing fee and the registration fee:
  • The stamped and signed copies of the Memorandum and Articles of Association (3 copies).
  • Form-1, 18 & 32 in two copies
  • Any agreement referred to in the M & A.
  • Name availability letter issued by the ROC.
  • Pay the Registration and Filing Fee by Demand Draft/Banker's Cheque if it exceeds Rs.1000/-
  • Obtain the Certificate of Incorporation from ROC.
  Now, your company is registered and you can go on with your new venture.
  
  

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0 Vishesh Krishi Upaj Yojana to promote exports from India

Many of us are into business however not aware of some very important and useful schemes available to exporters promoted by the Government of India to boost exports from the Country and to promote small and medium Business units. (SMB)

How many of who are into agricultural business know about a great scheme called Vishesh Krishi Upaj Yojana ?
This is a very useful and monetary beneficial scheme for export of agriculture business and it will be fun to have a look to the overview of the scheme ?

This scheme (Special Agricultural Produce Scheme) has been introduced to boost exports of fruits, vegetables, flowers, minor forest produce and their value added products. Export of these products shall qualify for duty free credit entitlement equivalent to 5 percent of FOB value of exports. The entitlement is freely transferable and can be used for import of a variety of inputs and goods.

On first sight you may think that how this scheme is useful ? because you are not going to import anything so there is NIL benefits for you... here I will tell you just read it again and I will explain you how can you benefit of this scheme !
Suppose you have exported Goods of 1 crore now you are eligible for a free duty entitle of up to 5% of this amount that is up to Rs. 5 Lac. means you can import duty free stuff of up to Rs. 5 lac totally free. and yes, if you are not going to import anything than you can encash your duty free license as it is transferable. Just sale it to any one esp. those who are into business of import and export will definitely buy it at a discount!The discount may range from 2% to 5% of the license value that is you can sell this license for Rs. 4.9 lac. and selling the license is very very easy. No need to involve the government just raise an issue to buyer of the license and get your check from the buyer. It is salable like your normal business Goods.

So, don't wait if you are into export of Agri products. just get the license from the Government which is a very simplified process and encash it and promote your business more by that money.

Do let me know your experiences if you have ever availed benefit of such scheme ?

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0 understanding Letter of Credit

In Today's life business is not limited to geographical boundaries at the same time, it becomes more risky to do business with strangers especially cross border deals. Suppose, you want to sell me goods and I want to purchase it from you however both of us resides in two different country, then how can we trust each other and who will take the safety interest of both of us and how ?
The answer to this question is the Letter of Credit as the name suggest, its a kind of credit in the form a letter!

In other words, a letter of credit is a promise to pay and Banks issue letters of credit as a way to ensure sellers that they will get paid as long as they do what they've agreed to do.

HOW IT WORKS :

A bank will issue a letter of credit only if it knows the buyer and ensure that the buyer will pay.
Bank also insist for an intial margin against the issue of the letter of credit. On, the same way, before delivering the goods Sellers must ensure that the L/c is legitimate in every way otherwise, realisation against the L/c may be difficult

EXECUTING LETTER OF CREDIT

A seller only gets paid after performing specific actions that the buyer and seller agree to as per the terms and conditions specified in the Letter of Credit.


To pay on a letter of credit, banks simply review documents proving that a seller performed his required actions.It's not the bank's duty to assure the quality of the goods.

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0 Central Excise Invoicing System: how to prepare Excise invoice ?

An invoice is the document under cover of which the excisable goods are to be cleared by the
manufacturer. This is also the document which indicates the assessment of the goods to duty. No
excisable goods can be cleared except under an invoice.

Removals only on invoice
 Rule 11 of the Central Excise (No.2) Rules, 2001 provides that no excisable goods shall be
removed from a factory or a warehouse except under an invoice signed by the owner of the
factory or his authorised agent.
 In case of cigarettes, which is under physical control, the Factory Officers are posted by
rotation in the factory (If the factory operation is 24 hours, the officers are posted 24 hours),
will check the operations as per the instructions contained in commodity manual for cigarettes.
Accordingly, in the case of cigarettes, each invoice shall also be countersigned by
the Inspector of Central Excise or the Superintendent of Central Excise before the cigarettes
are removed from the factory.

Serially numbered invoice
 The invoice shall be serially numbered and shall contain the registration number, description,
classification, time and date of removal, rate of duty, quantity and value, of goods and
the duty payable thereon. The serial number shall commence from 1st April every year
[beginning of a financial year].

 The serial number can be given at the time of printing or by using franking machine. But
when the invoice book is authenticated in the manner specified in sub-rule (5) of rule 11,
each leaf should contain serial number. Hand written serial number shall not be accepted.
 In case of computer-generated invoice, the serial number may be allowed to be generated
and printed by computer at the time of preparation of invoice ONLY IF the software is such
that computer automatically generates the number and same number cannot be generated
more than once. For this purpose, the Central Excise Officers may check the system/software
from time to time.

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0 SEZ online : Overviews, features & Fees Structure

Overview

Government of India (GOI) has identified that a strong and well-functioning Special Economic Zone (SEZ) is a critical element for the growth aspirations of our country. Therefore GOI has put in place comprehensive SEZ Act and Rules streamlining and simplifying the administrative and legal infrastructure to encourage export oriented business out of the SEZ.

Exim Policy provides for speedy transactions and transparency in activities by reducing physical interface by using of modern technology solutions of online electronic transaction processing and payment through the electronic fund transfer. Such measures can also help in building an electronic database on the performance of the SEZ units and the duty/ tax exemptions that was provided to the SEZ units.

Keeping in line with the expectation of Exim Policy of enabling electronic processing of transactions, the SEZ Online will enable online submission and processing of all applications and claims processed under SEZ Act.

SEZ Online is a total integrated solution offered by NDML for the administration of SEZ to facilitate speedy processing of various transactions that SEZ developers/units have with SEZ administration. 

Features of SEZ Online

• SEZ Online system is a web based application that will enable the users to carry out various functions using internet. Users can access it anytime, from anywhere, wherever internet connection is available.
• Every application submitted through SEZ Online system shall be assigned a unique identification no. (System generated) which may be used to track the status of the application henceforth.
• While filling up any application form online, after entering few details, the user may save the contents. On save, the request id gets generated by the system. If all the required details of the application are not available or it is intended to complete the application at a later time, the user can do so by logging into the system later. This ensures convenience of the users.
• Tool Tips and guidance is available for all the sections and fields during SEZ Online usage. While filling up the details of any application form, if the user has made any error or skipped any mandatory data field and if he / she presses "enter" key or "Submit" button the details of error are informed and highlighted to ensure ease of submission.
• Alerts/Emails are provided to the users on various occasions during the course of transactions.
• Users can access SEZ Online by using the user id and password. SEZ Online provides for a quick and convenient log-in process whereby if a person has forgotten all his / her log-in details can also reset the details online and access quickly.
• Maker / Checker concept implemented for enhanced accuracy of the data to be entered by

Fees Structure

As per the Agreement signed between Ministry of Commerce and NDML, following charges are payable by the users of the system.

User	Nature of the Transaction	Charges
Developer	Registration	Rs.50,000 (one time)
Developer	System Usage Charges	Rs. 20,000( per annum)
Co-Developer	Registration	Rs.50,000 (one time)
Co-Developer	System Usage Charges	Rs. 20,000( per annum)
Unit holder	Registration	Rs.25,000 (one time)
Unit holder	System usage charges	Rs.10,000 ( per annum)
EOU / Deemed Exporter	Registration	Rs.15,000 (one time)
EOU / Deemed Exporter	System usage charges	Rs.5,000 (per annum)
Developer / Co-Developer / Unit holder	Bill of Entry/DTA procurement reporting form / Bill of Export (including softex forms)/ Shipping Bill	Rs. 200 per transaction
EOU/Deemed Exporter	Claims	Rs.50 per transaction

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0 How to Obtain C form

Gone the days where the Vat/CST Department issues you a manual C form upon your request or just by submitting some papers. In this electrnoic Age, now CST department also adopted tech process to issue C form and it help department to prevent misuse of the C form as well user to get a  speedy C Form.

Due to lower rate of tax, many traders/business units have started cheating the state/central government. They sell goods locally off the record but again show the same as sales to inter state traders because local sales attract much higher rate of tax!

In view of this malaise practice, CST department discontinue issuance of mnaul C form and now upon filling of your CST e return you will get your pre-printed C form direct from the concerned Vat deparment containing all the necessary details of your interstate transaction thereby minimizing the fraudulent practice

In, short now you must file your vat/cst return online to get your C form book. This c form will come with prefilled details and you will require only to mention the date of invoice, invoice number and amount and you have to authorise the c form before sennding it to your supplier

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