What is an NGO?

A Non-Governmental Organization, popularly known as NGO, is a unit that operates independently without the aid of government with a particular aim towards the welfare of the public, a social agenda, child education, care of the environment, wildlife, etc.

Since 1970, NGOs have played a role increasingly crucial in the development of the sector, widely recognized for their strength that innovative organizations and focused based on the desire and ability to pursue participatory forms and focused on the people development and fill gaps left by the failure of states across the developing world to meet the needs of their citizens poorer.

Why is the NGO Registration required?

NGO registration is regulated under three acts: Indian Trust Act, Indian Societies Act, and Companies Act.

Registration of NGOs brings credibility to the organization. These gifts will be more inclined to join those NGOs that are registered for NGO Registration gives a feeling of authenticity.

NGO is a general term used and makes a corporation must register with the competent authority under the appropriate law. 

NGO registration can be done as follows:

• A Trust under the Indian Trusts Act, 1882
• A company under the Companies Act on registration, 1860
• A Section 8 Company Registrations Act, 2013

All three have the same goal of working in a combined program that is not for the benefit of members, and others involved, are not governed by regulations.

Role of NGOs in Civil Society

• Civil society and non-governmental organizations (NGOs) have the authority to influence the behavior of personalities and institutions that are involved in a healthy diet and promoting physical activity.
• By collaborating with national and international partners, they can support the implementation of the Global Strategy on Diet, Physical Activity, and Health.

Civil society and non-governmental organizations can:

• Mobilization to lead-based and advocate that healthy eating and physical activity for children should place in the public agenda;
• Support the wide dissemination of information on the prevention of non-communicable diseases in children through balanced, healthy diets and physical activity;
• Form networks and action groups to promote the availability of healthy foods and opportunities for physical activity in children;
• Advocate and support health-promoting programs and health education campaigns for children;
• Monitor and work with other partners such as private sector entities;
• Contribute to putting knowledge and evidence into practice.

Get your NGO registered with the best consultation, constitution, and fast registration!

Filing Bazaar is the best form of business done in India because any specific law governs it. It is the market leader in business registration services in India, offering a variety of company registration as the registration of private limited liability company, a record company person, Producer Company Registration and registration of the Indian subsidiary.

What is a Sole Proprietorship?

A sole proprietorship is a business form individually owned by a person. It is also known as a single operator or just an individual. This kind of business entity in which he is the only one owner who starts a business with a goal of profit, regarding the sole owner of responsibility has unlimited liability which means that it has to pay the debts and losses of the company.

There is no minimum investment requirement capital, and the owner has full control and participation of the property.

Features of Sole Proprietorship

• Single owner
• Limited capital
• Unlimited liability
• The only bearer of profit and loss

In this article, we examine the process of forming a sole proprietorship in India.

Sole Proprietorship License

As explained above, the existence of a sole proprietorship is established by licenses or registrations or certificates on behalf of the property owner. Based on the type of business, the following are some of the easy Proprietorship Firm Registration for establishing a sole proprietorship in India.

Requirements of the sole proprietorship

Pan card- Owner of Permanent Account Number is required. Therefore, the first step towards a single owner to acquire a PAN card of government authority is the documents listed below:

Aadhar Card: Aadhar number is now a necessity to apply for registration in India. Statement of income tax cannot be filed if the person has linked his PAN card with the Aadhar number. Contact the nearest E-Seva Mitra or Aadhar Kendra if you do not have an Aadhar number. After asking the Aadhar card, a hard copy of the same received at the registered address in 15-20 days.

Registered office proof:

1. If it is a rented property: the lease and the NOC of an owner.
2. If it is a self-ownership: utility bill or other proof of address.

GST Registration:

• PAN card, photo and owner of Aadhar card
• Proof of place of business (electricity bill/lease)
• Copy of the Bank's statement (first page to verify the bank account number, address and code IFSC)

View Source: https://filingbazaar1.wordpress.com/2019/10/09/tax-process-for-sole-proprietorship-businesses-in-india/

Starting up of a business is the most interesting experiences of one’s life. When you start up a business, you must choose the right kind of business structure. Great businesses are a product of great teams. Success in business is determined by the ability to build great teamwork. Today, employees are looking for a high salary. Therefore, it is important for any business today to have the option of providing stock ownership to employees. Private Ltd is a fine business model for start- ups as. Private limited companies transfer limited financial liability on the members of the company as compared to other businesses. Financial liability is a key benefit of forming a Private limited company in India. It never put you at the danger of any personal bankruptcy problem in the happening of your business failure.       

Here Filing Bazaar team guides you for choosing the best right kind of business structure and help you for Private limited company registration, LLP registration etc.

Most companies in India are incorporated as private limited companies:

There are 7 Reasons for entrepreneur who opts for a Private Limited Company.

1. Closely held

As all the stock of Private Company is concentrated in the hands of a few individuals, it mitigates the risk of intrusion of an unknown. Even the shareholders are restricted to some extent from selling the stakes of the company to a person who is not a member of the company, without offering them to existing shareholders or members.

1. Improve Business Credibility

In starting a private limited company, the information relating to the company, such as name of the company, date of incorporation, registered office address, status of the company, and other information are made available in a publicly searchable database. This feature makes it easy to authenticate the existence of the business, improving business credibility.

1. Going large-scale

The private limited registration brings foreign investors and companies an excellent opportunity to invest in the company with no governmental approval. It makes the process simpler for entrepreneurs to go international. It is essential for all new business entrepreneurs to have this unique feature for allowing both collaborations and FDI with global businesses.

1. True Owner:

A company is a juristic person and its actual owner. No member of a company can claims the properties owned by the company as its own as long as it is a going concern. Although if the company is dissolved the assets are to be distributed amongst the shareholders after the creditors of the company are paid off.

1. High Value:

A private limited company hold high credibility in the national and international market and hence most foreign companies incorporated in India are private limited companies. This is because they receive financial help easily as compared to other types of companies formed.

1. Related Party Transactions:

Private limited companies enjoy more relaxations over compared to public limited companies in related party transactions as most of the deals in private limited company is within the close network of directors or promoters.

1. Expansion:

In Private companies, the scope of development is easy as the fundraising can easily be done by receiving funds from its members, directors only. The bank also gives high value to private companies and sanction Loans accordingly.

That’s why we the Filing Bazaar Team always suggest to choose your best business structure as Private limited Company registration.

View Source: http://filingbazaar1.mystrikingly.com/blog/7-reasons-to-opt-for-private-limited-company

Goods and Service Tax (GST) are structured for efficient tax collection, reduction in corruption, easy inter-state movement of goods and a lot more. The GST Law provides for self-assessment to facilitate easy compliance and payment of taxes. It also explains the notices, the demand and recovery provisions when the taxes are unpaid, short paid and/or returns are not filed.

Here team of Filing Bazaar helps you in GST Filing, GST Auditing, and GST Registration in all around and especially in Gurgaon.

According to the GST law, the assessed is required to self-assess his GST returns filed during any financial year. Thus, he must determine the tax liability without any intervention by the tax official. Other than this, the tax authorities may undertake to make GST audit at any point of time or period as per the existing law.

According to CGST Section 65(3), The GST registered person will get a notice in advance not less than fifteen working days prior to the conduct of GST audit. The notice will be in FORM GST ADT-01.

So here team of filing helps in all corporate legal services specially GST Filing, GST Auditing, and GST Registration in Gurgaon within minimum time at affordable price.

Meaning of GST Audit

The meaning of GST Audit is the records of examination, returns and other documents maintained by the GST Registered person under the GST ACT. All these records are used to verify the correctness of turnover declared, taxes paid, refund claimed and the input tax credit availed.

According to GST law, Audit has a definition in section 2(13) of the CGST Act, 2017. GST Audit is conducted to assess the compliance of the Taxpayer with the provision of the GST Act and rules.

Whenever a taxpayer has the register under GST, all the records maintained by him would pass through GST audit. Here, the main importance is that to check the facts of the declaration of information in records and know compliance with the GST rules. 

Types of GST Audits

There are three types of GST audits as per GST Law in India. Audit by Chartered Accountant, Normal Audit and Special Audit. Let us see them one by one.

1. Audit by Chartered Accountant / Cost Accountant

The first GST audit is by a Chartered Accountant (CA) or a Cost Accountant. According to CGST rules every GST registered person whose aggregate turnover during the financial year exceeds Rs. 2 Crore shall get his accounts audited by a chartered accountant or a cost accountant.

Further, he shall file Audited annual accounts and reconciliation statement in Form GSTR 9C on GST portal online duly certified by Chartered Account or Cost accountant. GSTR 9C is all called as GST Audit Report.

1. Normal Audit by GST officials

The GST commissioner or any officer with proper authority can undertake normal GST audit of any registered person for a specific period. However, the frequency and the manner of a GST audit will be decided by the commissioner or the proper officer in charge.

1. Special Audit

The third type of audit under Goods and service Tax in India is the special audit. under special audit process the GST registered person can be instructed to bring his books of records including accounts.

Thus accounts examined and audited by the chartered accountant or a cost accountant can be demanded. Such directions can be given during any state of scrutiny, inquiry, investigation or any type of proceedings. The entire audit process depends upon the complexity of the case undertaken.

Important Rules of GST Audit:

As per the GST audit checklist, stricter rules are now in force that makes it absolutely necessary to make analysis of the data gaps between GST returns. It has strictly asked the business houses to conduct periodic checks and install internal controls. This would for sure do away with the data gaps and make sure the necessary compliance with the GST rules. 

Mandatory Internal Audits:

GST authorities have now begun issuing show-cause notices to business houses for strict compliance of GST norms. Internal audit of the GST records could bring succor to a business in order to run check on the operating efficacy of internal financial controls and know important areas of risk and finally adopt necessary measures to minimize risks. 

GST Audit Checklist:

The following are the mandatory GST Audit checklist that requires strict compliance:

1. Checking of GSTR 3B in relation to GSTR 1 & GSTR 2A:

Two important points get covered under this heading:

1. A) Interest and penalties in GST Act:

Under this recipient could claim extra input tax credit. And for this, it is compulsory for him to make a payment of interest @ 24%. This is applicable on the excess tax amount. Auditors need to reconcile the GSTR 3B with GSTR 2A to make sure that the organization would not claim extra tax credit. If it has been paid in excess, company would pay interest and the tax amount on the applicable date. When the GST authorities come to know about the data gaps between GSTR 3B and GSTR 2A, the tax payers might have to pay the interest and penalty. 

1. B) Amendment in GSTR:

When the auditor comes to know about the data gaps, he would recommend the management to make amendment of the invoices at summary levels in GSTR 1. 

1. Checking particulars of invoice:

It is very clear that there are specific rules related to the details in the invoices. If the format of the invoice varies, he would advise the management to make amendment of the invoice and include the requirements of the GST rules.

1. Reversal of input tax credit for non-payment in 180 days:

At this stage the GST auditor has to check the following details:

1. a) Difference between invoice date and date of payment. And this would not exceed 180 days. 
3. b) The amount of payment needs to remain equal with invoice amount and GST. If the payment amount is less than invoice amount plus GST, the input tax credit to the extent of short payment would get reversed.
5. Reviewing e-way bill and matching with invoices:

This step consists of three stages, such as:

1. a) Results of any mismatch shown in the e-way bill in relation to invoice. As it is a familiar fact that an e-way bill is not alterable and it is not possible to delete it. But it is permissible for cancellation within 24 hours of its generation. When the goods get shifted without e way bill, the designated authority could impose fine for this.
3. b) Important points:

• Whenever it is necessary for business, e-way bill is quite unavoidable.
• And details given in the e-way bill need to match with invoice.

1. c) Movement of goods in non-motorized vehicles:

Whenever transportation takes place in non-motorized vehicles, the necessity of issuing e-way bill does not arise.  As some businesses are taking to this practice in order to avoid the e-way bills, internal auditors need to closely scrutinize the e-way bill is more worth more than fifty thousand rupees.

1. Cross-checking the stock pending with job-workers on 30th June, 2017:

As it is mandatory that goods lying with job workers on 30th June 2017 need to get received within a period of one year. The capital goods lying with job workers require to be brought back before 30th June, 2019 (within a period of two years).

When you starting a business, there are so many queries raised regarding the start of your business. However the top preference among them is choosing of the suitable legal structure. Many new startups, especially those in financial industries, dream of taking their companies public. However choosing the suitable legal structure that will protect your private and personal assets and that allow the growth of the newly founded business.

The choice of a perfect legal business structure will affect numerous aspects of your business management related to tax benefits and obligations and the level of liabilities. However every business needs legal protection so for that here the team of Filing Bazaar supports you with all legal services especially the private limited company registration.

Business leaders who have to take decision whether to choose private or public or not to go public shared the pros & cons of each side, and offered advice for choosing the best legal structure. Whatever you choose the registration and filing of the company is important both in Private Limited Company Registration and public limited company registration

Why go public?

By choosing a public you grow immensely both in terms of brand awareness and the financial line. Like Kevin Hrusovsky, executive chairman and CEO of quanterix. The in these of capital that typically comes along with and IPO.This becomes the fuel to the fire of company growth. So according to Hrusovsky views choosing public limited company help legitimize your company in the market and in the minds of customers.

According to the opinion of Brian Stafford the CEO of Diligent, the public status and reviews regarding his company bring it the credibility needed to grow quickly, in a transparent, accountable way. ‘’Being   in  public limited allowed   us  to  not just  raise  funds  in a  way but  private limited  companies are  not allowed these facilities and also the credibility to the customers .

Because  of  these  factors some  people  choose  public  limited  company  as  a legal  business  structure.

WHY CHOOSE PRIVATE LIMITED COMPANY

A Private Limited Company is not like a public Limited Company  because a private  limited company can’t    trade  its  shares  among  the  general  Public. But it  doesn’t   states   that  private  companies  don’t  have  shares  and  there’s none who can own them . In private limited companies the shares are owned and privately traded by few investors.

Although the growth opportunities that comes under IPO are huge but there are some bad effects or factors that leads to a person or business owner to think twice. But for every business startups business needs to take a license or has to registered with government as per MCA rule of companies act 2013 , here FilingBazaar team helps you in choosing the best legal structure of business and helps in Business registration , especially private limited company registration.