Due to the ongoing pandemic, the FBOs Food Business Operators are facing major issues regarding FSSAI registration. They are not able to meet regular compliance for startups. Additionally, the FBOs are facing a huge delay in getting an FSSAI license or FSSAI registration. Some of them are not able to renew their existing FSSAI registration for an FSSAI license.
The word incorporation means the process of consulting a company, organization, or city as a legal corporation. Incorporating an organization or company in India includes complying with the rules stated in the Companies Act 2013.
FSSAI or Food License is a license that is essential for business owners before starting any food business. FSSAI license is permitted to all traders, manufactures, restaurants, dairy farms implementing any food company. Apply for FSSAI license or food license registration, and get a 14-digit registered or license number that should be mentioned on every food package. An FSSAI for Food License will help you expand your business and regulate storage, manufacture, distribution, import of food, and sale.
Trademark is a unique sign or symbol that can be a label and a combination of colours to give an identity to your goods and services. Trademark Registration can be obtained under the Trademark Act, 1999.
Reverse Charge is a Mechanism under which the liability to pay the tax is on recipient instead of supplier of Goods or services. In normal circumstances, Supplier collects the tax from Buyer and deposit the same to government. In simple term, we can say that, under reverse charge mechanism Buyer directly deposit the due tax to government instead of paying to the supplier.
GSTR-2B is an auto drafted statement which contains details about the Input Tax credit and some additional feature. It is a static statement which generates on monthly basis. GSTR-2B will be generated on GST Portal for every taxpayer and will be available to download for every month, on the 12th day of next month.
In order to generate revenue, The Govt of India collects both Direct and Indirect Tax. Direct Tax is the tax which is applicable on the income of assessee and Indirect tax is applicable on sale of goods & services. TDS stands for Tax Deducted at Source & TCS stands for Tax Collected at Source. Difference between TDS & TCS is summarized in a table below:
TCS stands for TAX COLLECTED AT SOURCE. Seller collects tax from buyer. Here Seller is collector and Buyer is collectee. Section 206C governs the collection of tax from buyer. This provision specifies the rates, method of tax collection and deposition and exception to section 206C.
TAX COLLECTED AT SOURCE (TCS) is governed by Section 206C of The Income Tax Act, 1961. Tax collected at source is Tax payable by the seller which he collects from the buyer. The Credit of TCS shall be given to the person to whom it is collected. Vide Finance Act 2020, Govt widen the scope of TCS by introducing section 206C(1H) & 206C(1G).
Tax Collected at Source (TCS) is the tax payable by the seller which he collects from buyer at the time of sale. Tax Collected at source is governed by Section 206C of the Income Tax Act, 1961.Vide Finance Bill 2020, it is proposed to widen the scope of TCS by introducing Section 206C(1H) and Section 206C(1G) for collecting tax on sale of goods by specific seller and for collecting tax on foreign remittance under the Liberalized Remittance Scheme & sale of overseas tour package respectively. Originally it was scheduled to be effective from 1st April 2020 but later on it has been provided that it will be effective from 1st Oct 2020.