Q.30 How long will it take to get my business license?
A. Mostly licenses for registration of business are issued within 45 days after the Department receives a complete application. Public safety inspections are generally conducted and approved for the business location during this time. Under certain circumstances, temporary licenses can be issued by the Director to allow you to conduct business pending the final approval of your business license.
Q.29 How will I know that I have registered with Central Excise/Service Tax successfully?
A. An intimation of issuing of Registration Certificate will be sent through e-mail and the same can then be viewed under REG menu at https://www.aces.gov.in
Q.28 What is the purpose of the Employee’s Pension Scheme ?
A: The purpose of the scheme is to provide for
1) Superannuation pension.
2) Retiring Pension.
3) Permanent Total disablement Pension
Superannuation Pension: Member who has rendered eligible service of 20 years and retires on attaining the age of 58 years. Retirement Pension: member who has rendered eligible service of 20 years and retires or otherwise ceases to be in employment before attaining the age of 58 years. Short service Pension: Member has to render eligible service of 10 years and more but less than 20 years.
Q.27 When to apply for Registration of Shops & Establishments and how long is the license duration?
A. As a business owner of a shop or establishment, you are compulsorily required to get the same registered under the Shops and Establishment Act.
Upon receiving the application for registration and the fees, the Inspector shall verify the accuracy and correctness of the application. Once suitably satisfied, he shall enter the details in the Register of Establishments and issue a registration certificate of your establishment to you. This certificate will be valid for 5 years and has to be renewed thereafter.
Q:26 Why having a PAN card is important?
For payment of direct taxes
To file income tax returns
To avoid deduction of tax at higher rate than due
To enter into specific transaction such as:
Sale or purchase of immovable property valued at Rs 5 lakh or more
Sale or purchase of a vehicle other than a two wheeler
Payment to hotels or restaurants an amount exceeding Rs 25,000 at any one time
Payment in cash an amount exceeding Rs 25,000 in connection with travel to any foreign country
Payment of an amount of Rs 50,000 or more to the Reserve Bank of India for acquiring bonds
Payment of an amount of Rs 50,000 or more to a company or an institution for acquiring bonds or debentures
Payment of an amount of Rs 50,000 or more to a company for acquiring shares
Any mutual fund purchase
Deposit exceeding Rs 50,000 with any single banking institution in 24 hours.
Payment exceeding Rs 5 lakh for purchase of bullion and jewellery
Q:25 What is the best bookkeeping software for a small company?
A: The 3 Accounting Software available these days for your company, with features mostly used are given below:
• Its standard pack which doesn’t cost much per month.
• It provides payments, account balances and payroll processing.
• It offers online invoicing service to the customers.
• It helps in keeping track of credits/returns.
• It provides inventory & budget management.
• Its online version with per month charges.
• It makes easy to monitor sales/expenses and obtain banking transactions.
• It helps to generate invoices.
• It provides inventory & budget management.
• It charges additionally for payroll processing.
• It provides methodical wizard and tooltip boxes.
• It doesn’t have inventory & budget management.
• It provides credit card processing.
• I t helps in handling invoices and expenses.
Q:24 How can Double entry Bookkeeping system be useful to maintain records?
A: Money always flows in from somewhere and flows out somewhere. Every transaction in business represents money moving from one place to another. Double-Entry just means recording the starting point and final destination of each movement of money.Awareness of where our money is coming from and going to gives us the best opportunity to influence it’s movement in the future.
Q:23 What are some good bookkeeping services I can use for my Start-up/SME?
A: Bookkeeping is a very essential part of the business. At Gapeseed Consulting, we provide financial and bookkeeping services. An overview of some good bookkeeping services useful for you are:-
Setting up chart of accounts (COA)
Maintenance of general ledger
Inputting of banking details
Allocating the entries to their right account heads
Posting of bank account and credit card statements
Our company deals in import and sale of Alcoholic Beverages in India. We launched and were facing problems with various registrations and tedious documentation required by the various departments. We, therefore, started searching for a service provider, who can ease up our load so that more time can be allocated to our import and sale plans in India.
We hired Gapeseed Consulting Services and the working got smooth, from Registration of the company to obtaining PAN and TAN numbers, to FSSAI License to VAT registration etc, our company was able to achieve these within 2 months. They provided documentation at the earliest so that there were no delays. Gapeseed consulting is fast and a reliable service provider.
Director – Honeyembest Impex Pvt. Ltd.
“Team Gapeseed has been instrumental in bringing the Accounting & Bookkeeping to perfect for our organisation. They are organised and time-bound. I strongly recommend them”