Patanjali Firm has punished: for income making Rs 150 cr of GST cuts for not passing on benefits

Patanjali punished: GST anti-profiteering penalty on Baba Ramdev's ...

Patanjali group was found guilty of profit-making by the National Anti-Profiting Authority (NAA) and ordered to deposit Rs 75 Crore in the Consumer Welfare Fund under the GST anti-profit-making provisions. The matter concerns Patanajali’s Group Detergent Powder 2 KG, for which CBIC reduced the GST rates from 28 per cent to 18 per cent w.e.f. 15.11.2017 empty Notification No. 41/2017-Central Tax (Rate) dated 14.11.2017.

The Authorities noted that, following the reduction of the GST prices empty above notice, Patanjali Group raised the Base Price of its detergent powder to produce more income instead of passing on the GST rate reduction value to its consumers. Anti-profit making laws shall be applied if the benefit of a tax cut on the procurement of products or services or the benefit of an import tax credit is not passed on to the consumer by means of a price discount. Patanjali Group claimed that concessions had been given by a cash-back program. However, the NAA maintained that the gain of a decrease in the tax rate would be passed on to customers by a ‘commensurate price cut.’ Cash-back programs are operated by FMCG companies to boost revenues and are not linked to tax cuts, NAA observed.

Patanjali Group made a profit to the tune of Rs 75 crore and the anti-profiteering committee directed the firm to deposit the same amount, along with an 18 percent interest rate, to the consumer welfare funds of the Center and the States within three months. A show-cause notice was also sent to Patanjali, which asked Patanjali to clarify why the penalty recommended under the GST provisions could not be levied on the company.

Comments from the Rajput Jain & Associates :

Patanjali Group is not the only relinquished corporation that came under the jurisdiction of the anti-profit regulator. Samsung, Hindustan Uniliver, Samsonite & Nestle were also recently fined and ordered to pay the proceeds. It is really sad to see how these global companies are not even able to pass on the advantages of the GST rate cut to consumers and find opportunities to make more money by rising the base costs of their goods. But I have to admit that the NAA plays its position very well and recovers all the money received along with interest.

Hope the information will assist you in your Professional endeavors. For query or help, contact: info@carajput.com or call at 09811322785/4 9555 5555 480)

Key ideas & prospects for CA’s practice to develop in 2020.

Top ideas & opportunities for the practice of New CA to be established in 2020.

Upon completion of the Chartered Accountant exam, candidates may either be working in a corporation as employees or may start their own professional practice. If you want to start your own company, you need to know first about the essential terms and conditions of the company. Many of the eligible CAs have this problem.

  • When I start working as a ca practice or join a job, which one is better for me.
  • How can I expand my CA practice?
  • What I need to do to offer professional services to my customers.
  • How do I keep my staff at my CA firm / LLP

Once you get going, the first thing you can hold in mind is Hard Working and Patience. These are two significant market drivers that will carry you to a new height of success. There are various market opportunities in the country that the Chartered Accountant can launch without spending a large amount of capital.

Working for oneself often seems to be more appealing than working for someone else. In addition to building a work-life harmony, you live and follow your own desires.

Before beginning your practice, it ‘s important to do your homework and ask yourself questions so that you can get a sense of direction and intent. Some of the things you should think about include:

  • Should I have the experience of working for a company and employees?
  • Do I have the capital to start a business?
  • Do I have a good view of my accounting business?
  • Do I have the strength to succeed?
  • Do I have the love of family members?
  • How am I going to set my work apart from that of other businessmen like me?

When you’ve answered these questions and know that you’re starting an accounting firm for all the right reasons,

The Chartered Accountant has played a significant role in the numerous branches of the business, such as auditing, taxation, tax planning, accounting, accounting, administrative management, and financial reporting. Here, we are explaining the right company start-up strategy:

  • Understand why you want to launch a Chartered Accountant profession
  • Create an in-depth strategic strategy
  • Choose the best type of finance;
  • You can obtain a franchise from the Taxation Technology Agency
  • Tax Advisory Services
  • Products with verification competence
  • Outsourcing of services
  • Open the Educational Course for Chartered Accounting
  • The GST market is a driver of funding for Chartered Accountant start-up
  • Subjects one can specialize in your Chartered Accountant practice area

Areas of Expertise in Your CA Practices: There are a variety of topics that you may specialize in, which are listed here:

  • DIRECT TAXES
  • INDIRECT TAXES
  • FEMA
  • FOREIGN TRADE POLICIES
  • CORPORATE FINANCING
  • LABOUR LAW REGULATIONS AND COMPLIANCES THEREOF
  • TURN OUT STRATEGIES
  • INTERNAL CONTROLS, SOX, AND OTHER ALLIED AUDIT SERVICES
  • ESOP AND PAYROLL RELATED SERVICES
  • ASSISTING IN ARBITRATION
  • MERGERS AND ACQUISITIONS M&
  • FORENSIC ACCOUNTING
  • PREPARATION FOR A FINANCIAL DUE DILIGENCE
  • SYSTEMS AUDIT IN A COMPUTERISED ENVIRONMENT
  • SUPPORT SERVICES FOR SOFTWARE DEVELOPMENT, TESTING, AND IMPLEMENTATION
  • MANAGEMENT OF FAMILY RUN BUSINESSES
  • PREPARATION FOR IPO

Note: Combine any of these possibilities together initially to acquire information. While you may have limited knowledge of conducting your Articleship, you may use the aid of qualified Chartered Accountants in different fields of expertise.

How to establish a Specialty in CA Practices:

After the practicalities of financial accounting are well known, the next step is to define the field of specialty that will require the following steps:

  • Identifying the content of the analysis in order to achieve an in-depth under-statement of the topic of specialization.
  • Identifying every particular course like crash courses in a given area.
  • Search for ways to teach the desired area of specialty and continue teaching.
  • Being affiliated with a big firm/organization where the preferred subject is still being practiced.
  • Going to attend lectures and sessions on the topic.
  • A person makes your influence known in a number of conferences, conferences on a specific subject by expressing your point of view and challenging conventional thought.
  • Full price Models and interviews with professionals and advisors.
  • Participation of posts to CA journals.
  • Subscribing to specialist journals in the field — domestic and worldwide.
  • Identify and follow best practices constantly

If you’d like to expand your practice to have a high type of expertise, you need to introduce more and more professionals with strong experience. Never add working or working partners. Since they will not be able to contribute to work, but will still have some hope, so you will always have to work harder to satisfy their demands.

Allow a strong difference between trained workers and collaborators, because they will operate on the same activities. Their duty and responsibilities should be explicitly outlined in order to bring an end to any future conflict.

Post by Rajput Jain & Associates

Disclaimer: The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances; before making any decisions do consult your Professional / tax advisor. For misrepresentation or interpretation of act or rules Author does not take any responsibility. Neither the author nor the firm accepts any liability for the loss or damage of any kind arising out of information in this document or for any action taken in reliance there on. carajput.com is committed to helping entrepreneurs and small business owners to start, manage and grow their business with peace of mind. Our goal is to support the entrepreneur on legal and regulatory requirements and to be a partner throughout the entire business life cycle, offering support to the company at every stage to ensure that it is compliant and consistently growing. Hope the information will assist you in your Professional endeavors. For query or help, contact: info@carajput.com or call at 09811322785/4 9555 5555 480)

Complete Guidance on Udyog Aadhar registration in India

Complete Guidance on Udyog Aadhar registration in India – Registration procedure, Benefits and Documents required

Udyog Aadhaar Registration – Process, Documents Required, Benefits ...

In recent times, the Government of India has launched the Udyog Aadhaar registration process in order to improve the small-scale businesses in the region. Previously, if a person wants to start a company, he/she must be registered with both the small-scale industry and the MSME.

This step has now been facilitated by the incorporation of only 2 types under the Udyog Aadhaar Registration which are Entrepreneur Memorandum I and Entrepreneur Memorandum II, whereas the former one was used to fill out 11 various types of forms which were required earlier.

The major characteristics of Udyog Aadhaar

  • Enrolment is online instead of personal registration. It’s just a button of a task.
  • UAM can be registered by self-declaration of the company’s data.
  • Details required for registration: Personal Aadhaar number, name of the industry, address, bank details and some common information.
  • You can file more than one Udyog Aadhaar with the same Aadhaar number.
  • No filing fee.
  • After the registration number has been filled in and submitted, it is obtained in the mail-id issued.

Udyog Aadhaar Registration is a fully online process. Companies listed under the Udyog Aadhaar are eligible to obtain incentives from a range of government schemes, such as discounts, simple loan approvals, etc.

What kind of Benefits of registration of Udyog Aadhaar :

The main advantages of registration under Udyog Aadhaar are listed below:

  1. The MSME registered enterprises get the financial support from the Government to participate in foreign expo. i.e MSME registered companies receive financial support from the Government to participate in the foreign exhibition
  2. Quick Accessibility of Collateral Free Bank loans : Once registered with MSME, the micro, small or the medium enterprise would be eligible for all government scheme benefits like without guarantee loan, easy loan, loan with low rate of interest.
  3. 50 per cent grant for patent registration
  4. Simplification of obtaining licenses, approvals and other registrations
  5. ISO Certification Reimbursement
  6. NSIC Performance and Credit Rating Subsidy:
  7. Concession of electricity bills and more
  8. The enterprise is also entitled for the Government subsidies:

Potentially Details Required of Udyog Aadhaar Registration:

The information needed at the time of registration of Udyog Aadhaar are as follows:

  1. 12 Aadhaar number given to the client. In the case of a company, corporation or any other entity, the Aadhaar number of Managing Director, Approved Partner, etc. shall be given.
  2. Name of the organization under which it carries out its business.
  3. Type of business entity such as individual, firm, company, etc.
  4. Postal Business address for communication purposes, including contact numbers and e-mail address.
  5. Date of beginning of the business.
  6. Details of the previous validation of the MSME.
  7. Banking details of the client, including the bank account number and the IFSC code.
  8. Main business areas – service or manufacturing.
  9. The number of staff in the company.
  10. Complete amount of investment by the company in terms of machinery and equipment.
  11. Social Category – The applicant may pick the Social Category (General, Scheduled Caste, Scheduled Tribe or Other Backward Castes). Evidence of belonging to SC, ST or OBC can be sought by the proper authority, if and when necessary.
  12. Physically Disabled-The Applicant may choose a Physically Disabled Entrepreneur status.

13. Plant Location-Applicant can attach multiple plant locations to one registration by clicking the    Attach Plant button.

  1. Major Activity-The main activity, i.e. “Manufacturing” or “Service,” may be chosen by the company for Udyog Aadhaar. If your business involves both type of activity and if major work involves Manufacturing and a small portion of activity involves the Service sector, then select your main activity type as “Manufacturing” and if major work involves Services and a small portion of activity involves Manufacturing, then select your main activity type as “Services”
  2. National Industrial Classification Code (NIC Code)-The individual may choose various National Industrial Classification-2008 (NIC) Codes to protect all their activities. Which means that users can select multiple NICs from the Manufacturing and Service sector by clicking the “Add More” button. If you want to add Manufacturing then select the “Manufacturing” radio button and click the “Add More” button otherwise if you want to add Service then select the “Services” radio button and click the “Add More” button. The NIC codes are drawn up by the Central Statistical Organisation (CSO) under the Ministry of Statistics and System Implementation, Government of India. The applicant can use the National Industrial Classification-2008 (NIC) Scanning facility codes to escape a 3-step selection process.

Step by step procedure of Udyog Aadhaar Registration

Registration system and Process of Udyog Aadhar along with the requirement of information for Registration: Below is the legal process for the registration of Udyog Aadhaar:

1. Online visit the link of https://udyogaadhaar.gov.in/UA/UAM_Registration.aspx

2. Enter the Aadhaar number and the name of the individual who is the agent of the organization and confirm the Aadhaar number:

3. Enable the OTP

4. Upon validation, it will be redirected to Udyog Aadhaar form, which will be as follows: and Verify further Enter the following information in the field:

• Social group (e.g. SC / ST / OBC / General)

• Sex and categories

• Whether is He not physically handicapped

• Name of Enterprise

• Type of Organisation

• PAN no of the relevant person

• Address of the business entity

• The contact address of the organization and the telephone or email number of the designated person;

• Date of start of business

• Past registration details of MSME, if any

• Corporate bank info like IFSC code and bank account number

• Main activity of the unit (whether engaged in production or service)

• National Industrial Classification (NIC) Operation Code (One or more activities can be added)

• Overall number of individuals working by the company

• Overall financial investment of the company

• The district where the entity is placed

• Click on the checkbox for the declaration and submit

5. After acceptance, you will obtain an OTP for submission of the form-enter OTP and click on the final submission button.

6. After submission, it will be forwarded to the Udyog Aadhaar Memorandum page.

7. Below the Udyog Aadhaar Memorandum, you can find the Udyog Aadhaar Certificate button. Click on it to generate the Udyog Aadhaar Certificate:

8. After clicking the Create Certificate button, the Udyog Aadhaar Card will be issued.

9. If you need qualified assistance for Udyog Aadhaar, please write to us at info@carajput.com or click Here to Subscribe to Online Service.

May you register Udyog Aadhaar Registration Online without an Aadhaar Number?

No Applicant or authorized signatory who is not registered for Aadhaar shall be required to apply for Aadhaar enrolment and, if he or she is entitled to receive Aadhaar in compliance with section 3 of the Aadhaar Act, he or she may visit any Aadhaar enrolment center for Aadhaar enrolment.

  •  A.   Provided that by the time Aadhaar is allocated to the person, the registration of the UAM shall be registered by the DIC or MSME-DI concerned on behalf of that undertaking, subject to the creation of the supporting following information as an alternate and feasible form of identifying.
  • If he’s registered, his Aadhaar Enrolment ID slips; Ok
  •  copy of his application for enrolment by Aadhaar
  • B.  Any of the below papers, namely: – bank photo passbook; or voter ID card; or passport; or driving license; or PAN card; or employee photo ID card issued by the Government.

Post by Rajput Jain & Associates

Disclaimer: The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances; before making any decisions do consult your Professional / tax advisor. For misrepresentation or interpretation of act or rules Author does not take any responsibility. Neither the author nor the firm accepts any liability for the loss or damage of any kind arising out of information in this document or for any action taken in reliance there on. carajput.com is committed to helping entrepreneurs and small business owners to start, manage and grow their business with peace of mind. Our goal is to support the entrepreneur on legal and regulatory requirements and to be a partner throughout the entire business life cycle, offering support to the company at every stage to ensure that it is compliant and consistently growing. Hope the information will assist you in your Professional endeavors. For query or help, contact: info@carajput.com or call at 09811322785/4 9555 5555 480)