Tax Filing and Regulations
Below are the Indian Tax filings and regulation related references
1. Apply for a PAN
Permanent Account Number (PAN) is a mandatory registration with the Income-tax department of India. PAN is a 10 digit alpha-number character and is required for all persons and legal entities that are required to pay Income Tax. The Income Tax Department tracks all compliance and filings of an Income Tax Assess using the PAN. The PAN is also required to make certain high-end transactions. Once applied with all the supporting documents you will receive a PAN card maximum in 30 Days.
2. VAT Registration
Value Added Tax (VAT) is collected by the State Government, so the rules vary from state to state. VAT Registration is mandatory in most states for traders or manufacturers having a turnover of more than Rs.5 lakhs per year.
VAT Registration is a tax registration required for those businesses that are into trading or manufacturing goods in India. VAT Registration replaced Sales Tax in India and is the same as CST and TIN.
3. TAN Registration
Tax Deduction and Collection Number (TAN) is a mandatory 10 digit alpha number required to be obtained by all individuals/entities who are responsible for Tax Deduction at Source (TDS) or Tax Collection at Source (TCS) on behalf of the Government. The tax deducted should be deposited to the credit of the Central Government quoting the TAN. To obtain TAN, one should fill in Form 49B along with the required documents.
4. Service Tax Registration
Service Tax registration is absolutely mandatory for businesses running in India. The business pays the tax and recovers the same from the consumer/recipient of the taxable service. Non-compliance in getting the service tax registration attracts heavy penalties.
5. Apply Importer Exporter Code
An Import/Export (IE) code is required to import/export goods. This is fairly a simple procedure, wherein one applies for the IE code providing the supporting documents. The IE code doesn’t require any renewal and can be used throughout. The IE Code is issued by the Directorate General of Foreign Trade (DGFT), Ministry of Commerce and Industries, Government of India.
6. Professional Tax Registration
Professional Tax is a State level Tax in India that is applicable to professions, businesses, and Employments. In some states, Profession Tax is applicable both on both Individuals and Organizations (which include: company, firm, proprietary, society, club, association). It has to be compulsorily paid by every member of staff employed in private companies.
7. ESI Registration
The Registration of a factory plant/organization with the Employees’ State Insurance Corporation (ESIC) is a legal and obligatory responsibility of the employer. The employer, in respect of a factory/establishment to which the Act applies, is liable to furnish a Declaration of Registration in Form to the concerned Regional/local government Office within 15 days after the Act becomes applicable.
In addition to this, it is mandatory that the employer indicates—in a separate sheet—the name and address of the factory/business, number of employees, nature of duty and name, and designation and address of the Manager.