Keeping in tune with the eGovernance initiatives the world over, Ministry of Company Affairs (MCA), Government of India, has initiated the MCA21 project, which will enable an easy and secure access to MCA services in a manner that best suits the corporate entities and professionals besides the public
Some of the services provided under MCA21 are

  • Application of DIN form (director identification numbers)
  • Formation of Companies
  • E-Filling of all the documents under MCA21 Project.
  • Giving digital signature certificates to the Directors.
  • All others matters relating to company law.

Director Identification Number (DIN)/Partner Identification Number (PIN)

Every individual intending to be appointed as director of an Indian company or the existing director who has not taken a DIN is advised to make an application for allotment of Director Identification Number (DIN).

DIN is a unique number, and is mandatory requirement for a company for filing certain eForms. There is a fixed fee for this eForm and it can only be paid through online mode (credit card/ internet banking)

There shall be no requirement for physical submission of the documents at the DIN cell. All the necessary documents shall need to be scanned and attached in the eForm and submitted online. This eForm shall be taken on record through electronic mode without any processing at the DIN Cell. Ensure that all particulars in the eForm are correct. However, if the contents specified in the form matches with an already filled DIN application form, then the application shall be marked as a potential duplicate and shall then be processed by DIN Cell.


DIN Procedure

  • Download the application form from MCA Site
  • Open the form and fill details.
  • Attach proof of ID, Proof of Address, Photo and Verification
  • Once the eForm is filled up, click the Check Form button for form level validation
  • The “Pre scrutiny” button gets enabled once check form is done. You are required to be connected to the Internet for pre scrutiny. On pre-scrutiny, the system level check is performed and if there are any errors, the same are displayed
    to the user.
  • After correcting the pre scrutiny errors, attach the digital signature on the eForm in the signature field.
  • Once the eForm is pre scrutinised, filled and signed, it is ready for uploading on the MCA21 portal. Login to the MCA21 portal with your user ID and password for uploading the eForm.
  • On approval by the MCA21 portal, DIN fee needs to be paid to complete the DIN application



GST Update

Goods and Services Tax (GST) is not only a tax reform but an economic reform. It is a bold move towards digitisation with long term positive impact on the Indian economy. GST is a superlative initiative because it will not only impact the method in which the tax computations/compliance's will happen but also bring about dramatic change in the level of efficiency owing to the digitalisation of the entire process chain.

Due to multiple points of technology intervention and PAN India level data management along with tax laws that are a notch above the current standards of complexities it is natural for tax payers to harbor a sense of ambiguity regarding the unfamiliar turf. 

Our multi competency teams from Tax and Advisory with expertise on accounting standards/ principles, sector and functional understanding will facilitate companies to comply with statutory changes, while supporting in process readiness.

GST is a destination-based tax that replaces the earlier Central taxes and duties such as Excise Duty, Service Tax, Counter Veiling Duty (CVD), Special Additional Duty of Customs (SAD), central charges and cesses and local state taxes, i.e., Value Added Tax (VAT), Central Sales Tax (CST), Octroi, Entry Tax, Purchase Tax, Luxury Tax, state cesses and surcharges and Entertainment tax (other than the tax levied by the local bodies).

It is a dual levy with State/Union territory GST and Central GST. Moreover, inter–state supplies would attract an Integrated GST, which would be the sum total of CGST and SGST/UTGST.

Petroleum products, i.e., petroleum crude, high speed diesel, motor spirit, aviation turbine fuel, natural gas will be brought under the ambit of GST from such date as may be notified by the Government on recommendation of the Council. Alcohol for human consumption has been kept outside the purview of GST.

A well-designed GST in India is expected to simplify and rationalize the current indirect tax regime, eliminate tax cascading and put the Indian economy on high-growth trajectory. The GST levy may potentially impact both manufacturing and services sector for the entire value chain of operations, namely procurement, manufacturing, distribution, warehousing, sales, and pricing.

Digital Signature Certificates

Digital certificates are the digital equivalent (i.e. electronic format) of physical or paper certificates. Examples of physical certificates are driver's licenses, passports or membership cards. Certificates serve as identity of an individual for a certain purpose, e.g. a driver's license identifies someone who can legally drive in a particular country.

.

Starting a Business?

Right from the initial stages of converting your ideas, feasibility study, project report, choosing the right entity, bank finance to the time you flourish, VRC can do a lot for you. VRC provides business consultancy, project management consultancy, start-up consultany, feasibility & project report and management consultancy for startup businesses and other entities
.

Find us on Facebook
Follow Us