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STARTUP INDIA

Managing Accounts

Outsourced accounting services.

For companies that are in the early stages of growth, accounting and taxation & other compliances can appear to be complicated and time-consuming problems. This is because Startup entrepreneurs and small businesses often are not aware of all the regulations & Compliances applicable to them. Even if they know of the regulations & Compliances, the nature of the work would require a full-time specialist to be employed even with low volumes.

  • In established businesses as well, we now see many companies trying to remain to outsource non-core functions. Owners also often find it easier to deal with an external agency that is answerable to them rather than deal with layers of employees in their own company. Finally, to avoid problems in tax scrutiny and assessments, it is helpful to use an agency that has specialists in these fields rather than relying on employees who only deal with the basics of these issues.

Companies of various categories may require professional help in the accounting and taxation areas. Rather than save money by trying to set up these functions inside the company, many companies look for dependable outsourced accounting services. This service provider should not only be able to get things started, but also provide seamless transition a few years later when the company is ready to take things into its own hands.

Through our group firm, we offer outsourced accounting and tax services to clients. With an experienced team in Tax Metrica that is accustomed to planning around large volumes, tax deadlines, and audit deadlines, we eliminate the hassle of accounting for small- to mid-sized entities. Our services include:

  • Monthly business accounting in Tally.
  • Monthly assessment of tax deducted at source (TDS) and payments.
  • Quarterly filing of TDS returns
  • Tax calculations for employees to determine TDS
  • Payroll calculations on a monthly basis.
  • Quarterly assessment of income tax liability for the company and payment.
  • Annual assessment of income tax liability and filing of returns
  • GST compliances on an ongoing basis (see Indirect tax services for more details)
  • Management/MIS accounts preparation on a periodic basis (monthly/quarterly)
  • Company accounts preparation as per Indian GAAP (Schedule VI), Ind-AS, or IFRS on an annual basis for audit and filing with regulatory authorities
  • Assistance in setting the accounting and reporting policies and framework for companies
  • Assistance in setting up tax registrations and compliances
  • Transition assistance for companies once they can take accounting and tax activities in-house

Micro and Small Enterprises:

  1. Easy finance availability from Banks, without collateral requirement
  2. Assured payment within 45 days and protection against delay in payment from Buyers and right of interest on delayed payment
  3. Preference in procuring Government tenders,
  4. Stamp duty and Octroi benefits,
  5. Concession in electricity bills
  6. Reservation policies to manufacturing / production sector enterprises
  7. Time-bound resolution of disputes with Buyers through conciliation and arbitration
  8. Reimbursement of ISO Certification Expenses
  9. Credit prescription (Priority sector lending), differential rates of interest, easy discounting of bills through online system of RBI, etc.
  10. Excise Exemption Scheme
  11. Exemption under Direct Tax Laws.
  12. Financial Assistance for setting up testing facilities through NSIC
  13. 13.Statutory support such as reservation and the Interest on Delayed Payments Act
  • Piling of interest : The first demerit is the interest amount to be paid. Interest to be paid is piled up fast in case of loans.
  • Tedious procedure while applying of loans : Although the percentage of approval of the loan is high, the procedure for sanctioning is tedious.
  • High credit score : As discussed above, most of the loans do not require collateral.

Registration Process

Micro & Small Enterprises shall have to apply either online at the website of NSIC www.nsicspronline. com or on the prescribed application form (in duplicate) along-with requisite fee and documents to the Zonal/Branch/Sub Branch and Sub Office/Extension office of NSIC situated nearest to their location.

Duplicate copy of the G.P. (GOVERNMENT STORES PURCHASE PROGRAMME) Registration Application Form submitted by the Micro & Small Enterprise will be forwarded to the concerned MSMEDI RITES / CDC along with copies of required documents and requisite Proofs/Draft/Pay Order of inspection charges in favour of concerned Inspection Agency requesting for carrying out the Technical Inspection of Micro & Small Enterprise and forward their recommendations in this regard.

After receiving Inspection Report, NSIC will issue the GP Registration Certificate to Micro & Small Enterprise for items/stores as recommended.

Procedure for calculation & fixation of Monetary Limits of Micro & Small Enterprises.

Monetary limit of the company is fixed on the basis of the unit’s net sales turnover during the last three years reflected in the Audited Balance Sheets. Monetary limit will be fixed on the basis of highest turnover during the last three year which may or may not be of last year provided the units installed and operating capacity has not been reduced.

    • In case there is no decrease in plant and machinery, then 50% of highest turnover during the last 3 years reflected in audited balance sheet will be the basis for fixation of monetary limit.
    • In case there is decrease in plant and machinery for more than 10%, the following will be considered:
      1. Where the turnover of the Enterprise has steadily increased over the last three years and the unit is in profit continuously, the Monetary Limit may be fixed at 50% of net sales turnover achieved in the last year.
      2. In case the Company/Partnership concern/Proprietorship unit is in loss for one year out of past three years, their monetary limit will be fixed at 40% of their average net sales turnover.
  1. A copy of Acknowledgement of Entrepreneurs Memorandum Part-II;/UAM (Udyog Aadhaar Memorandum) (Ministry of Micro, Small and Medium Enterprises(MSME) has notified the Udyog Aadhaar Memorandum(UAM) under the MSMED Act, 2006 vide gazette notification [SO No. 2576(E)] dated 18-09-2015 in order to promote ease of doing business for MSMEs.)
  2. Details of Plant & Machinery and Raw Material clearly showing date of purchase & original purchase value (NOT DEPRECIATED) of individual machinery (Format of application form).
  3. Performance Statement as per format/Performa G of the application form.
  4. Self-attested copy of ownership documents of the premises or copy of lease deed.
  5. Declaration/Certificate from the Proprietor/Partner/Director whether or not they have any link with large scale unit(s). In case of their links with large scale unit(s), the details thereof to be specified.
  6. Two copies of each of Declarations duly signed by the authorized person of the applicant SSI Unit accepting conditions of registration (Format D & E of application form).
  7. List of raw materials and finished goods in stock
  8. Copy of BIS license, if applicable.
  9. Copy of ISO 9000 (Optional).
  10. Copy of Registration Certificate if registered with DGS&D or other Govt. Organizations.
  11. List of places where after-sales service facilities (if applicable) are available
  12. List of technical personnel employed in production and services.
  13. Item for which registration required with detailed specification(s)
  14. Write-up on quality control measures adopted by the firm for ensuring quality of raw material, bought out item (s) for assembly and sub-assembly and for products/stores in process and the finished products quality control List of quality control equipment and testing facility available in factory

MSMEs have very limited qualified staff working for them on full time basis.
Here indirect role for CA professionals is very strong. Through most of these schemes, Government extends subsidies. Creating awareness about schemes; identifying application form, filing it and filing timely application for subsidies with designated authority; submitting replies to subsequent queries, if any; successfully closing the matter are activities envisaged for CA professionals.

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All about MSME

MSME

The Government of India has enacted the Micro, Small and Medium Enterprises Development (MSMED) Act, 2006 in terms of which the definition of micro, small and medium enterprises is as under:

The new process for registration of micro, small and medium enterprises (MSMEs) in the name of Udyam Registration began on 1 July 2020. Ministry also said that an MSME in the country will now be referred to as ‘Udyam’ since the term comes closer to the meaning of an enterprise. As part of the COVID-19 relief package named ‘Atmanirbhar Bharat,’ the definition of MSMEs was changed to reclassify them on the basis of not just investments put in but to include turnover of the company. Ministry of Finance, Government of India, with a view to provide several benefits and to create large number of employment opportunities within India, announced various relief measures especially for the MSMEs (vis-à-vis Micro, Small & Medium Enterprises). To achieve this dream of creating lot more employment in India, it was felt necessary to widen the base of MSMEs so that more and more number of enterprises can be covered under these criteria & that they can avail the benefits as available to MSMEs. In this process, Ministry of Finance, in its As per the Press Release maximum ceiling limit for highest placed category (i.e. Medium enterprise) was set at for Investment up to Rs.20 crore & for Turnover up to Rs.100 crore. Under the new definition, there will be no more distinction between Manufacturing and Service MSMEs.

  • Micro units: Those with investments up to Rs 1 crore and turnover of less than Rs 5 crore.
  • Small units: Those with investments up to Rs 10 crore and turnover of less than Rs 50 crore.
  • Medium units: Those with investments up to Rs 20 crore and turnover of less than Rs 100 crore.

Common Problems of MSME Sector.

  • Credit Crunch:
  • Equity Funding Gap
  • Delayed Realization
  • Archaic Labor Laws:
  • Complicated compliance Mechanism

 

 

 

Basic

INR 1,500/-

One Time Fee

  • GST Registration
  • MSME Registration
  • Bank A/c.

Service Provide Within 7 Days

Standard

INR 11,999/-

One Time Fee

  • GST Registration
  • Shop & Establishment Registration
  • MSME Registration
  • Trade Mark Registration
  • Logo Design
  • Opening Bank A/c.

Service Provide Within 15 Days

Premium

INR 19,999/-

Yearly Fee

  • MSME Consultancy, Retainership Service.
  • Yearly GST Compliances
  • Income Tax Return

Services Provided Before the Due Date

Frequently Asked Questions

Any entrepreneur having valid Aadhaar Number can apply for MSME Registration Online.

In the interest of environment no physical copy of MSME Certificate will be issued. Government believes in paperless work.

After data verification of MSME application form, MSME Registration Certificate will be issued within 24 Hrs. at registered email address.

The Ministry of MSME implements the scheme of Information and Communication Technology (ICT) to encourage and assist Indian MSEs to adopt and implement ICT Tools and Applications for smooth running of their production and business processes which help them to improve their productivity and competitiveness in National as well as in International Market.

  • Scheduled commercial banks have been advised in terms of our circular RPCD.SME&NFS. BC.No.102/06.04.01/2008-09 dated May 4, 2009 to put in place a non -discretionary one time Settlement scheme duly approved by their Boards. The banks have also been advised to give adequate publicity to their OTS policies.

Yes, you can but it’s a lengthy process it is better to link Aadhar card with an active mobile number to get MSME registration certificate instantly

MSME Certificate is valid for life until you exceed the turnover criteria as defined in the MSMED Act

We will provide you MSME Certificate within 2 working days

MSME Certificate is valid for life until you exceed the turnover criteria as defined in the MSMED Act

Yes E-Startup India is an online platform serving all over India no matters wherever you are doing business all you need is required documents and internet connection on your mobile or desktop and we are ready to get your job done