The Union Cabinet have agreed to change the Definition of MSME Business in India. This step was taken to coordinate the definition of MSME with the GST Establishment, as it will be straightforward for authorities to verify the claims of business using the sales data of GST. This Step is also expected to increase the ease of doing Business in India and will help in avoiding unnecessary inspection of MSME Business, as this move will help in introducing a non-discretionary, transparent and objective classification system. Also, this step is necessary to ensure that MSME Sector is aligned properly with the needs of current times and Changing Business Ecosystem.

What was The Earlier Definition of Indian MSME Business?

Earlier, the MSME Business was defined based on the investment in Plant and Machinery. Under this definition the business that have investment of INR 25 lakh in plant and machinery came under the category of Micro Enterprises, enterprises with investment in plant and machinery between INR 25 lakh and 5 cores came in the category of Small Enterprises and enterprise that have investment in plant and machinery up to INR 10 Crore came under the category of Medium Enterprise.

What Is the New Definition of MSME Business In India?

In the new definition of MSME business, the business that have revenue does not exceed INR 5 Cr will be known as known as Micro Enterprise, the enterprises with the sales between INR 5 crore and INR 75 crore will come under the category of Small Enterprise and the enterprises with revenue between INR 75 crore and INR 250 crore will come under the category of Medium Enterprises.

What will be the benefit of New Definition of MSME Business In India?

• The first benefit that adapting a new definition for MSME Business is that it will make the classification system of MSME very transparent, liberal and transformative as taking turnover as a criteria for ascertaining New GST Registration (myonlineca[dot]in/gst-registration[dot]html). In GST Network will make reliable figure available that will eliminate the need of Inspection.
• The second benefit will be that it will increase consequent growth of MSME and will make way for expanded Growth in Direct and Indirect Employment in MSME Business in India.
• The third benefit that an MSME Business will get is that new definition will remove the clauses that used to exclude MSME Enterprises from getting benefits of the Promotional schemes for Development of MSME Sector in India.

Conclusion for Revised Proposed Definition of MSME Business in India

I would like to point out to you that the number of MSME registered on Udyog Aadhar (myudyogaadhar[dot]org) till July 12, 2018 is 48.40 lakh, also the export of MSME manufactured products from India has increased to $137.1 billion in 2016-17 from $130.8 billion in 2015-16. So Changing the Definition of MSME Business in India is Expected to be one of the positive move taken towards enhancing growth of the MSME sector in the Country. With taking Turnover as criteria to define MSME Business will help in decreasing some degree of GST Tax Burden on MSME Business and will help it to get some perks from the Government of India.

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Steps to Start a Clothing Brand in India is simple now, if you want to start your Own Clothing Brand Or want to Convert your Existing Clothing Line into a Uniquely Identifiable Brand among its customer, then you can refer every steps of this article.

In India Clothing Brand business is the most sorts out Business Industry which is more and Startups and Companies are doing whatever they can to start a clothing brand. To start a clothing brand you need a very good designs that can capture customers attention easily and great marketing strategies to secure clients for The Brand.

5 Point Guide to Finding the Right Collaboration Tools For Your Business

So In This article, we will Talk about “How to Start a Clothing Brand in India?” which will enable you create a clothing brand that will prove to be useful in gaining customers and capture a large clothing market in India.

1. Conduct Market Research

Before You begin your Journey Of Creating a Clothing Brand, you must be aware of How clothing industry works, what are Legal formalities that you need to take care of, What will be your Product and Which clients you will target, who are your Competitors, What equipment you need and Most Important what sort of Clothing Product you will offer for Sale?

The Market research that you will conduct you need to Make A report on that and Create a Business plan for yourself.

2. Approach Bank or Financial Institution for Funding

Now that you have made a detailed Business Plan, the next step is to approach a bank or financial institute to secure a funds for establishing your Clothing Brand. For securing fund, you can also take a gold Loan by keeping your gold ornaments as collateral Security. You can also apply for a credit card to fund your business. You can also seek Venture Capitalist and Angel Investor.

How To Register A Company or Startup Online In India

3. Business Registration and GST Registration

After you have secured the funding, the immediate step is to Get Business Registration. For business registration, I would like to suggest that you should always insist on getting a registration as Private Limited Company or Limited Liability Partnership or Registered Partnership. Also you are required to get GST Registration as you will be selling goods and services in India. To get Business Registration and Gst Registration, You can approach a CA, CS or ICWA Firm or Legal Service Provider.

4. Get Office Space, Store Space and Employees

After Business Registration, The next step is to look for a space where you can setup your office or Shop. For office space and shop, you can search online or can contact any local property dealer. You also require to plan and secure employee for your clothing business for this you can contact an experienced Human Resource consultancy or you can post job opening in online job portal.

How to Choose Internet Services for Business?

Branding Process for Clothing Business

Now when you have completed above steps it is time to convert your business into a recognizable brand. To make clothing line in to Brand, you need to take below listed steps-

1. Design Best looking Style of Clothing Yourself or Hire Designer

If you have Good education regarding Fashion Designing then you can design clothes yourself or you can hire a good designer that will design the best looking clothes for you.

2. Create Good Logo Design and Come up with Good Brand Name

You need to decide what will be the name of your clothing brand which has to be unique, catchy and easy to pronounce. Also you need to make a good logo design for your brand. For logo design you can hire good designer or freelancer.

3. Form a Good Marketing Strategy and Design Good Advertising Material

You need to form a Best Marketing Strategy for your clothing brand so that you can capture a large portion of the market. And also you need good advertising material to promote your brand.

How to make your online business successful?

How to Protect your Clothing Business Brand?

When you have created your clothing business into a brand, there is a possibility that your rival companies will try to duplicate your products and services or might modify your design and sell them to earn profit. To stop this from happening it is advisable to get a brand registration, Copyright Patent Registration and Logo registration etc. You can take help of trademark expert (such as myonlineca[dot]in) or any legal service provider company for this matter.

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CBDT (Central Board of Direct Taxes) has introduced new income tax return forms (ITR forms) for the assessment year 2018-19 which seek more details from individual taxpayers about their salary structure, break ups and income from property.

It has also made mandatory for small businesses to report their goods and services tax identification number (GSTIN) and turnover reported under GST.

The new ITR forms require salaried taxpayers to disclose their salary break-up. Taxpayers will have to give details about allowances that are not exempt, value of perquisites, profit in lieu of salary and deductions claimed under Section 16. Typically, these are available in the Form 16 issued by the employer but do not have to be disclosed in the tax return.

Like last year, the one-page ITR-1, or Sahaj, form can be filled by salaried taxpayers having an income up to Rs. 50 lakh and one house property. Last year, 30 million taxpayers filled this form, the tax department said in a statement.

Businesses with a turnover of less than Rs. 2 crore can do away with the requirement of maintaining books of accounts and instead pay a tax on the basis of a certain percentage of their turnover. However, the government fears that there has been misuse of the scheme.

The forms give non-resident Indians (NRIs) some relief. They can now provide details of their foreign bank accounts to claim credit or refunds. Earlier, they could only provide details of bank accounts held in India.

However, NRIs will no longer be able to file returns using the simple income tax return (ITR)-1 form, which can now only be used by residents. NRIs will have to use ITR-2, which seeks more information.

Types of ITR forms

• ITR-1 SAHAJ– For individuals being a resident other than not ordinarily resident having Income from Salaries, one house property, other sources (Interest etc.) and having total income up to Rs.50 lakh
• ITR-2– For Individuals and HUFs not having income from profits and gains of business or profession
• ITR-3– For individuals and HUFs having income from profits and gains of business or profession
• ITR-4-Sugam– For Presumptive Income from Business & Profession
• ITR-5– For persons other than,- (i) individual, (ii) HUF, (iii) company and (iv) person filing Form ITR-7
• ITR-6– For Companies other than companies claiming exemption under section 11
• ITR-7– For persons including companies required to furnish return under sections 139(4A) or 139(4B) or 139(4C) or 139(4D) or 139(4E) or 139(4F)

The new ITRs have been uploaded on the official website of the department–incometaxindia[dot]gov[dot]in.

The last date for filing the ITRs is July 31.

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Now-a-day there are number of startups opening and gaining success as well worldwide. Either it is online or offline, all the businesses and startups have to follow some/all of the guidelines laid out by their governments and related ministries/offices in their respective countries.

Register A Company or Startup Online In India

In India, registering a company or startup or any business has become quite easy. First and foremost, there are some official procedures a startup or a business has to follow in order to register them in Indian official records. MCA (Ministry of Corporate Affairs) is the central point where all the businesses/startups falls in and gets their registrations done.

Types of companies to register in India

1. Private Limited Company
2. Limited Liability Partnership (LLP)
3. One Person Company (OPC, this is also a private limited company with one person as Director)
4. Sole Proprietorship
5. General Partnership

From above types of entity registration, if you have a startup in which you need to raise funding in future through equity as the most preferred way, entrepreneurs have the option to get private limited company registered which limits the liability as well.

Process to register a company

MCA in recent days made it very simple to register any startup or business as a company in a few days only whereas it was very cumbersome few years back. Companies in India are registered with the Registrar of companies(ROC) under Companies Act 2013. Please find below on how to go about these processes when you want to register your company-

• • You can apply for registration just sitting at home. The registration includes some must follow rules and some registration like Digital Signature Certificate (DSC), Director Identity Number (DIN) and filing for an e-form.
  • These are four major steps:

• • Acquiring Digital Signature Certificate (DSC)
  • Acquiring Director Identification Number (DIN)
  • Preparing and filing Form INC-32
  • Incorporate the company, obtaining PAN/TAN/GST identification number and opening a bank account

Ministry of Corporate Affairs Introduced SPICe or Form INC-32. With this form (INC-32) Company registration has merged few processes like Getting Business Name Approval, Director’s Identification Number (DIN) and Incorporation Application into one single process.

Documents required to register a company

Before applying for the company, documents are required from the members/individuals need to be associate/partner/director of the new company as below-

1. Passport-sized photograph
2. Copy of PAN Card/Aadhaar Card
3. Latest Bank Statement/Telephone or Mobile Bill/Electricity or Gas Bill whatever available
4. Voter’s ID/Passport card
5. Notarized Rental Agreement in English
6. No-objection Certificate from property owner
7. Utility Bill for the registered address

Steps to register a company

1. Acquiring Digital Signature Certificate (DSC)

In order to ensure the security or authenticity of documents filed electronically The Information Technology  Act, 2000 demands a valid Digital Signature on the documents submitted in electronic form.

This is the only and safest way that one can submit their documents electronically. As such, all filings done by the companies/LLPs under MCA 21 e-Governance programme are required to be filed using Digital Signatures by the person authorized to sign the documents.

DSC is e-signature to help you complete the new company registration online. It Normally takes 2 days to obtain DSC after the submitting the documents.

2. Acquire Director Identification Number(DIN) through SPICe or Form INC-32

Each director of the company should obtain their identification number. As per the amendment act 2006, acquiring a DIN is compulsory for every director i.e. as such every existing and intending directors have to obtain their DIN.

Register yourself on MCA Website first and have a login id. The process includes Director’s Identification Number ( DIN number ), Name approval, Memorandum and Articles of association (e-MoA(INC-33) and e-AoA (INC-34)), Registered office verification and Appointment letters and declaration.

Once all these documents are ready, we have to file the forms for company formation after which we get the certificate of incorporation.

3. Create a account on MCA Portal – New user registration

This is about having a registered user account on MCA Portal for filing a eForm, for online fee payment, for different transactions as registered and business user. Creating an account is totally free of cost. To register yourself on the MCA portal, click on the register link.

4. Apply for the company to be registered

This is the final major step in a registration of your company which includes incorporating company name, Registering the office address or notice of situation of office and notice for appointment of company directors, manager and secretary.

5. Apply for company’s PAN and TAN

Once you get the certificate of incorporation, PAN & TAN is applied in the income tax department and finally open the bank account of the company.

6. Apply for company’s GST identification number

Depending upon the type and size of the business, you will need to apply for GST identification number.

This information may help you registering a new entity for your business and basic insight about the idea of company registration. Registering a new company online though a tough process and one needs to adhere various procedures and have strong knowledge of all if & but so better advised to get the help of any expert like CA/CS/Advocate who have experiences in this field. However, online procedures are not so tough now-a-days (as online help to do everything is available in the internet) which you can’t try…Good Luck

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