Will GST bill have impact on stamp duty and registration charges of property?
At present the consumers in the real estate sector who opt to take an under construction property pay sales tax, value-added tax, stamp duty and registration charges to the builders. With the introduction of the GST Return, it is made clear that the indirect taxes, viz., sales tax and value-added tax will be replaced by GST. Whereas the developer or builder pays various elements of non-creditable tax costs like excise duty, customs duty, CST, entry tax, etc which are inbuilt in the pricing of the units. All these tax costs add upto anywhere between 22%-25% of the price of the units. Also, for the builder while procurement of goods and services, GST Return would be applicable. This GST Return would not be creditable and the developers would have to load this in the price of the property. Hence, there are chances for the increase in the pricing of the under-construction properties. For the projects which are under construction in different stages, the builder might have already purchased the raw material needed for the whole project. Which means the builder might have paid all the taxes which were supposed to be during the purchase. If the GST is implemented and if the builder is to claim the input credits, the cost of the unit might reduce to 20% of the value of the property. But, under GST, he can not get the credit of what he paid as consumer pays tax on taxes paid by the builder. Hence, the builder surely fits the price in the units. For example, if a builder wants to sell an under-construction property of Rs. 1000, the price of it is Rs. 1000 + service tax + VAT + stamp duty. With the implementation of GST, the price of it will be Rs. 1000 + GST + stamp duty. GST is beneficial in real estate sector, if the builder is benefited and if he passes on the same benefit to the customer.
How do I register a startup in India? How much money and time does it take? If am currently only 17, what issues will I face during registration?
Registration of Company In India :We usually have 2 options to register a company in India.Option 1: An entity can register itself through MCA or Registrar of Firms using the existing processes and subsequently register itself on the Startup India portal and mobile app as a “Startup” to avail the benefits.Option 2: Follow the procedure below to Register as a entity / Company ( Not a Start up ).1. Obtaining Digital Signature Certificate (DSC) from MCA :Step one is to apply for the digital signatures of the directors, also called as DSC. 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.The Information Technology Act, 2000 has provisions for use of Digital Signatures on the documents submitted in electronic form in order to ensure the security and authenticity of the documents filed electronically.This is the secure and authentic way to submit a document electronically. As such, all filings done by the companies/LLPs under MCA21 e-Governance programme are required to be filed using Digital Signatures by the person authorized to sign the documents.2. Prepare INC-29Director’s Identification Number ( DIN number )Name approvalMemorandum and Articles of association ( MOA & AOA )Registered office verificationAppointment letters and declaration3. Filing INC-29Once all these documents are ready, we have to file the forms for company formation after which we get the certificate of incorporation.4. Issue of Incorporation CertificateOnce you get the certificate of incorporation we get the pan number along with it and we can open the bank account.Documents Required to Register a Company in India:You need to supply the following documents for company registration in India.Passport-sized photographCopy of PAN CardLatest Bank Statement/Telephone or Mobile Bill/Electricity or Gas BillVoter’s ID/PassportNotarized Rental Agreement in EnglishNo-objection Certificate from property ownerUtility Bill for the registered address.You can send these documents online ( scanned copies ) to start the registration process.After that, you will need to apply for GST ( depending upon the type and size of business ).If you have any doubts regarding the Registering Company, you may refer to the below websites :How to register a Company in India - Complete GuideHow to Register a Company/Startup in India