#Increase in GST on Textiles

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GST Registration Office In Rohini

GST registration in bawana. We chartered accountant firm in sec 24 Rohini. Are you looking for your business's ITR filing, MSME registration, or Tax consultant? Call us and consult to the best CA in Rohini

The biggest industrial hub of Northwest Delhi that has developed over the years is Rohini. It is the place for small and medium businesses or manufacturers to set up a small capital investment. Setting up a business or factory in Rohini will be easy with us. Now, the question comes to your mind that how?

Investing capital in the business and increasing the revenue will be the part of your business. But authorizing or legalizing your business will be the part of a chartered accountant. To legalize your business, you need GST. The term GST was introduced by the government in July 2017. The term GST means Goods and Services Tax which becomes necessary for compliance and operational efficiency.

Rohini: The City of Business Hubs

Before the 2000s, Rohini was a completely rural area where there was no opportunity to start or set up a business. But in the early 2000s, the Delhi government took the initiative to develop the Rohini rural area into Rohini Industrial Area. ​​This initiative was aimed at reducing congestion in residential areas and promoting organized industrial development.

Today, Rohini Industrial Area has many industries like manufacturing, textiles, plastics, electronics, and more. Now after this, we all know how Rohini Industrial Hub became a city. For every new business, you need a legal name for it and this is where GST comes into play. Why do you need to register your business for GST? GST was introduced for business. It is a comprehensive indirect tax levied on the manufacture, sale and consumption of goods and services. The benefits of registering for GST are: When the business crosses the annual turnover and crosses its threshold. The threshold is 10 lakhs for businesses located in the Northeast and hilly states. In other states, it is 20 lakhs. Businesses will get to claim credit for taxes paid on purchases, thereby reducing the overall tax liability. GST registration increases credibility and trustworthiness among businesses. 

Some documents are required for GST registration in Rohini-

PAN Card for the business and its owners

Proof of business registration (e.g., partnership deed, certificate of incorporation)

Proof of identity and address for promoters (Aadhaar card, passport, etc.)

Address proof of the business premises (e.g., electricity bill, rent agreement)

Bank account information (cancelled cheque, bank statement).

Why do you need CA Nakul Singhal for GST registration in Rohini?

Applying for GST registration will not be an easy process for a common man. GST can only be registered by a chartered accountant. But no matter who you trust for this, finding a chartered accountant firm will not be easy. Let us help you choose, the reasons to choose us are –

We have highly trained chartered accountants with considerable expertise and experience in various industries, providing the highest quality financial advice and services.

We believe in building long-term partnerships with our clients. Our services are tailored to the specific needs of each client, whether they are individuals or major corporations.

Our organization has extensive experience across a variety of industries, including manufacturing, retail, technology, and healthcare. This enables us to provide insights and solutions tailored to your sector’s unique issues.

Our company has a solid track record of providing high-quality services, as proven by our dedicated clients and countless favorable comments.

We offer open and competitive pricing for our services, ensuring you get great value for your money.

Summary

Rohini, the largest industrial hub in northwest Delhi, is a hub of small and medium businesses and manufacturers. To be legally registered, businesses must meet certain requirements, including registering for the Goods and Services Tax (GST). GST is a comprehensive indirect tax levied on the manufacture, sale, and consumption of goods and services. Businesses in the Rohini industrial area, which includes manufacturing, textiles, plastics, and electronics, need to register for GST to reduce their tax liability and increase their credibility.

Documents required for GST registration in Rohini include PAN card, proof of business registration, proof of identity and address for promoters, address proof of the business premises, and bank account information. CA Nakul Singhal, a chartered accountant, can help with GST registration in Rohini due to their highly trained accountants, experience in various industries, and solid track record of providing high-quality services. They offer competitive pricing and a dedicated clientele, making it easy to set up and operate businesses in the city.

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[aakashmalhotra]

Exploring the 2024 Union Budget: International Tax Insights

What are the key details that taxpayers should be aware of regarding the 2024 tax changes?

Key Highlights

The Finance Minister of India presented the Union Budget 2024 on 23 July 2024. The Budget includes several positive proposals, such as tax incentives for small businesses, increased funding for infrastructure development, and measures to support sustainable energy initiatives. Thus, the purpose of these suggestions is to boost the economy, e-commerce growth in India and tackle several issues. 

The Income Tax Act is due for a review, and the government has suggested much-needed changes, which are long overdue.

The base corporate tax rate for nonresident corporate taxpayers has been reduced from 40% to 35%.

The removal of angel tax provisions and the introduction of Equalisation Levy 2.0 will have a significant impact and are considered game changers.

The rationalization of the TDS Regime is a positive step forward and is sure to benefit the country's overall growth.

The removal of indexation to compute cost while calculating gains will significantly impact the capital gains tax regime. With the removal of the buyback tax, the tax incidence will now shift to the recipient.

The government has restated its commitment to simplifying processes, rationalizing GST rates, and expanding GST coverage to all sectors.

Customs duties will be waived for key sectors like healthcare, solar, critical minerals for renewable energy, and high-tech electronics. Additionally, there will be a reduction in customs duties for mobile phones, gold, precious metals, and the leather and textile industries.

Introduction of a one-time tax settlement scheme called Vivad se Vishwas (VSV) to help quickly resolve ongoing tax disputes.

The government of India is currently engaged in modernizing its international tax policies and administration. This initiative encompasses the implementation of a variety of tax incentives and rate reductions, as well as the substantial digitalization of critical processes.

Tax Insights: Introduction

During the presentation of the Union Budget for 2024-2025, the Union Minister for Finance & Corporate Affairs, Smt. Nirmala Sitharaman underscored the budget's emphasis on several identified priorities aimed at expediting the journey toward the goal of Viksit Bharat.

The Finance Minister highlighted the government's ongoing efforts to simplify taxes, improve taxpayer services, and reduce legal disputes. Thus, the taxpayers have responded positively to these efforts.

In the fiscal year 2022-23, Smt. Sitharaman highlighted that 58 percent of corporate tax revenue was contributed by the simplified tax regime. Additionally, over two-thirds of taxpayers chose to adopt the new personal income tax regime based on the data available.

During the budget presentation, the Finance Minister also announced a number of attractive benefits designed to provide tax relief to salaried individuals and pensioners who choose the new tax regime. The Union Budget for the fiscal year 2024-2025 has incorporated a range of provisions and amendments, underscoring the government's dedication to establishing a streamlined and effective tax framework.

What is the major objective of the International tax sector?

International taxation serves various objectives, such as ensuring fair distribution of tax burdens, preventing the illegal avoidance of taxes, fostering economic growth, and facilitating international collaboration. However, the following are the primary purposes of the International tax sector.

Preventing Double Taxation

Encouraging International Trade and Investment

Preventing Tax Evasion and Avoidance

Equitable Distribution of Taxing Authority

The encouragement of International collaboration

Union Budget 2024 International tax updates

Following are the International tax sector updates:

Rationalisation of taxes and rates 

E-commerce operators from foreign countries, who supply or facilitate the e-commerce supply of goods or services into or relating to India, are currently burdened with India’s digital service tax, the equalisation levy, which is imposed at a significant 2 percent of the gross consideration. The impending discontinuation of this tax will bring a welcome relief and is scheduled to take effect from 1 August 2024.

From fiscal year 2024–2025, foreign companies will have a reduced corporate tax rate of 35 percent, down from 40 percent.

Relief/beneficial provisions 

Angel tax is a tax that private companies have to pay when they issue shares to someone at a price higher than the fair market value of the shares. The government's proposed Finance Bill aims to get rid of angel tax starting from April 1, 2024. This will be a great relief for companies that receive investments, including those from foreign sources.

The safe harbour rules will be expanded, and the transfer pricing assessment procedure will be streamlined.

IFSC-regulated finance companies may be exempt from thin capitalization rules as long as they meet certain conditions. This would put them on the same level as banks, some NBFCs, and insurance companies.

Other changes 

A new presumptive taxation regime is being considered for cruise ship operations conducted by non-residents in India, effective from the fiscal year 2024–25. This regime would deem 20% of the specified gross receipts as business income. Additionally, Cruise Ship Operators (CSOs) would be exempt from the presumptive taxation regime for non-resident shipping businesses. Specific group companies of these CSOs receiving lease rentals would also be eligible for tax exemption until the fiscal year 2029–30.

With effect from 1st October 2024, a significant change has been implemented in the tax treatment related to share buybacks by domestic companies. The tax burden has now been transferred from the company to the shareholders. The consideration received by the shareholder will be taxable as a "dividend" at applicable tax rates without any deduction for expenses, potentially resulting in a capital loss. Shareholders must proactively consider tax treaty benefits or dividend deductions available to them.

Before April 1, 2024, if a taxpayer transferred a capital asset through a gift, will, or irrevocable trust, it was not considered a "transfer" under the Income Tax Act. Therefore, no capital gains tax was applied to the transferor. Starting April 1, 2024, this rule will only apply to transfers by individuals or Hindu undivided families. This means that gifts or transfers to an irrevocable trust of any capital asset by other taxpayers will be subject to capital gains tax.

Procedural matters 

Currently, there is a time limit of seven years to pass an order deeming a person to be in default for failure to deduct or deposit TDS for resident payees. However, there is no such time limit for non-resident payees. Similarly, no time limit has been prescribed for cases of failure to collect or deposit tax at source (TCS). It is proposed to provide a common limitation period of six years for passing such an order for both resident and non-resident payees. A similar timeline has been prescribed for passing orders in the case of TCS provisions.

Effective April 1, 2025, a proposal to streamline compliance for non-resident liaison offices and introduce penalties for delayed compliance will take effect. Currently, the requirement dictates that the statement of activities must be filed within 60 days from the end of the fiscal year. The proposed changes will entail the specification of new timelines through established rules.

Applications for advance rulings that have been transferred from the Authority for Advance Rulings to the Board for Advance Rulings may be withdrawn by October 31, 2024, if they have not already been disposed of.

Non-locals and international businesses can settle ongoing legal disputes through the new conflict resolution program called the Direct Tax Vivad Se Vishwas Scheme 2024.

Last words

The national, state, and union territory governments of India are actively promoting foreign investment to drive economic transformation. While this presents promising opportunities, it's important for investors to approach this with caution, as both risk and opportunity are closely intertwined in India's investment landscape.

[eshippro]

Impact of Budget 2024-2025 on India's Imports and Exports: A Focus on Middle East Trade Relations

The Union Budget 2024-2025, presented by Finance Minister Nirmala Sitharaman, is poised to bring significant changes to India's trade dynamics, particularly in the Middle East. With a series of strategic reforms and initiatives, the budget aims to enhance India’s import-export capabilities, boost economic growth, and strengthen trade ties with Middle Eastern countries. Here’s a detailed look at how this budget impacts India’s trade with the Middle East.

Strengthening Trade Infrastructure

One of the key highlights of the budget is the emphasis on strengthening trade

infrastructure. Significant investments have been allocated for developing ports, shipping, and logistics facilities. This development is crucial for enhancing India's trade efficiency, particularly with the Middle East, which is a major trading partner. Improved infrastructure will reduce transit times, lower logistics costs, and enhance the overall competitiveness of Indian exports in the global market. For instance, better infrastructure supports more efficient cargo freight forwarding and global forwarding services.

Simplification of GST

The simplification and standardization of the Goods and Services Tax (GST) is another significant reform in the budget. By making the tax regime more straightforward and predictable, the government aims to reduce the compliance burden on exporters and importers. This reform is expected to make Indian goods more competitive, particularly in the Middle Eastern markets where price sensitivity is high. Lower logistics and production costs due to streamlined GST processes will further enhance the appeal of Indian products in these markets. This impacts various aspects of freight forwarding services, including freight forwarder quotes and international freight forwarding services.

Boosting Exports

The budget places a strong emphasis on boosting exports through various initiatives. These include incentives for export-oriented industries, subsidies, and support for small and medium enterprises (SMEs). For trade with the Middle East, this is particularly important as India exports a wide range of products, including textiles, machinery, and agricultural goods to these countries. Enhanced support and incentives will help Indian exporters expand their reach and increase their market share in the Middle East. Companies specializing in less-than-container load (LCL) shipping and door-to-door international shipping will benefit from these changes.

Promoting Sustainable Practices

Sustainability is a key focus of the budget, with several initiatives aimed at promoting green and sustainable practices in trade. For instance, incentives for adopting renewable energy in production processes and using sustainable materials can enhance the appeal of Indian products in the Middle Eastern markets, which are increasingly valuing sustainable practices. This shift towards sustainability can open new avenues for trade and cooperation with Middle Eastern countries, which are also investing heavily in green technologies. Freight forwarding companies near me that focus on sustainable practices will find new opportunities.

Enhancing Bilateral Trade Relations

The budget also emphasizes strengthening bilateral trade relations with key partners, including countries in the Middle East. By fostering closer economic ties, the government aims to create a conducive environment for trade and investment. This includes negotiating favourable trade agreements, reducing trade barriers, and enhancing cooperation in areas like technology and innovation. Strengthened bilateral relations will facilitate smoother and more profitable trade with Middle Eastern countries, benefiting global freight services and shipping companies in UAE.

Investment in Technology and Innovation

Investment in technology and innovation is another cornerstone of the budget. By promoting technological advancements and innovation in industries, the government aims to enhance the quality and competitiveness of Indian products. For trade with the Middle East, this is particularly relevant as the region is known for its high standards and demand for quality products. Enhanced technological capabilities will enable Indian exporters to meet these standards and capture a larger market share. This includes improving the efficiency of ocean freight forwarders and global freight services.

Focus on Logistics and Supply Chain Management

Improving logistics and supply chain management is a key aspect of the budget. Efficient logistics are crucial for timely and cost-effective trade, especially with distant markets like the Middle East. The budget allocates funds for modernizing logistics infrastructure, adopting advanced supply chain technologies, and improving connectivity between production hubs and ports. These measures will ensure that Indian goods reach Middle Eastern markets faster and at a lower cost, enhancing their competitiveness. This is essential for effective freight forwarding, whether through less-than-container load (LCL) shipping or door-to-door shipping services.

Conclusion

The Union Budget 2024-2025 is set to bring transformative changes to India's import-export landscape, with a particular focus on enhancing trade relations with the Middle East. Through strategic investments in infrastructure, simplification of GST, promotion of sustainable practices, and strengthening bilateral trade relations, the budget aims to boost India's trade capabilities and competitiveness. These initiatives will not only enhance the volume and value of trade with Middle Eastern countries but also position India as a key player in the global trade arena. As these reforms take effect, India is poised to experience significant growth in its trade with the Middle East, driving economic prosperity and development, and benefiting from the services of freight forwarders and shipping companies in UAE.

[professionalutilities1]

What are the additional benefits of AEPC certification?

Advantages of GST Facilitation for AEPC Certification AEPC helps exporters with matters pertaining to GST.

Trade Facilitation AEPC pursues complaints against customs, Icegate, DGFT, ECGC, and other export- and import-related entities in order to assist exporters with their issues.

Guidance on Labor Law A legal advisor offers daily guidance on all relevant labor and employment legislation as well as legal opinions to registered exporters.

Initiative for Market Access Exporters of apparel have access to market research on the textile and garment industries, may present their best products at national and international shows, and can find global partners for technological advancements and scalability.

Getting into Workshops and Seminars AEPC hosts webinars, seminars, and workshops that are pertinent to the apparel industry. These events are beneficial for registered members to increase their network and depth of knowledge.

Getting to the Skill Assessment Cell In order to create jobs, expand the economy, and enhance society, the talent Assessment Cell (SAC) seeks to lead talent assessment projects in the carpet, Khadi, and apparel/garment sectors. The cell helps elevate candidates' social status, increase employee morale, and transform the labor force into a certified skill pool.

[crantia]

India's import-export business is a dynamic and lucrative sector driven by the country's diverse economic landscape and strategic geographic location. As a global trade hub, India imports and exports a wide range of goods, including textiles, machinery, pharmaceuticals, petroleum products, and agricultural commodities. The Indian government has implemented various policies and initiatives to facilitate trade, such as the Foreign Trade Policy (FTP), which aims to increase the country's share in global trade and enhance its export competitiveness. The implementation of GST has streamlined the tax structure, making it easier for businesses to operate. Additionally, special economic zones (SEZs) and export-oriented units (EOUs) offer numerous incentives, including tax exemptions and simplified customs procedures, to boost exports. Despite challenges like regulatory hurdles and infrastructural constraints, the Indian import-export business continues to thrive, driven by robust domestic demand, a growing middle class, and expanding international trade relationships. The ongoing digital transformation and government efforts to improve ease of doing business are further expected to propel this sector's growth in the coming years.

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A Complete Guide to GST Return Filing (GSTR-9) 

A GSTR-9 filing is a form that a taxpayer has to file for every GSTIN to which he is registered. In this blog, we have provided various critical questions surrounding GST return filing. 

Let’s get started.

What are GST returns? 

Every taxpayer has to file a GST return. There are around 22 varieties of GST forms. So the number and type of GST you have to file depend on the type of taxpayer you have registered. 

While you understand what GST returns are, it is also important to know the types of taxpayers. There are seven types of taxpayers: 

Regular taxpayer 

Composition of taxable persons 

TDS deductors 

Non-resident taxpayer 

Input Service Distributor 

Casual taxable persons 

E-commerce operators 

It is also worth knowing that you can begin the GST return filing process quarterly, monthly, or annually. And you can also check your GST return filing status. 

Meaning of GSTR-9 

GSTR-9 is an annual return to be done by taxpayers who are registered under GST. Following is the information contained in GSTR-9: 

Details of outward supplies made 

Inward supplies received 

Summary of supplies received under HSN code 

Details of tax payable and paid 

Benefits of the GST return filing online 

GST is one of the biggest tax reforms in India till now. The Goods and Services Tax (GST) is an initiative by the Indian Government that aims to ease the process of managing online payments and regulatory compliance. By accessing the GST portal, you can easily check your GST return filing status. Below are the benefits of filing the GST return online: 

The Elimination of a Wide Range of Different Taxes: Since the introduction of the GST, there have been fewer restrictions placed on the different types of taxes that may be applied to goods and services. Various taxes come under this category, including the Central Excise Tax, Sales Tax, Service Tax, Luxury Tax, and Special Additional Duty charged by Customs. 

Eliminating the Cascading Effect: The most important benefit of the GST return filing process is eliminating the cascading effect, sometimes known as removing a tax on top of another tax (double taxation). Before the Goods and Services Tax (GST), there was no other method for offsetting the value-added tax (VAT) on output against the service tax that was paid on input services. 

The Control and Supervision of Unorganized Businesses: Earlier, the disorganized and uncontrolled sectors in the country, like the textile and construction industries, were subjected to regulation and are now held accountable for their actions. 

Efficient Economy: The Goods and Services Tax (GST), which will eventually improve long-term economic development and efficiency, is unchanged by company types, methods, geographic location, and organizational structure. The ratio of taxes paid to GDP in India has increased due to the introduction of the Goods and Services Tax (GST). 

Final Words 

The Goods and Services Tax (GST) was first introduced in India on July 1, 2017, and its introduction was a game-changing reform that changed how businesses were managed in the nation. Because of the benefits of the GST return filing process, many businesses are moving into the official sector. You can get in touch with Eazybills if you are searching for a reliable and one-stop solution for billing software.

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The most essential guide for garment and clothing export | Updated in 2023

Planning to start a garment export business in India? You must already be aware of the fact that the garment industry is one of the oldest industries in the Indian economy. The textile sector of India deals in various ranges of items both for domestic markets and foreign markets. 

India's textile industry contributes around 15% to the country's economy. In these recent years, India has seen rapid development in textiles, garments, and clothing exports. Around 4.5 crores of the Indian population is engaged in the textile industry. By 2029, India's textile industry is expected to grow by more than $209 billion. 

Our country has evolved to be the world's 6th largest exporter of clothes and textiles. If you are willing to start a garment export business here, then here we are presenting you with the most essential guide that will help you to convert your business into a successful one. 

All that you need to know about garment exports in India 

Garment exports are the highly exported textiles from India

Over these few years, garments have evolved to be the most exported textiles from India. However, there are many types of garments and textiles exported from our country. So, are there any specific products that are most in demand? Yes, here are some of the highly-demanded Indian garments in the international market.

Traditional Clothes 

Kids Clothing 

Woolen garments 

Carpets 

Home-use textiles 

Ready-to-wear garments 

Kitchen linen

Which are the top exporting countries of India? 

India provides garment and clothing exports to various countries. But, the topmost importer of India in terms of garment and textile exports is the USA. The other following countries are the UAE, United Kingdom, Bangladesh, China, Saudi Arabia, and the European Union (Germany, Spain, Italy, France, and the Netherlands).  

Now, the next question that arises is which are the top garment exporting states in India? The leading exporters are Andhra Pradesh, Haryana, Telangana, Gujarat, and Jharkhand. The textile industry is the second-largest industry that contributes a huge amount to the country's economy and also provides employment to a lot of people.

What are the documents required to start a clothing export business?

In order to establish an excellent career in the garment export business, there is some necessary documentation that you need to have. The most essential documents to start a garment and textile export business are:

PAN Card 

An ID proof be it Aadhar Card, Driving License, or Voter ID 

A document having your permanent address

Import-Export Code 

GST Certificate 

Fire NOC 

Business Registration License 

RCMC 

Trade License granted by the Municipal Corporation of the state 

MSME Registration

Getting garment export orders

Customers are the main element of any business. Therefore, getting garment export orders should be your ultimate focus. But, how will you receive orders?

There are some approaches that you can try out.

Use social media marketing to boost your sales 

Send emails to various international garment traders 

Join a lot of export communities of your niche 

Register your business on online marketplaces 

Participate in international trade fairs 

Answering to online quarries of the audience 

Government schemes for garment export 

The Indian government has launched various promotional schemes for promoting garment exports. The textile industry plays an important role in India's economic growth. Therefore, the government has put full focus on increasing Indian garment exports. Two main schemes solely focus on increasing garment exports in India and they are the Advance Authorization Scheme (AA) and Amended Technology Upgradation Fund Scheme (ATUFS). 

There are also a few initiatives that have been introduced by the government to promote the same such as:

Production Linked Incentive Scheme (PLI)

PM MITRA Scheme 

Textile Cluster Development Scheme (TCDS)

Rebate of State and Central Taxes and Levies Scheme (RoSCTL)

Conclusion

The garment export industry of India is expanding day by day. But, people often assume that starting a garment and clothing export business needs a lot of funds. One can start a garment export business even with a small amount. A garment export business can be started with a small budget and fewer products. All you need is the right knowledge. 

In order to start a garment export business, you must first conduct a thorough study about target markets, demand for the products, and various export promotion schemes initiated by the government such as EPCG Scheme, MEIS License Sale, etc. These promotional schemes would provide you with a lot of advantages in your business. 

The export target for readymade garments for every textile in the year 2022-23 is decided to cross around 17.6 Billion USD. The AEPC has taken up this challenge, and it plans to give its best efforts to exceed it. The Indian government is also focusing on promoting more Indian exports in the global market. Therefore, starting a garment export business is going to be very profitable.

[best2daynews]

Manish Sisodia to oppose proposed tax hike on textile in GST Council meeting

Delhi Deputy Chief Minister Manish Sisodia will raise the demand to withdraw the increased tax on textiles from earlier 5 per cent to the proposed 12 per cent in the GST (Goods and Services Tax) Council meeting on Friday.

[strinerp]

Accounting software for textile | Textile Accounting Software

Professional software solution for small and medium-sized enterprises (SME) accounting and administration. Manage all finance data in real-time, receive and process invoices, credit notes, and purchase orders, and generate accounting and financial reports and documents. increases accuracy and minimizes manual entry times by recording data entries from string erp accounting software for textile in a few simple seconds with our professionally installed and maintained version of ‘string accounting software for textile.

Know more about Textile Accounting Software

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Gaining Ground with Safety in the Indian Forklift Market

In the upcoming years, it is anticipated that India's forklift market would expand significantly due to the country's expanding warehousing sector. Growing disposable income and quick infrastructural growth are driving the market ahead. Additionally, the e-commerce industry's growth in tandem with the trend of social estrangement is expanding distribution centres, which is growing India's forklift market share. The prospective expansion of the market is influenced by the growing use of high-performance forklifts for material handling. The expansion of the Indian forklift market is also being fueled by the nation's expanding economy and advancements in a number of sectors, including the automotive, construction, and pharmaceutical industries. In-depth market analysis is done by fuel type, application, class type, and region in the India Forklifts market study. In order to help stakeholders build and align their market strategies with existing and future market dynamics, the India Forklifts Industry Outlook Report offers a thorough analysis of the current market trends, opportunities/high growth areas, and market drivers. In the upcoming year, it is anticipated that the Indian forklift industry will grow quickly. Modern forklifts are made to be more trustworthy, effective, and simple to maintain. In India, forklifts are frequently employed in the manufacturing, shipping, and warehousing sectors. Demand in the sector has increased as a result of the expansion of the infrastructure, the Make in India initiative, and the adoption of the GST. Also prevalent in India are light-duty forklifts, but a shift toward medium-duty forklifts is anticipated in the upcoming years. The need for pollution-free, greener forklifts has grown across the nation as businesses and industries become more conscious of the negative environmental effects of diesel forklifts. Between 2021 and 2026, the market is anticipated to expand favourably as new product categories of battery-powered electric forklifts acquire popularity in the nation. The volume of the forklift truck market will expand at a consistent CAGR of 11.7% from 2021 to 2028. Electric forklifts with several specialised attachments for various uses are now affordable to acquire. Electric forklifts are becoming more and more popular among consumers over diesel versions. Due to more warehouse installations in the nation as a result of growing e-commerce sites, the Indian forklift industry is anticipated to gain traction in the approaching years. Additionally, the manufacturing sector is expanding in the nation, especially in some niche industries like the textile, pharmaceutical, automotive, and food and beverage sectors. These industries all depend on forklifts to manage large inventory stocks and ensure efficient and time-saving processes, which is accelerating forklift deployment and is anticipated to support the impressive growth of the Indian forklift industry.

The Effect of COVID-19 on the Forklift Market in India

The COVID-19 outbreak's influence on public health is anticipated to have a big impact on the forklift market in India. The forklift supply chain was hampered by the partial or complete shutdown of the nation. However, the elimination of regulations is anticipated to cause the market to rebound. The expansion of the Indian Forklift Market was further hampered by the closure of manufacturing facilities.

 Conclusion:

Due to the rise of the construction industry, India's forklift market is predicted to have significant growth over the coming years. There are already a wide variety of specialised electric forklift attachments available with lower total cost of ownership. The size of the India Forklifts Market is predicted to increase between 2020 and 2026. Due to the rising need for material handling equipment, India's forklift market is anticipated to develop at the highest CAGR. In the nation, the manufacturing sector is expanding, particularly in some sectors including the textile, pharmaceutical, automotive, and food and beverage industries. High-safety, more fuel-efficient items including tow trucks, lift trucks, and light generation trucks are what will drive the market.

[canakulsinghalassociates]

GST Registration in Bawana

North West Delhi's biggest industrial hub which evolved over the years is Bawana. It is a place for small and medium businesses or manufacturers to set up a small capital investment. Setting up a business or factory in Bawana will be easy with us. Now, the question comes to your mind how? Investing capital in the business and increasing revenue will be your part of the business. But making your business authorized or legal will be part of a Chartered accountant. To make your business legal, you need GST. The word GST was introduced by Govt in July 2017. The word GST stands for Goods and Services Tax which becomes essential for compliance and operational efficiency.

Bawana: City of Business Hub

Before the 2000s, Bawana is purely a rural area where there is no opportunity to start or set up a business. but in the early 2000, the Delhi government took the initiative to evolve the Bawana rural area into the Bawana industrial area. The initiative aimed to decongest residential areas and promote organized industrial growth.

This Bawana Industrial Area, today has different types of industries setup such as manufacturing, textiles, plastics, electronics and more. Now after this, we all know how Bawana became the industrial hub city. With every new business, you need a legal name for it and that's where GST comes into play. Why Do You Need To Register Your Business For GST?

GST was introduced for the business. It is a comprehensive indirect tax levied on the manufacture, sale and consumption of goods and services. The advantages of registering for GST are:

When the businesses cross the annual turnover and exceed their threshold limit. Businesses located in northeastern and hill states have a threshold of 10 lakhs. Another state has a 20 lakh threshold.

Businesses will get a claim credit for the taxes paid on purchases, reducing the overall tax liability. GST registration enhances the credibility and trustworthiness among businesses.

What are the document requirements for GST registration in Bawana?

Some documents are required for GST registration in Bawana are-

PAN Card for the business and its owners

Proof of business registration (e.g., partnership deed, certificate of incorporation)

Identity and address evidence for promoters (Aadhaar card, passport, etc.)

Address evidence of the business premises (e.g., electricity bill, rent agreement)

Bank account information (cancelled cheque, bank statement).

Why You Need CA Nakul Singhal For GST registration in Bawana?

Applying for GST registration will be not an easy process for a common person. A GST can only be registered by a Chartered Accountant. But whom do you trust for this, finding a chartered accountant firm will not be easy. Let us help you in choosing us, the reasons for choosing us are - We have highly trained Chartered Accountants with considerable expertise and experience in a variety of industries, delivering the highest quality financial advice and services.

We believe in creating long-term partnerships with our clients. Our services are tailored to each client's specific needs, whether they are individuals or major corporations.

Our organization has extensive experience in a variety of industries, including manufacturing, retail, technology, and healthcare. This enables us to deliver insights and solutions that are suited to the unique issues of your sector.

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Summary

Bawana, North West Delhi's largest industrial hub, is a hub for small and medium businesses and manufacturers. To become legally registered, businesses must meet certain requirements, including registering for Goods and Services Tax (GST). GST is a comprehensive indirect tax levied on the manufacture, sale, and consumption of goods and services. Businesses in the Bawana Industrial Area, which includes manufacturing, textiles, plastics, and electronics, need to register for GST to reduce their tax liability and enhance their credibility.

The required documents for GST registration in Bawana include a PAN card, proof of business registration, identity and address evidence for promoters, address evidence of the business premises, and bank account information. CA Nakul Singhal, a chartered accountant, can help with GST registration in Bawana due to their highly trained accountants, experience in various industries, and solid track record of providing high-quality services. They offer competitive pricing and a dedicated clientele, making it easier for businesses to set up and operate in the city.

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Cotton Buds Making Business

The cotton swab making machine business is rapidly progressing in India. Cotton is the staple fiber made from the natural fibers of cotton plants. The cotton made from the genus Gossypium is primarily composed of cellulose, which is an insoluble organic compound that is a soft and fluffy material. Cotton is the most important fiber crop, which provides the basic raw material to the cotton textile industry. Cotton is grown in tropic and sub-tropic parts and requires uniformly high temperature and is a Kharif crop; it is sown and harvested in different parts of India depending upon the climatic conditions.

China, the USA, and India are the world’s major cotton-producing countries, accounting for about 60% of the world’s production. China alone consumes around 40% of the world’s cotton, and it is a significant export revenue source for major cotton-producing countries of the world.

Cotton is cultivated around 117 lakh hectares in India and accounts for about 37.5% of the global cotton area, and contributes to 26% of the global cotton production. Cotton holds an essential place in the Indian textile mills, and it is used as a primary raw material of India. Cotton provides livelihood to around 60 million people of India by means of cotton cultivation, processing, marketing, and exports.

Cotton buds are the most common item which is used for cleaning the ear, first-aid, cosmetic application, cleaning, and arts and crafts. The cotton buds are composed of small wads of cotton which are wrapped around a rod made of wood, paper, or plastic. The cotton buds were developed in 1923 by a Polish-American Loe Gerstenzang which later became the most widely sold brand name of cotton swabs.

The cotton bud with a single tip on a wooden handle is mostly used in medical settings and is the traditional cotton buds. The cotton buds used for domestic purposes are usually short, about 3 inches long, and double-tipped. Traditionally, the handles of the cotton buds were made of woods while later it was made of the rolled paper and sold in large quantities. The cotton buds are available in a wide variety of colors, such as blue, pink, or green. The manufacturing of the test swabs in a record time of seven days is a dream come true under the ”Make in India” initiative which has conceptualized the production and provided employment to so many unemployed people in India.

The cotton buds are most commonly used for cleaning the ear by removing earwax.  The cotton buds are used for domestic purposes such as cleaning and arts and crafts purposes. The medical buds are used to take microbiological cultures which are usually rubbed into the affected area and wiped where the bacteria grows across the culture medium. They can also be used to apply medicines to selective areas targeting to remove substances or clean them. They can be used as an applicator for applying cosmetics, ointments, or other substances.

The cotton buds are also used to take the DNA samples by scraping cells from the inner cheek in the case of humans. The cotton swabs are also often used in the construction of the plastic model kits while paintings. They are also frequently used for cleaning the laser diode lens of an optical drive in conjunction with rubbing alcohol. In addition to his, they are used to clear the large parts of the computer such as video cards and fans and also used widely to clean video games cartridges in the past.

With so many uses, the demand for cotton buds in the market is growing at a rapid rate and is an essential tool for the healthcare of all individuals irrespective of age, race, culture, or religion, etc. keeping this in mind, the idea to start the automatic cotton swab making machine business is a golden opportunity for the young and aspiring entrepreneurs.

With the increased diversity of product ranges from adult-centric to baby and child-centric and increased popularity of cotton buds in the modern as well as in traditional retailing has increased the sales of the cotton buds to grow. With the rising demand, the locally produced cotton buds have become popular across rural India. it has also become popular in small as well as in metropolitan cities because of the availability of the cotton buds at a much lower price as compared to the branded products have been a key focus for the small manufacturers in India. Therefore, it is an ideal business for employing in the Rural areas as well as it will promote the ‘Make in India” initiative of the Modi Government.

The Government of India is promoting all the manufacturing units, especially in the areas where China enjoys a big share in the global market. The government to achieve the Atma Nirbhar Bharat is pushing the exports by giving various aids to the small and marginal businessmen and it aims to reduce the dependency of the country on the imported goods.

The government through various joint ventures and supporting the local businesses is expanding India’s share in the global market. Keeping this in mind, the government has announced various production-linked incentives for manufacturing the earbuds. This is a great opportunity for Indian earbuds manufacturers to raise their business. It is a big step towards making India self-reliant and manufactures their products. Almost 260 schemes are contracted by the Tri-services at an approximate cost of Rs. 3.5 lakh crores and with the latest embargo on the import of 101 items, the contracts worth Rs 1, 30,000 crore is expected to be placed upon the domestic industries in India.

Registration:- To start the buds manufacturing business in India, the first and foremost thing is the registration of your firm either as a proprietorship company or as a partnership firm. One must register the company as a Proprietorship firm if he has to start his buds manufacturing business as One Person company. To start a partnership firm, one must get registered with the Registrar of companies (ROC) and register as a Limited Liability Partnership (LLP) or the Private Limited Company.

GST Registration:- To start a business, it is now mandatory for any business to obtain a GST number, tax identification number, and an insurance certificate.

License for Trade:- Trade license is very important to be acquired to start a buds manufacturing business. It can be obtained from the local bodies of the respective states.

MSME or SSI Registration:- To avail of the government schemes and benefits, one must obtain the MSME or SSI registration. This will help the businessman to receive all the governmental benefits arising from various schemes.

Trademark:- It is required to make sure to register the buds manufacturing business with the trademark which will help in protecting the brand name.

Before starting a semi automatic cotton swab making machine business, one has to make sure to select the proper machines which are proper for operations suitable for your business.

Following are the description of machines used in the cotton buds making business-

Automatic Cotton Swab Packing Machine : –

The automatic cotton bud making machine is the machine that uses the computer PLC process control and warm wind drying technology is used to help to absorb the coating layer. The microcomputer servo motor aids feed the cotton layer and wrap the absorbent material. In this technology, there is no requirement for a different packaging machine separately.

Spindle Fabrication Machine : –

The paper spindles are processed with the help of a dyeing cutting machine from a heavy grade paper and then a thin layered paper is rolled around it to make it light. While a wooden spindle is developed with the help of a lathe machine process. The plastic spindle is made from the extrusion molding process machine, where the plastic is melted and extruded through a die and sent to a hopper machine.

Packaging Machine : –

The cotton buds are sent through the packaging wheels where the buds are rolled with the pouch. A sensor is attached to the packaging wheel which counts the buds and places them into the packaging bag which is packed with the packaging wheel.

The automatic cotton swab packing machine does not require a lot of space for its operation and it can be started from home. Anyone can start the business even from home this will reduce the cost of investment. The cotton buds making business has the potential to give a good place in the market by becoming a high profit earning business in a short period. With the increased demand for cotton buds, the business is very ideal for start-ups and young entrepreneurs.

In the times like this where the pandemic has left no nation in a mess, India has started the manufacturing of indigenous swabs or cotton buds for the testing of Covid-19. A Mumbai based Micro, Small and Medium Enterprise (MSME) and Tulips has got a green signal from the Indian Council for Medical Research (ICMR) and the National Institute for Virology in Pune. These firms have started manufacturing the polyester-spun swabs which are way cheaper than the imported swabs from the US and China. This has helped various small and indigenous manufactures to retain their livelihood and it has also resulted in producing cheaper testing kits at an affordable price.

We Indians have in reality converted the deadly pandemic into an opportunity and the government through various initiatives has been aiding the cotton buds making business. The government is also being aided by various Non-governmental Organisations like Aatmnirbhar Sena is working very hard to provide finances and cheap credit to aspiring and innovative minds and fulfilling their dream of starting the business.

Therefore, the growth and development of cotton and cotton made products has a vital role in the overall development of the Indian economy.

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7 BEST BUSINESS IDEAS IN PAKISTAN (2020) |IDEOVERSITY

Pakistan's economy is unpredictable. There are some flourishing businesses and some that are battling because of a portion of the corruption in the government. However, there are still lots of new business thoughts for individuals in Pakistan, as there are a lot of gifted and talented specialists. From footwear, businesses give a lot of job opportunities for jobless and interested people. Ideoversity Training Institute gives you a lot of New Startup Business Ideas in Pakistan (2020).

NEW START-UP BUSINESS IDEAS IN PAKISTAN (2020)

1. Import and Export Specialization Company Ideas

Pakistan has a large import and export economy with neighboring countries just as numerous worldwide nations. Import and Export Business Idea would include helping neighborhood organizations with their import and fare documentation, tracking, and different obligations. The Import and Export business is a high benefit endeavor. As a result of the low overhead, a large portion of the cash you make on commission is yours. But building a truly profitable business requires dedication and a good knowledge of the business Import and Export Market Representative. Most of the manufacturers face problems selling their product overseas. The manufacturers want a smart and confident person who represents them in the market.

The current bank account is needed for both import and export techniques and documentation. Whenever the middle class rises the demand for imported products increases which benefits the importer. Do you want to start an import & export trading business at home? If YES, Ideoversity Training Institute in Lahore has the best small-scale import export business ideas & opportunities in2020.

2.Unique Footwear Client Development Business

Footwear simply refers to shoe worn on the feet, which originally serves for purpose of protection against adversities of the environment, usually regarding ground textures and temperature. Pakistan exports footwear to more than 60 countries in five continents of the world. Pakistan's exports of footwear have registered a high rate of growth in the recent past, RNI reported. However, with yearly exports of only $110 million, Pakistan's share in global footwear exports is only 0.001 percent. Nike is as of now the world's biggest footwear organization, created a complete $38.7 billion deal in 2019. If you are looking for a modern Footwear business in 2020, Pakistan is the best merchandise industry and more profitable place for this business as it is everlasting!!!

3. Specialty Textile and Synthetic Manufacturing

As online businesses become more specific about who they serve and the types of products they offer, more and more online stores will need custom clothing products that they can offer customers to differentiate their business. In general, synthetic fibers are created by extruding fiber-forming materials through spinnerets, forming a fiber. These are called synthetic or artificial fibers. The Textile Manufacturing industry is a major manufacture industry. It is based on the conversion of fiber into yarn, yarn into fabric. China is the largest textile producing and exporting country in the world. Cotton textile production and apparel manufacturing are Pakistan's largest industries, accounting for about 65% of the merchandise exports and almost 40% of the employed labor force. Over the past few years, the automotive industry of Pakistan has seen considerable growth and is now has the most potential among other industries to invest in Pakistan. The problem faced by the textile industry such as contemporary issues, storage of supply in raw material, increase in the cost of raw material, compliance environment issues, infrastructure bottlenecks, and impact of GST

4. Software Development Firm

Software Development is the organization whose essential items are Software Technology, Distribution, and Software Product Development. There are extensively three sorts of programming, for example, System Software, Application Software, and Programming Language Software. They make up the Software Industry. Today if there is one thing that your business needs to run easily and productively, it is altered programming arrangements. The Software Development Company would work with neighborhood organizations to create arrangements that would assist them in dealing with their business. Software Development Company is fit for conveying profoundly proficient programming items. Most wanted Skills in 2020 are JavaScript, Python, Java, ReactJS, NumPy and Pandas, and Kotlin. Are you interested in developing your skills? We are glad to say Ideoversity Training Institute is the Best Training Institute in Pakistan where all top development skills you learn in Ideoversity Course, Web Development in 2020?

5. Phone Cover Manufacturing Company

Since the day delicate and sleek, Android and iOS mobiles have been launched in the market. People have started to spend a lot on purchasing protective accessories for mobiles such as mobile cover, cable protector, etc... Because these mobiles come at a high price and one needs to take all the precautions to save it from accidental damage. Initially, you would need a designer who can design the cover designs for you the machinery with which you will be able to put that design created on the actual mobile cover. Nowadays, there are thousands of companies that are producing mobile phone covers. The unique selling point in this product will be the creativity of the artwork. Decide on how many mobile phone models you want to start. This is quite an important step, so decide to observe every aspect like popular models running in the market, new mobile phones which are yet to be launched, so that you are the only producer of the covers for the same phone. Let's say you fix yourself with 20 models. As soon as you start your manufacturing, start tapping popular selling platforms

6. Car Aftermarket Parts and Accessories Business

Car Aftermarket Parts and Accessories Business are very profitable industries in Pakistan. If you’re a small business owner planning on selling auto parts online, the automotive aftermarket is a good place to start. The aftermarket industry is expected to gross $1.4 trillion by 2024, according to Global Market Insights, Inc. As the secondary market for replacement parts for vehicles, the automotive aftermarket encompasses everything from headlights and batteries to navigation systems. The best way to maximize profits for this type of business is to know what specific auto parts and accessories you want to focus on. Focusing on a niche allows you to deliver better shopping experiences. You may have a target market in mind. As eCommerce websites to buy and sell cars and their parts, eBay and Amazon have categories dedicated to automotive parts and accessories sales. When you create a parts and accessories listing, you can use eBay’s Parts Compatibility tool to add all the fitment data or years, makes, models, trims, and engines that your part fits. Compatibility is referred to in the automotive industry as “fitment.” To start selling aftermarket auto parts on Amazon, you need to be on the Professional selling plan. First, you will need the approval to sell under the Automotive & Power sports product category. To get approval, you either need to already be a Professional seller with an account in good standing or have an independent website that Amazon can review. In this guide, we talk about how eCommerce business owners can start selling aftermarket car parts.

7. Social Media Advertising Agency

The web is the quickly developed and rising innovation shutting the gaps of the distance between the people all over the globe and effectively replacing the conventional methods of advertising. Because of the high rush of the audience, this media is being focused on by the different sponsors. Web-based media promoting is the rising and quickly gown new idea in which attention is gained by the use of social media. The purpose of this study is to explore out the awareness and usage trends of social networks in Pakistan. This investigation can assist with comprehension and structure of the successful correspondence technique to reach the target market in Pakistan, using social media networks. Findings suggest that Facebook is the most used social network having well communicated and very effective ads. Being a full-service social media marketing agency, SMM specialists at Just Digital works proactively over each specific social channel: Facebook, Instagram, Twitter, Pinterest, Snapchat, YouTube, and Google+ the board, to tell your crowd your image story through our infectious stage.

Conclusion

In this blog, we discuss 7 amazing business ideas in Pakistan for those people who want to start their business in Pakistan. After COVID-19, everyone wants to know about, how to start a business? this blog is beneficial for them. If you have any queries or question-related about this blog plz send us in the comment section.

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India's import-export business is a dynamic and lucrative sector driven by the country's diverse economic landscape and strategic geographic location. As a global trade hub, India imports and exports a wide range of goods, including textiles, machinery, pharmaceuticals, petroleum products, and agricultural commodities. The Indian government has implemented various policies and initiatives to facilitate trade, such as the Foreign Trade Policy (FTP), which aims to increase the country's share in global trade and enhance its export competitiveness. The implementation of GST has streamlined the tax structure, making it easier for businesses to operate. Additionally, special economic zones (SEZs) and export-oriented units (EOUs) offer numerous incentives, including tax exemptions and simplified customs procedures, to boost exports. Despite challenges like regulatory hurdles and infrastructural constraints, the Indian import-export business continues to thrive, driven by robust domestic demand, a growing middle class, and expanding international trade relationships. The ongoing digital transformation and government efforts to improve ease of doing business are further expected to propel this sector's growth in the coming years.

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In India, what is GST registration?

What is GST Registration in India?

A business with a revenue of more than Rs.40 lakh must register as a typical taxable entity, according to GST Registration in India. The GST online registration is what it's called. Businesses in hill states and the North-Eastern states have a turnover of Rs.10 lakh. The Gst portal procedure can be completed in as little as six business days.

The procedure for a taxpayer to become registered under the Goods and Services Tax is known as GST registration (GST). Once the registration process is completed, the Goods and Service Tax Identification Number (GSTIN) is provided. The 15-digit GSTIN is issued by the government and is used to establish whether a company is subject to GST.

Advantages of GST Registration in India:

• Input tax credit: Once the output taxes have been paid, the manufacturers and service providers will be able to deduct the amount of tax they have already paid on their products.

• Tax evasion: The input credit only applies to the recipient, i.e. producers or service providers, if the specifics are provided as a return by the source.

• Small business composition schemes: The majority of small enterprises have reduced their tax and compliance burdens.

• Improved logistical efficiency: With the implementation of GST, restrictions on the transfer of products between states have been reduced (one country, one tax scheme). To avoid the new GST and state entrance taxes, multiple warehouses had to be controlled previously.

• Unorganized sector regulation: Historically, the textile and construction sectors were mostly unorganized and uncontrolled. There are provisions for online payments and compliance under GST. As a result, such sectors' responsibilities and regulations are included.

• Eliminates the consequences of cascading taxes: GST is systematic and structured to eliminate the cascading tax, which refers to a tax scheme in which the tax burden is carried through at every point of sale. As a result, the product or service's value has increased.

• Transparency: GST is a simple tax framework with no hidden fees or taxes for licensed retailers. The price of doing business would be lower.

• Higher registration threshold: Previously, enterprises with a turnover of more than 5 lakh rupees were obligated to pay VAT. The value limits in each state were different.

• Fewer Compliances: Previously, each tax levy had its own set of returns and enforcement. Monthly returns, for example, were filed, service taxes were paid monthly, and VAT varied by location.

• E-commerce operators have a defined treatment: Prior to the implementation of GST, the e-commerce sector did not describe the supply of commodities. Some governments labeled these as enablers or intermediaries and barred them from filing VAT returns.

If you want to do GST Registration In India due to which you are legally recognized as supplier of goods and service in india, then I recommend you to do it from Filing By Expert.

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