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How can I claim ITC in GSTR 9 if I am a composition taxpayer?

Submitted by LegalWizin on Thu, 07/29/2021 - 04:06

A supplier of goods whose turnover is less than 1.5 crore can opt for composition scheme. Such person cannot claim input tax credit. If one needs to claim input tax credit than he has to surrender from the composition scheme. Following are the benefits and limitations of composition scheme under GST.

Benefits:

  • Less compliance
  • Lower tax rate
  • High liquidity

Limitations:

I want to do a business of import and export, is there anyone who can help me?

Submitted by LegalWizin on Thu, 07/29/2021 - 04:01

To start an import export business, following steps can be carried on.

  • Register the business as a Proprietorship firm or LLP or Partnership or Company
  • Take Import export Code registration
  • Any other registration as applicable

Know more about setting a business from LegalWiz.in, a team of CA/CS/Lawyers.

When do I register my company’s logo and product’s logo, before the company’s registration, after or at the same time for both?

Submitted by LegalWizin on Thu, 07/29/2021 - 03:34

It depends on who you want to be owner of the trademark. If you want to be the owner then it can be applied before incorporation of company. And if company is to be the owner then the application can be made after incorporation of the company. If you opt for trademark registration first, then you need to transfer the trademark to the company and it will become a lengthy and costly process. As sale deed and other documents are to be drafted and submit to Trademark Ministry.

When can I launch my product or service, before the company registration or after the company registration?

Submitted by LegalWizin on Wed, 07/21/2021 - 03:47

Ideally the launch of products or service must be done after formation of a company. The consumers will trust your products/service if it is sold by the company rather than by the individual. A company is most trustful than a sole proprietor. It is because company is a separate legal entity and has perpetual succession.

How can we add a partner in LLP in a situation when form 3 is not yet filed? Should we 1st file form 3, then file form 4 or can we directly file form 4?

Submitted by LegalWizin on Wed, 07/21/2021 - 03:43

After incorporation of LLP form-3 for the agreement must be filed within 30 days. If such form is not filed, then MCA will not allow to file any other form. Hence one cannot file form for addition of partner without filing form 3. Further, MCA will charge the late filing fees of Rs. 100 per day till the date of filing of form 3.

LegalWiz.in with a team of experts helps to complete the registration procedure and post compliances.

If I have a trademarked logo for my company, and later decide to change the name of my company, do I need to update the trademark information for the logo to now legally be used in association with the new name?

Submitted by LegalWizin on Wed, 07/21/2021 - 03:38

For India

Yes, you will have to update the information regarding the company name by submitting for TM-P for change in the name of registered proprietor in case the trademark is already registered. However, if the registration is still in process you will have to file TM -M.

Only after this you will be legally be able to use

For any assistance regarding any IP related issue please visit LegalWiz.in

How do I apply for a patent in India?

Submitted by LegalWizin on Tue, 07/06/2021 - 04:56

These are the steps you need to take to get patent registration in India

Step 1: Patent Search

Conducting a patent search is the first step before you file for your patent registration application in India. It’s the most important step as without which one should never file a patent application. This step clarifies that no other similar patent application exists, and the invention is novel.

Step 2: Patent Drafting

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