Fiscal representation is a legal requirement in many countries for businesses that operate internationally, especially in the field of taxation. Fiscal representation in India involves appointing a representative who is typically a local entity or individual to act on behalf of a foreign business for tax purposes. Navigating the complexities of the taxation system in India can be challenging for foreign businesses due to regulatory requirements and language barriers. Our agents specialize in providing comprehensive support to foreign businesses seeking fiscal representation in India.
From handling tax filings to liaising with local authorities, our agents ensure compliance with Indian tax laws and facilitate efficient operations for our clients. With their expertise and local knowledge, our company formation agents in India can streamline the process of fiscal representation, allowing businesses to focus on their core operations while remaining compliant with Indian tax regulations.
GST registration for companies in India
In India, companies exceeding an annual turnover of Rs. 40 lakhs (Rs. 20 lakhs for businesses in select special category states) must register for GST. The GST Council has increased the threshold for GST registration from Rs. 20 lakhs to Rs. 40 lakhs (from Rs. 10 lakhs to Rs. 20 lakhs for special category states), exempting many small businesses from GST obligations.
However, specific sectors like e-commerce or interstate sales are mandated to register for GST irrespective of their turnover. It’s crucial to review the GST regulations applicable to a particular area to ascertain the minimum threshold for registration. Our agents can assist you in reviewing the regulations applicable in your area.
Moreover, when starting a company in India, our agents offer assistance with accounting to ensure an efficient and compliant financial setup. They begin by guiding through the establishment process and helping set up accounting systems tailored to the specific needs of the business. By entrusting accounting responsibilities to our agents, businesses can navigate the complexities of accounting in India seamlessly, allowing them to focus on their growth and success.
How do our fiscal representation services in India benefit your business?
Our fiscal representation services in India offer comprehensive assistance to businesses seeking to establish or expand their presence in the country. Here’s how our Indian fiscal representative can assist your business:
- Tax registration: Our agents can help with registering your business in India for various taxes such as Goods and Services Tax (GST), Income Tax, and other applicable taxes depending on your business activities.
- Compliance management: We ensure that your business remains compliant with all tax laws and regulations in India. Our representatives keep track of filing deadlines, maintain proper records, and ensure adherence to statutory requirements.
- Tax filings: Our agents handle the preparation and filing of various tax returns, including GST returns, TDS (Tax Deducted at Source) returns, and Income Tax returns, among others.
- Representation with tax authorities: In case of any tax-related inquiries or audits, our representatives act as your liaison with Indian tax authorities, representing your business and providing necessary documentation and explanations. They can also assist you if you are seeking help regarding payroll in India.
- Advisory services: We provide expert advice on tax planning strategies, and optimizing your tax liabilities while ensuring compliance with Indian tax laws.
- Local knowledge and language support: Our agents possess extensive local knowledge and language proficiency, making it easier for you to navigate the Indian tax landscape and communicate effectively with authorities.
- Continuous support: Our Indian fiscal representation services extend beyond initial setup and tax registration. We offer ongoing support, keeping you informed about regulatory changes and providing assistance as your business evolves.
Overall, our fiscal representative in India offers a seamless and efficient way for businesses to manage their tax obligations and ensure compliance, allowing you to focus on your core operations and growth strategies.
GST in India
If you are interested in opening a company in India, it is crucial to have basic GST information. For instance:
- The primary GST slabs applicable to regular taxpayers encompass a range of rates: from nil-rated (0%) to 5%, 12%, 18%, and 28%;
- Composition-taxable persons, on the other hand, are subject to paying GST at reduced or nominal rates, which typically fall within the range of 1.5%, 5%, or 6% based on their turnover;
- Under GST, provisions for Tax Deducted at Source (TDS) and Tax Collected at Source (TCS) exist. The TDS rate stands at 2%, while the TCS rate is set at 1%;
- Additionally, the GST law imposes cess, which is an additional levy on top of standard GST rates, particularly on items such as cigarettes, tobacco, aerated water, petrol, and motor vehicles.
If you have further questions, our experts can answer. As a foreign company, if you need fiscal representation in India, we invite you to contact us.