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FSSAI protects public health and well-being, while also strengthening the competitiveness and sustainability of the food industry. However, challenges in this domain are constantly shifting due to factors like globalization, urbanization, climate shifts, and new pathogens. This necessitates ongoing improvement and innovation in food safety practices and regulations. To meet this crucial need, the Food Safety and Standards Authority of India (FSSAI) has rolled out the Food Safety Training and Certification (FoSTaC) program, a comprehensive training and certification network for food businesses across the entire food value chain. FoSTaC aspires to develop a pool of highly trained and certified food safety supervisors (FSS) who can uphold dedication to food safety regulations and good hygiene and manufacturing practices within their respective food businesses. FoSTaC FSSAI The Food Safety Training and Certification (FoSTaC) is an initiative of the Food Safety and Standard Authority of India (FSSAI). Food safety training is conducted under FoSTaC for target groups in the food business to maximise awareness and knowledge of food safety policies and regulations to ensure food hygiene and safety. FSSAI provides that all licensed food businesses should have at least one certified and trained food safety supervisor under FoSTaC for every 25 food handlers on each food premises. Thus, every Food Business Operator (FBO) must have a food safety supervisor certified under the FoSTaC programme. FoSTaC is a short training course authorised exclusively by FSSAI, but a training partner conducts the FoSTaC training module. What are the objectives of the FoSTaC? Encouraging positive behaviors and implanting food safety as a shared value across the nation. Instructing responsible food businesses towards voluntary adherence to the Food Safety and Standards Act and regulations. Bridging the skill gap in the food industry by training and certifying competent individuals. Equipping food businesses with the knowledge and tools to achieve and maintain top-notch hygiene and sanitation standards. FoSTaC Course Eligibility Requirements for Trainees Basic Level: These courses are ideal for small businesses and final-year undergraduate students in nutrition, hospitality, food science, or related fields. Six months of relevant experience (depending on the course) helps you hit the ground running. Advanced Level: Advanced courses are mandatory for all food businesses except small ones and perfect for postgraduate students in food science, nutrition, hospitality, or allied fields. A minimum of one year of relevant experience (depending on the course) unlocks new doors in food safety knowledge. Special Level: These courses cater to areas like milk, meat, seafood, health supplements, etc. Bring at least two years of relevant experience (depending on the course) and get specialized training to excel in your chosen field. Food Safety Courses Under FoSTaC FoSTaC offers 17 different courses for different types of food businesses on different competency levels. The duration of each course is 8-12 hours spreading over 1-2 days. The domain experts have developed the courses. The training modules are based on manufacturing practices or general hygiene as provided under Schedule 4 of the FSS regulation. The FoSTaC course has been divided into three levels which are the basic, advanced and special courses. The training for the food safety supervisors under the three FoSTaC courses is conducted through the face to face mode. FSSAI has created training content for the three courses, available in English and translated into other regional languages also. The details of the FoSTaC courses for food safety supervisors training (trainees) are provided below: Sl.No. FoSTaC Course Duration (per day) Optional/Mandatory Applicable food business 1. Level 1 for manufacturing units 4 hours  Recommended for all small manufacturing units. For every type of small manufacturing or processing unit. 2. Level 2 for manufacturing units 8 hours Mandatory for every manufacturing unit other than milk products and milk processing units and health nutraceuticals and supplements. Every food processing unit other than milk products and milk processing unit, and health nutraceuticals and supplements. 3. Milk and milk products 12 hours  Mandatory for all milk products and milk processing units. All milk products and milk processing units. 4. Meats and poultry 12 hours Mandatory for all poultry and meat processing unit. All poultry and meat food processing units except small slaughterhouses. 5. Seafood and fish 8 hours Mandatory for all seafood and fish processing units. All seafood and fish processing units. 6. Health supplements 8 hours Mandatory for all health supplement units. All health nutraceuticals and supplements processing units. 7. Level 1 for bakeries 4 hours Recommended for all small bakery units. Small scale bakery processing units. 8. Level 2 for bakeries  8 hours Optional for bakeries. All bakery processing units. 9. Edible oil and fats 8 hours Optional for fats and edible oil manufacturing units. All fats and vegetable oils processing units. 10. Water and water-based beverages 8 hours Optional for water and water-based beverages processing units.  All water and water-based beverages processing units. 11. Level 1 for retail units 8 hours  Recommended for small retail units. For all types of small retail shops. 12. Level 2 for retail units 8 hours  Mandatory for all retail units. All wholesalers and retailers. 13. Level 1 for transport and storage 8 hours  Recommended for all small transport and storage units. For all types of small transport and storage units. 14. Level 2 for transport and storage 8 hours  Mandatory for all transport and storage units. All food transport and storage units. 15. Level 1 for catering 8 hours Recommended for all small catering units.  All types of small catering units. 16. Level 2 for catering 8 hours Mandatory for all catering units. All catering establishments, including hotels, restaurants, caterers, Dhabas, flight catering, rail catering, canteens etc. 17. Street food vendors 4 hours  Recommended for all street food vendors. All street food vendors. FoSTaC Application Process Visit the official FoSTaC website https://fostac.fssai.gov.in/index. Scroll further down and select the ‘Register‘ button located under the section titled ‘Get Food Safety Supervisor’s Certificate‘ on the homepage. Complete the trainee application form by providing personal information, address particulars, and business details, then press the ‘Submit‘ button. The screen will show the FoSTaC unique username ID and

According to rule 2A of the Income Tax Rules, HRA for salaried individuals is accounted for under section 10 (13A) of the Income Tax Act. Similar to this, self-employed people are not taken into account for HRA exemption under this provision but may still be eligible for tax benefits under section 80GG of the Income Tax Act. What is HRA (House Rent Allowance) House Rent Allowance is an allowance given by an employer to an employee to cover the cost of living in rented housing.  HRA is not entirely taxable, even though it is a part of your salary. A portion of HRA is excluded from taxation under Section 10 (13A) of the Income Tax Act of 1961, subject to some provisions. Until calculating taxable income, the sum of HRA exemption is deducted from the overall income, which allows an individual to save money on taxes. However, bear in mind that if an employee lives in his or her own home and does not pay rent, the HRA collected from his or her employer is entirely taxable. Is HRA Taxable? HRA is a part of your salary income and therefore, it is initially considered as your taxable income. However, if you live in a rented accommodation, you can claim a tax exemption either – partially or wholly under Section 10(13A) of the Income Tax Act. This is popularly known as HRA exemption. If you don’t live in a rented accommodation, this allowance is fully taxable. Who can avail of HRA? This tax incentive is only applicable to salaried people who have an HRA portion of their pay structure and live in rental housing. The allowance is not available to self-employed workers. HRA for the Self-Employed As per the Income Tax Act regulations, self-employed individuals cannot claim HRA, but they certainly can avail of tax deductions towards the rented housing under Section 80GG. HRA for Salaried Individuals According to Section 10 (13A), rule number 2A of the Income Tax Act, salaried individuals can claim exemptions for HRA. How to Claim HRA Exemption? Live in rented accommodation. Receive HRA as part of your CTC Submit valid rent receipts and proof of rent payments. The HRA exemption calculation will depend on various factors like salary, rent paid, HRA received by the employee and city of residence of employee. How to Calculate HRA Exemption? The lowest of the following can be claimed by an individual as an HRA exemption: Actual HRA received Actual rent paid (-) 10% of basic salary + Dearness Allowance 50% of [Basic Salary + Dearness Allowance] for those living in metro cities (Delhi, Mumbai, Kolkata, Chennai) 40% of [Basic Salary + Dearness Allowance] for those living in non-metros Example of HRA Calculation Consider the situation of Mr. Shiva, a salaried person who lives in Mumbai. He pays a monthly rent of Rs.10,000 for his leased accommodation. This equates to Rs.1.2 lakh per year. His monthly earnings as seen in the table below: Per month, he has a PF of Rs.2,000 and a technical tax of Rs.200 deducted from his pay. In Mr. Shiva’s case, the tax-free portion of his HRA will be the lowest of the following, based on his annual earnings: Basic Salary Rs.30,000 HRA Rs.13,000 Conveyance Allowance Rs.2,000 Special Allowance Rs.3,000 Leave Travel Allowance (LTA) Rs.5,000 Total Earnings Rs.53,000 Mr. Shiva will receive Rs.84,000 in tax exemption on HRA since it is the lowest value above. The remainder of his HRA will be taxed according to his income tax bracket. Actual HRA element of salary: Rs.13,000 into 12 = Rs.1.56 lakh 50% of basic salary, as he stays in Mumbai: 50% into Rs.30,000 into 12 = Rs.1.80 lakh Actual rent paid minus 10% in basic salary: (Rs.10,000 into 12) – (10% into Rs.30,000 into 12) = Rs.1.2 lakh – Rs.36,000 =  Documents Required for HRA Deduction Here is the list of documents required for HRA exemption- An employee is required to furnish PAN card details and a copy of the landlord/property owner if the rent paid during the given financial year is more than Rs1,00,000 in order to claim HRA tax exemption. The receipts of rent paid by the employee. Note that the receipts should include the Date and Name of the landlord, PAN card details of the landlord, Name of the tenant, Address of the rented house, Duration of stay, revenue stamp, Signature of the landlord on the revenue stamp, etc. FAQs How to submit HRA proof for Income Tax Return? You will be required to furnish documents like rent receipts and rental agreements to the employer to claim HRA exemption. If the rent payment exceeds Rs 1 lakh p.a., then the PAN of the landlord is required to be submitted. What is the maximum limit for HRA? As per Section 10(13A), an employee is eligible to claim a House Rent Allowance deduction maximum up to the actual HRA component that is received from his/her employer.

NBFCs are the key pillars of the financial sector, elevating financial inclusivity for those experiencing capital or credit issues. The advent of NBFCs has harmonized the financial sector and broadened credit accessibility, spanning almost all kinds of entities regardless of footprint or sector. NBFCs in India experience stringent operational norms to keep things transparent and legitimate. They have a long list of compliances to follow underpinned by governing authority i.e. Reserve Bank of India. This article delves into the NBFC compliance checklist to ascertain what rules exactly apply to them. Meaning of NBFC NBFC is define under section 45I(f) of the Reserve Bank of India Act, 1934 means a financial institution involved in the business of loans and advances, stocks, hire-purchase, acquisition of shares, chit business, insurance business, or other business as notified by the RBI. However, an NBFC does not include any institution whose principal business is agriculture activity, industrial activity, purchase or sale of goods, or providing any services and doesn’t hold any assets of customers other than its own. Types of NBFCs Investment and Credit Company (ICC): An ICC is an NBFC that primarily deals in investing in shares, bonds, or debentures; Lending and Asset financial activities. Infrastructure Finance Company (IFC): An IFC is an NBFC that provides long-term finance for infrastructure projects. Core Investment Company (CIC-ND-SI): A CIC-ND-SI is an NBFC that holds more than 90% of its assets in the form of investments in shares, bonds, or debentures of other group companies. Microfinance Institution (MFI): An MFI is an NBFC that provides small loans and other financial services to low-income households. Factoring Company: Factors are NBFCs that primarily deal in factoring business, which involves buying accounts receivable of businesses and providing them with funds. Housing Finance Company (HFC): An HFC is an NBFC that provides finance for the purchase or construction of houses. Account Aggregators (NBFC-AA) – Involving the functions of account aggregation. Infrastructure Debt Fund NBFC (IDF-NBFC)- It provides the long-term debt flow into infrastructure projects. Peer to Peer Lending (P2P)- Involving the business of a peer-to-peer lending platform, majorly IT driven. Mortgage Guarantee Companies (MGC) Understanding the Significance of NBFC Compliance Unlike other institutions or entities, NBFCs experienced stiff regulations to stay compliant. The operational norms for them have increasingly tightened to keep them on track. The recently launched RBI guidelines have made things even more challenging for them. As per the Master Direction, NBFC Returns (Reserve Bank) Directions, 2016, these entities are required to file myriad returns to the Reserve Bank concerning their: Deposit acceptance ALM Prudential Norms Compliance Non-compliance can lead to several repercussions, including stiff penalties. Therefore, knowing these directives is as important as paying attention to business operations. Applicability of Directions and Important Compliances Annual Return: NBFCs are needed to submit an annual return to the RBI in the given format within 90 days of the end of the financial year. Audited Financial Statements: NBFCs are needed to prepare and submit audited financial statements to the RBI in the given format witing 6 months from the end of the financial year. Prudential Norms: NBFCs are needed to maintain the minimum capital adequacy ratio, maintain minimum liquidity requirements, and follow asset classification and provisioning norms as specified by the RBI. KYC Norms: NBFCs are required to follow the Know Your Customer (KYC) norms while opening accounts of customers. Fair Practices Code (FPC): The FPC outlines the standards and practices to be followed by NBFCs while conducting business activity. NBFCs are required to follow the FPC while dealing with customers.   Submission of Returns: NBFCs are needed to submit many periodic returns to the RBI. These involve monthly and quarterly retune on prudential norms, asset, classification, and provisioning, among others. Audit and Inspection: NBFCs are subject to periodic audits and inspections by the RBI to make sure the compliance with regulatory requirements. Anti-Money Laundering (AML) and Combating of Financing of Terrorism (CFT): NBFCs are required to follow AML/CFT instructions issued by the RBI to prevent money laundering and terrorist financing activities. Duties and Responsibilities of Auditors in relation to NBFCs Audit of Financial Statements: Auditors are responsible for auditing the financial statements of NBFCs to provide an opinion on the accuracy and reliability of the financial information presented. This includes verifying the financial transactions, accounting policies, and disclosures made by the NBFC in accordance with the applicable accounting standards and regulations. Reporting of Frauds: Auditors are required to report any frauds or irregularities detected during the audit to the management and the audit committee of the NBFC. They are also required to report to the RBI if the frauds are material or if there is any violation of regulatory norms. Compliance with Regulatory Norms: Auditors are required to verify and ensure that the NBFC is complying with the regulatory norms and guidelines issued by the RBI. This includes verifying compliance with the prudential norms, KYC norms, and anti-money laundering (AML) and combating of financing of terrorism (CFT) guidelines. Review of Internal Controls: Auditors are required to review the internal control systems of the NBFC to assess their effectiveness in preventing and detecting frauds, errors, and irregularities. They are also required to provide recommendations for improving the internal control systems. Certification of Compliance: Auditors are required to issue a certificate of compliance with regulatory norms to the NBFC, as prescribed by the RBI, at the end of each financial year. Communication with Shareholders: Auditors are required to communicate with the shareholders of the NBFC through the management on matters related to the audit, including any significant findings or issues identified during the audit. Continuing Professional Development: Auditors are required to maintain their professional competence and keep themselves updated with the latest developments in the accounting and auditing standards, regulations, and best practices. NBFCs Compliances as Specified by the RBI Minimum Capital Adequacy Ratio (CAR): NBFCs are required to maintain a minimum CAR of 15% of their risk-weighted assets. The CAR is a measure of a company‘s financial strength and ability to absorb losses. Liquidity Norms: NBFCs are required to maintain a minimum level of liquidity to meet their obligations as they arise. The liquidity requirements are specified based on

The hospitality industry is growing, and as budget travel has increased, budget-friendly hotel companies such as OYO have grown in popularity. If you’re an entrepreneur looking to enter the hotel industry, an OYO hotel franchise could be a good fit. But, before you get started, you need to understand the OYO franchise cost so that you can make an informed selection. A townhouse, in general, refers to a residential property inhabited by a single family, which shares its boundaries with other independently owned units. Akin to row houses, an owner of a townhouse generally shares one or more walls with the other. On a different note, OYO Townhouse caters to the needs of the millennial traveler through its accommodation services backed with stellar features offering optimized comfort, efficiency, convenience, and affordability; in a setting that resembles that of a townhouse About OYO OYO rooms entered the hospitality segment in the year 2013 courtesy its founder, Ritesh Agarwal; and have emerged as the country’s largest hospitality company in a shorter span of five years. It holds its territorial prowess over 230 Indian cities and has extended its portfolio to Malaysia and Nepal. The entity seeks to establish itself as the most preferred and trusted brand in the world. The facility of Ola app has revolutionized the industry, as it enables people to search and book rooms, request for room service, avail cab services, and look out for nearby OYO hotels. OYO introduced the concept of Townhouse more recently in 2017 as a managed hotel-brand designed to function as  a social hotspot catering to city dwellers and the new generation of lodgers. The Townhouse would offer the traveler stellar features and dynamic services, with the added benefit of a hyper-local addres OYO Franchise Costs and Models Benefits Offered by OYO Franchise Model Description Initial Investment Range Key Features OYO Townhouse Franchise Premium affordable hotels with consistent style and features. Requires a minimum of 10 rooms. ₹1 crore – ₹2 crore (approx. $125,000 – $250,000) Property refurbishment, brand standards compliance OYO Flagship Franchise Transformation of existing hotels/resorts into OYO-branded properties. Flexible in size and design. One-time business success fee: ₹2 lakh (approx. $2,500) Minor modifications to meet OYO standards   Benefits Offered by OYO Top quality property makeover. Hassle-free operations. Transparency in reviews. Financial backing. A promised occupancy rate of 80% for each day. A track record of guests who had a happy experience, and that of those who came back. Well established brand. FICO business format. Profitable ROI (Returns on Investment). Designed for business, leisure, and pleasure. Smarter rooms. Smarter spaces. Smarter buildings. Smarter service. Smarter locations. Guaranteed returns from the 7th month of association. Secured Investments. Rental Charges at the Townhouse OYO rooms charge anywhere between INR 2,500 and 4000 per day for their townhouse facility. Financial Requirements Aspiring entrepreneurs are required to invest a sum of INR 1 crore-2 crore to launch an OYO Townhouse franchise, in addition to the working capital and investment reserves. As per the claims of the company, the franchise would receive an ROI of 40%, resulting in a shorter payback period. Infrastructural Specifications The townhouse can be constructed in a commercial property scaling to a Square feet of 3000-5000. The property could be located near a tourist hub or a particular place in the city or town which may draw people in. Proposed Area of Expansion OYO rooms are currently located at various jurisdictions, but the pursuit of growth drives one to make a march into uncharted territories. The following locations have been shortlisted for the purpose, though not all are uncharted by the group : North Zone Delhi Haryana Himachal Pradesh Jammu and Kashmir Punjab Uttaranchal Uttar Pradesh South Zone Kerala Karnataka Tamil Nadu Andhra Pradesh Telanagana East Zone Assam Meghalaya Mizoram Tripura Arunachal Pradesh Manipur Nagaland West Bengal Sikkim Odisha West Zone Gujarat Rajasthan Maharashtra Goa Enrollment Procedure The applicant can make an application for the opportunity by either visiting the OYO website and entering the mandatory and essential details. Post receiving the application, the company would contact the applicant if it feels that the particular candidate is a good fit for the endeavor. Training OYO accords its business partners with the facilities generally provided to all franchisees, which includes the likes of induction training, expert guidance from the head office to establish the franchise, field assistance, and operating manual. Duration of Agreement The business partnership between OYO and the franchise would be pursued with a five-year business agreement, which is renewable upon expiry. FAQs What is OYO Townhouse? OYO Townhouse is a premium hotel brand from OYO, designed for millennial travelers. It focuses on providing a stylish, affordable, and comfortable experience, blending hotel, home, and café-style elements. How does the OYO Townhouse franchise model work? OYO Townhouse works on a franchise model where OYO partners with hotel owners to rebrand and upgrade their properties under the OYO Townhouse brand. OYO manages operations, marketing, and bookings, while the property owner handles day-to-day management.

The National Savings Certificate (NSC) program is a fixed-income plan. It is a popular savings product in India. This program may be activated at any Post Office. The NSC plan is a project of the Government of India. As a result, it ensures returns. This savings bond encourages investors with low and moderate incomes to save. They may also be eligible for a tax break.  Section 80C of the Income Tax Act exempts NSC investments up to Rs 1.5 lakhs from tax. They have a five-year lock-in term. Fixed interest is earned on NSC certificates. The current interest rate is 7.7%. NSC, like other fixed-income instruments such as PPF and Post Office FDs, is a safe and low-risk vehicle. The required minimum deposit is Rs 100. There is no maximum investment limit in NSC. For NSC investments, there is no TDS. What is National Savings Certificate National Savings Certificate is a savings bond scheme that encourages subscribers, primarily small to mid-income investors, to invest while saving on income tax under Section 80C. NSC – Key Information Interest Rate 7.7% per annum Minimum Investment Rs.1,000 Lock-in Period 5 years Risk Profile Low-risk Tax Benefit       Up to Rs.1.5 lakh under Section 80C You can invest in NSC from the nearest post office in your name, for a minor or with another adult as a joint account. NSC comes with a fixed maturity period of five years. There is no maximum limit on the purchase of NSCs. Features & Benefits of NSC Interest Rates : The certificates earn an annual fixed interest, which is revised every quarter by the government, thus guaranteeing a regular income for the investor. Maturity Period : The scheme originally had two types of certificates – NSC VIII Issue (5 year tenure) and NSC IX Issue (10 year tenure). With the discontinuation of the latter in December 2015, only the former issue is available for subscription. Tax Saver: As a government-backed tax-saving scheme, the principal invested in NSC qualifies for tax savings under Section 80C of the Income Tax Act up to Rs. 1.5 lakhs annually. Investment Flexibility : You can invest as small as Rs. 100 as an initial investment with no maximum limit. Accessible: It can be easily bought from any post office on submission of required KYC documents. Also, it is easy to transfer the certificate from one PO to another as well as from one person to another without impacting the interest accrual/maturity of the original certificate. Loan Collaterals: NSC certificates are accepted as collateral or security for secured loans in Banks and NBFCs. In such a case, a transfer stamp is put on the certificate and transferred to the bank while disbursing loans. Power of Compounding: Interest earned gets compounded annually and reinvested by default but will be payable only at maturity. Nomination: The investor can nominate any family member (even a minor) so that they can inherit it in the case of an unfortunate event of the investor’s demise. Corpus on Maturity: The investor will receive the entire corpus value on maturity. As there is no TDS on NSC payouts, the subscriber should pay the applicable tax on it while filing his Income tax returns or paying his advance tax. Premature Withdrawal: Generally, one cannot exit the scheme early except on the death of an investor, on a court order, or on forfeiture by a pledgee who is a Gazetted Government Officer for it. Who Should Invest in NSC? The NSC offers guaranteed interest and complete capital protection, just like some other fixed income instruments – Public Provident Fund and Post Office FDs. However, they cannot deliver inflation-beating returns like tax saving Mutual Funds and National Pension Systems. NSC Interest Rate History NSC Interest Rates are periodically reviewed by the Ministry of Finance, leading to revisions every quarter. Interest on NSC is compounded annually and disbursed upon maturity. Below is a chart depicting the historical NSC interest rates from previous years: Financial Year  April-June July-September October-December January-March 2023-2024 7.7% 7.7% 7.7% 7.7% 2022-2023 6.8% 6.8% 6.8% 7.0% 2021-2022 6.8% 6.8% 6.8% 6.8% 2020-2021 6.8% 6.8% 6.8% 6.8% 2019-2020 8.0% 7.9% 7.9% 7.9% 2018-2019 7.6% 7.6% 8.0% 8.0% 2017-2018 7.9% 7.8% 7.8% 7.6% 2016-2017 8.1% 8.1% 8.0% 8.0%   Eligibility Criteria for NSC Hindu Undivided Families (HUFs), Trusts, Private and public limited companies are not eligible to invest in NSC. The individual must be an Indian citizen. Non-resident Indians (NRIs) are not eligible to invest in NSC. There is no age limit for individuals in order to purchase a certificate. Documents Required to Apply for NSC The NSC application form. Investors to provide an original identification proof such  Passport Permanent Account Number (PAN Card)  Voter ID  Driving licence  Senior Citizen ID, or Government ID for verification. Photograph. Address proof like electricity bill, Passport, telephone bill, bank statement along with a cheque. How to Invest in NSC? Steps to Invest in NSC Offline To invest in NSC offline, follow the listed steps:   Step 1: Collect the NSC application form online or at any post office.  Step 2: Fill out the form with all the details.  Step 3: Submit the form with self-attested copies of the required KYC documents.   Step 4: Take the original documents for verification and pay the amount you want to invest. Step 5: Upon approval, collect the NSC of your application.   Steps to Apply for NSC Online Step 1: Open Department of Posts (DOP) net banking and log in.  Step 2: Under ‘General Services’, select ‘Service Requests’.  Step 3: Click on ‘New Requests’ and choose ‘NSC Account – Open an NSC Account (For NSC)’.  Step 4: Enter the deposit amount and choose the debit account linked to the PO savings account.  Step 5: Choose ‘Click Here’ to run through the terms and conditions. Accept them once done.  Step 6: Enter the transaction password and click on ‘Submit’.  Step 7: The deposit receipt will be there to view and download.  Step 8: Login and click on ‘Accounts’ to view the details of your NSC account FAQs What is NSC full form? NSC stands for National Savings Certificate, a government scheme promoting investment. How to Withdraw NSC After Maturity Make a visit to the post office

The National Small Industries Corporation (NSIC) registers Micro, Small & Medium Enterprises (MSME) under a Single Point Registration scheme to offer them unified support services. The corporation is a mediator between the Government of India and the small-scale industries. It aims to promote the growth and competitiveness of the MSME sector by launching various schemes. All MSMEs, including Udyam Aadhaar, registered MSMEs (MSMEs provided with a 12-digit Aadhaar number) are eligible for NSIC registration.  What is NSIC? NSIC is a certified Government of India enterprise that works on promoting and fostering the growth of small and medium-scale industries across India. Through a network of technical centres, NSIC covers different sectors, including marketing, technology, finance, etc.   To enhance competition and integrate support services, the NSIC has developed several schemes. It also offers marketing support and is a facilitator for several national and international enterprises. NSIC also enables single-point registration for all government purchases. This allows micro and small enterprises to obtain benefits under Public Procurement Policy for Micro & Small Enterprises. Documents Required Copy of Acknowledgement of MSME registration Details of of plant & machinery and raw material with original purchase price Performance Statement  Self-attested copy of ownership documents of the premises or copy of lease deed. Declaration/Certificate from the Proprietor/Partner/Director whether or not they have any link with large scale unit(s). List of raw materials and finished goods in stock. Copy of BIS license, if applicable. Copy of ISO 9000 (Optional). List of technical personnel employed in production and services. Item for which registration required with detailed specification(s) Write-up on quality control measures adopted by the firm for ensuring quality of raw material, bought out item (s) for assembly and sub assembly and for products/stores in process and the finished products quality control List of quality control equipment and testing facility available in factory Copy of type test report from Independent lab, where applicable as mentioned in relevant standard. Latest Electricity Bill Copy. Audited Balance Sheet, Trading Account and Profit & Loss Account for the last 3 years duly signed by the authorized person under his seal.  Statement showing the Results of Operation for the last 3 years duly signed by Chartered Accountant under his seal. Bankers’ Report giving details of financial status of the applicant firm as per Performa “F” of application form. Copy of Permanent Account No. (PAN) Partnership Deed Form ’A’ from Registrar of Firms showing the names of the partners. Certificate of Incorporation Memorandum and Articles of Association Eligibility Criteria for NSIC Registration All micro-enterprises in manufacturing with investments up to Rs.25 lakh and those in the service sector with investments up to Rs.10 lakh.    Small industries with investment in plant and machinery up to Rs.5 crore or service sector up to Rs.2 crore.  Any enterprise holding valid MSME certificates or has completed a year of business.  For business ventures not completing one year of commencement, NSIC registration is possible under the Single Point registration scheme.  How to Register for NSIC? Step 1: Eligible applicants should visit the official website of NSIC to obtain an NSIC certificate.  Step 2: Micro and Small Industries must register themselves with the MSME Data Bank. They must use their UAM number and PAN to begin the process. Step 3: Fill in the required details in the application form.  Step 4: Depending on the Unit enterprise category (Micro/Small), applicants must pay the respective NSIC registration fees.  Step 5: An Inspection agency performs an inspection of store items in accordance with the domain expertise and jurisdiction.  Step 6:  Once the documents and payment get verified by the authorities, applicants can collect their final certificates online or via mail.  Registration Charges Registration Fee The NSIC charges the following fee for new registration based on turnover and MSME classification. Less than Rs.1 Crore Turnover: Micro enterprises having less than Rs.1 crore turnover, are charged a fee of Rs.3000, while small enterprises having a turnover of less than Rs.1 crore are charged a fee of Rs.5000. More than Rs.1 Crore Turnover: Micro enterprises having more than Rs.1 crore turnover, are charged a fee of Rs.3000 plus Rs.1500 for each crore of additional turnover. Small enterprises having a turnover of less than Rs.1 crore are charged a fee of Rs.5000 plus Rs.2000 for each crore of additional turnover. The total cap on registration fee is set at Rs.1 lakh. Inspection Charges In addition to the registration fee, MSME enterprises must pay for inspection charges, as decided by the inspecting agency. The inspection charges are set at Rs.2000 for micro enterprises and Rs.3000 for small enterprises. Professional Fee Finally, the MSME unit must pay professional fee to RITES Limited and Consultancy Development Centre for undertaking physical inspection. Professional fee are set at Rs.6000 for micro enterprises and Rs.8000 for small enterprises. Features and Benefits of NSIC Registration NSIC registration allows the small industry sector to continue operations through loans and different schemes.  The NSIC oversees the documentation process and helps business ventures to outline their short and long-term growth. With the provision for loaning capital with the best interest rates, NSIC assures complete guidance. Apart from extending capital for business development, they also ensure that enterprises can switch banks for credits. Small enterprises often face a dearth of capital and basic equipment to begin functioning. NSIC ensures that companies can purchase raw materials, equipment, and other machinery required for continuing production.  NSIC provides digital and technical support to small enterprises for skill upgrading. They may also conduct sessions to provide useful knowledge on market economics and business development.  NSIC promotes self-employment and acts as a consultant for business activities FAQs What is the validity of NSIC registration? MSMEs receiving NSIC certificates through Single Point Registration are liable to use it for 2 years, after which they should perform NSIC online renewal. MSMEs can also receive a Provisional NSIC certificate with a budgetary limit of Rs. 5 lakhs, valid for 1 year. What are some activities that are not eligible for Single Point Registration (SPR) in the NSIC scheme? The following activities are not eligible for SPR:Manufacture of medicines and drugs unless they are MSE units

The Goods and Service Tax puts forth several types of forms for taxpayers to file returns. These forms are classified based on the returns filing frequency and type of transaction undertaken. What is GSTR-1? GSTR-1 is a monthly or quarterly return that should be filed by every registered GST taxpayer, except a few as given in further sections. It contains details of all outward supplies i.e sales. The return has a total of 13 sections, listed down as follows: Tables 1, 2 & 3: GSTIN, legal and trade names, and aggregate turnover in the previous year Table 4: Taxable outward supplies to registered persons (including UIN-holders) excluding zero-rated supplies and deemed exports Table 5: Taxable outward inter-state supplies to unregistered persons where the invoice value is more than Rs.2.5 lakh Table 6: Zero-rated supplies as well as deemed exports Table 7: Taxable supplies to unregistered persons other than the supplies covered in table 5 (net of debit notes and credit notes) Table 8: Outward supplies that are nil rated, exempted and non-GST in nature Table 9: Amendments to outward supplies that are taxable and reported in table 4,5 & 6 of the earlier tax periods’ GSTR-1 return (including debit notes, credit notes, refund vouchers issued during the current period) Table 10: Debit note and credit note issued to unregistered person Table 11: Details of advances received or adjusted in the current tax period or amendments of the information reported in the earlier tax period. Table 12: Outward supplies summary based on HSN codes Table 13: Documents issued during the period. Table 14: For suppliers – Reporting ECO operators’ GSTIN-wise sales through e-commerce operators on which e-commerce operators are liable to collect TCS u/s 52 or liable to pay tax u/s 9(5) of the CGST Act Table 14A: For suppliers – Amendments to Table 14 Table 15: For e-commerce operators – Reporting both B2B and B2C, suppliers’ GSTIN-wise sales through e-commerce operators on which e-commerce operator must deposit TCS u/s 9(5) of the CGST Act Table 15A: For e-commerce operators –Table 15A I – Amendments to Table 15 for sales to GST registered persons (B2B)Table 15A II – Amendments to Table 15 for sales to unregistered persons (B2C) Who Should File GSTR 1? GSTR 1 must be filed by every registered taxpayer. It has to be filed even if the taxpayer has had no transactions in a month.  Registered individuals who do not have to file this form include –  Taxpayers liable to collect TDS. Those liable to collect TCS. Suppliers of Online Information Database Access and Retrieval (OIDAR) services (as per Section 14 of the IGST Act). Non-resident taxable persons. Taxpayers registered under the GST composition scheme. Input Service Distributors (ISDs). Considerations While Filing GSTR – 1 You need to be a registered taxpayer under GST, and also have a 15-digit PAN-based GSTIN. You need to have detailed invoices with their unique serial numbers. You also need an OTP to verify your registered mobile number with GST. GSTR-1 due date The due dates for GSTR-1 are based on your aggregate turnover.  Businesses with sales of up to Rs.5 crore have an option to file quarterly returns under the QRMP scheme and are due by the 13th of the month following the relevant quarter. Whereas, those taxpayers who do not opt for the QRMP scheme or have a total turnover above Rs.5 crore must file the return every month on or before the 11th of the next month. For businesses with turnover Month/Quarter Due Date More than Rs.5 crore  Jan 2024 11th Feb 2024   Feb 2024 11th Mar 2024   Mar 2024 12th Apr 2024 (earlier 11th Apr 2024)*   Apr 2024 11th May 2024   May 2024 11th Jun 2024   Jun 2024 11th Jul 2024   Jul 2024 11th Aug 2024   Aug 2024 11th Sept 2024   Sept 2024 11th Oct 2024   Oct 2024 11th Nov 2024   Nov 2024 11th Dec 2024   Dec 2024 11th Jan 2025   Jan 2025 11th Feb 2025   Feb 2025 11th Mar 2025   Mar 2025 11th Apr 2025 Turnover up to Rs.5 crore (QRMP Scheme) Oct-Dec 2023 13th Jan 2024   Jan-Mar 2024 13th Apr 2024   Apr-Jun 2024 13th Jul 2024   Jul-Sept 2024 13th Oct 2024   Oct-Dec 2024 13th Jan 2025   Jan-Mar 2025 13th Apr 2025 How Can Taxpayers File GSTR 1? Step 1 – Visit the GST Portal and log in. Step 2 – Click the “Services” tab. Step 3 – Select “Returns” and then “Returns Dashboard”. Step 4 – Select the relevant Financial Year and Return Filing Period from the drop-down menus. Step 5 – Click “Search”. Step 6 – Under the first search result – “Details of outward supplies of goods or services”, select “Prepare Online”. Select “Prepare Offline” if your number of invoices is more than 500. Step 7 – Fill in the sections.  GSTR-1 late fees and penalty Name of the Act Late fees for every day of delay Maximum late fee (if the annual turnover in the previous financial year is up to Rs.1.5 crore) Maximum late fee(If the annual turnover ranges between Rs.1.5 crore and Rs.5 crore)  Maximum late fee(If the turnover is more than Rs.5 crore)  CGST Act, 2017 Rs 25 Rs 1,000 Rs 2,500 Rs 5,000 Respective SCGT Act, 2017 / UTGST Act, 2017 Rs 25 Rs 1,000 Rs 2,500 Rs 5,000 Total late fees to be paid Rs 50 Rs 2,000 Rs 5,000 Rs 10,000 The following table explains the late fee to be charged in case of nil GSTR-1 filing: Name of the Act Late fees for every day of delay Maximum late fee CGST Act, 2017 Rs 10 Rs 250 Respective SCGT Act, 2017 / UTGST Act, 2017 Rs 10 Rs 250 Total late fees to be paid Rs 20 Rs 500 FAQs Can I file GSTR-1 after the due date? Yes, you can file the GSTR-1 even after the due date. However, you have to pay a late fee based on the delayed number of days. Can I change a bill/ invoice uploaded on the GST portal? After uploading bills you can make changes multiple times. There is no restriction on changing invoices

A franchise is a type of license that grants a franchisee access to a franchisor’s proprietary business knowledge, processes, and trademarks, thus allowing the franchisee to sell a product or service under the franchisor’s business name. In exchange for acquiring a franchise, the franchisee usually pays the franchisor an initial start-up fee and annual licensing fees. The franchise business is gaining popularity these days in India. Entrepreneurs choose to own a franchise rather than start a business from scratch. A franchise business or franchising means an already established business grants a license to another business owner to operate with its name and use its expertise for a fee. Thus, franchising is a process where an established entity grants a license to another entity to use its name, trademark and expertise to run the business. The entity that grants the business license to another entity is known as the franchisor. The entity that buys the business license of the franchisor is known as the franchisee. Concept of Franchise A franchise is a business where an individual or an entity known as the franchisee owns a business under the trademark, brand, and business model owned by another entity known as the franchisor. In simple terms, a franchisee runs a business by using the existing brand name and business model of a franchisor for a specific period. Thus, both franchisee and franchisor have a legal and commercial relationship with each other. In a franchise business, the franchisee uses the trademark and brand name of a franchisor and sells the franchisor’s products or services. A franchisee pays the franchise fee and signs an agreement with the franchisor. A franchisee may also open a new branch of the franchisor business after all the legal formalities are complete. The relationship between franchisor and franchisee is significant as it forms the base of a franchise business. The franchisor permits the franchisee to use his/her business name, trademark, services, techniques, methods, etc., for an agreed fee. Thus, it helps the franchisor to expand the name and brand to a larger group of people and the franchisee to run a business at a low cost. For example: A person ‘X’ willing to open a clothes business can approach ‘Raymond’ company and obtain a franchise from them. Raymond will be the franchisor that will provide X with the business plan, trademark, clothes, and necessary documents to start the business and also advertise to get customers to the store. In return, X is supposed to give them an initial amount of profit as a fee. X can earn profits by selling clothes of the ‘Raymond’ brand and operating a clothes business at a low cost. Examples of Franchise Businesses in India: Subway, McDonalds, KFC, Pizza Hut, Hard Rock Cafe, Domino’s Pizza, etc. Types Of The Franchise Business Product franchises The product franchises are where the manufacturers use the franchise contract to decide how the franchisee will distribute the products. The franchisees distribute the franchisor’s products. The franchisors only provide their brand name to the franchisee. The franchisee will pay a certain amount to the franchisor as mentioned in the agreement. Manufacturing franchises In manufacturing franchises, the franchisees are allowed to legally make the products and market them using the trademark and name of the franchisor company. The franchisee will provide a franchise fee and also a certain amount for the units sold to the franchisor. Business franchise ventures Business franchise ventures mean the franchisee buys and sells the products from the franchisor. The franchisors provide franchisees with a client base which they need to maintain for future trade. Business format franchise In the business format franchise, the franchisor provides the necessary training and helps establish the business. The franchisor also provides the raw materials frequently and gets a royalty fee from the franchisee. In this franchise, the franchise business gets a proper business model made by the franchisor. Investment franchise Usually, franchisees invest money in the franchise business and hire their own staff in the investment franchise. The franchisors may also help the franchisees with investment and obtaining benefits. Job franchise business The franchisee can run a franchise business from home in a job franchise business. One person usually handles these types of franchises, ensuring the purchasing and selling of the product. Advantages and Disadvantages of Franchises Advantages There are many advantages to investing in a franchise, and also drawbacks. Widely recognized benefits include a ready-made business formula to follow. A franchise comes with market-tested products and services, and in many cases established brand recognition. If you’re a McDonald’s franchisee, decisions about what products to sell, how to layout your store, or even how to design your employee uniforms have already been made. Some franchisors offer training and financial planning, or lists of approved suppliers. But while franchises come with a formula and track record, success is never guaranteed. Disadvantages Disadvantages include heavy start-up costs as well as ongoing royalty costs. To take the McDonald’s example further, the estimated total amount of money it costs to start a McDonald’s franchise ranges from $1.3 million to $2.3 million, on top of needing liquid capital of $500,000.6 By definition, franchises have ongoing fees that must be paid to the franchisor in the form of a percentage of sales or revenue. This percentage can range between 4.6% and 12.5%, depending on the industry.2 For uprising brands, there are those who publicize inaccurate information and boast about ratings, rankings, and awards that are not required to be proven. So, franchisees might pay high dollar amounts for no or low franchise value. Franchisees also lack control over territory or creativity with their business. Financing from the franchisor or elsewhere may be difficult to come by. Other factors that impact all businesses, such as poor location or management, are also possibilities. Pros Ready-made business formula Market-tested products and services Established brand recognition Large decisions already made List of approved suppliers Training and financial planning provided Cons Success not guaranteed Large start-up costs Ongoing fees Lack of territory choice Lack of creative control Franchise Models

Attention is invited to the Instruction No. 01/2023-GST dated 04.05.2023 vide which guidelines were issued for conducting a special All-India drive during the period from 16th May 2023 to 15th July 2023 (which was further extended till 14th August 2023), for verification and detection of suspicious/ fake registrations and for taking timely remedial action to prevent any further revenue loss to the Government. A National Coordination Committee headed by Member (GST), CBIC and including the senior officers from different States and Centre was also formed to take decisions and monitor the progress of this special drive. A meeting of the said National Co-ordination Committee was held on 11th July 2024, wherein it was discussed that the special All-India drive conducted during the year 2023, was found quite effective in weeding out fake registrations. The Committee felt that there may be a need for further focused and coordinated action by Central and State tax authorities to clean up the tax base and to take concerted action against the fake registrations and fake/bogus invoices, on the same pattern as was done during the said drive. It was, therefore, decided that a second special All-India drive against fake registrations may be conducted by all Central and State tax authorities for a period of two months starting from 16th August 2024. The National Co-ordination Committee also decided that like the previous drive, a set of common guidelines may be issued to ensure uniformity in action by the field formations and for effective coordination and monitoring of the action taken during this special drive. The following guidelines are issued for such concerted action on suspicious/ fake registrations during the special All-India drive during this year: a) Period of Special Drive: The second Special All-India Drive may be launched by all Central and State Tax administrations from 16th August 2024 to 15th October 2024 to detect suspicious/ fake GSTINs and to conduct requisite verification and further remedial action to weed out these fake billers from the GST eco-system and to safeguard Government revenue. b) Identification of fraudulent GSTINs: GSTN, in coordination with Directorate General of Analytics and Risk Management (DGARM), CBIC, will identify suspicious/ high-risk GSTINs, based on detailed data analytics and risk parameters, for the purpose of verification by the State and Central Tax authorities during the said drive and share the details of such suspicious GSTINs, jurisdiction wise, with the concerned tax administration. In case of such suspicious GSTINs falling under the jurisdiction of Central Tax, the details will be shared with the Central Tax authorities by GSTN through DGARM. Besides, the State and Central Tax Authorities, may, at their own option, supplement this list by data analysis/ intelligence gathering at their end, using various available analytical tools like BIFA/ GAIN, ADVAIT, NIC Prime, E-Way Bill Analytics etc., as well as through human intelligence, modus operandi alerts, experience gained through the past detections, as well as the first special All-India drive. c) Action to be taken by field formations: i. On receipt of data from GSTN, a time bound exercise of verification of the suspicious GSTINs shall be undertaken by the concerned jurisdictional tax officer(s). If, after detailed verification, it is found that the taxpayer is non-existent and fictitious, then the tax officer may immediately initiate action for suspension and cancellation of the registration of the said taxpayer in accordance with the provisions of section 29 of CGST Act, read with the rules thereof. ii. Further, the matter may also be examined for blocking of input tax credit in Electronic Credit Ledger as per the provisions of Rule 86A of CGST Rules without any delay. Additionally, the details of the recipients to whom the input tax credit has been passed by such non-existent taxpayer may be identified through the details furnished in FORM GSTR-1 by the said taxpayer. iii. Where the recipient GSTIN pertains to the jurisdiction of the said tax authority itself, suitable action may be initiated for demand and recovery of the input tax credit wrongly availed by such recipient on the basis of invoice issued by the said non-existent supplier, without underlying supply of goods or services or both. iv. In cases where the recipient GSTIN pertains to a different tax jurisdiction, the details of the case including the details of the recipient GSTIN, along with the relevant documents/ evidence, may be sent to the concerned tax authority, as early as possible, in the format mentioned in Annexure-B. For sharing such details/ information and coordination with other tax authorities, GSTN Back Office has an online functionality, namely, ‘Initiate Enquiry’ in the Enforcement module, which is available to all tax officers who have been assigned the role of ‘Enforcement Officer’ on the Back Office (BO Portal). v. For the purpose of communicating this information to the recipient tax jurisdiction, a nodal officer shall be appointed immediately by each of the Zonal CGST Zone and State. The name, designation, phone number/ mobile number and E-mail Id of such Nodal officer(s) appointed by CGST Zones and States must be shared by the concerned tax authority with GST Council Secretariat within three days of issuance of this letter. GST Council Secretariat will compile the list of the Nodal officers after procuring the details from all the tax administrations and will make the compiled list available to all the tax jurisdictions and to GSTN. vi. The nodal officer of the tax jurisdictions may be assigned the role of ‘Enforcement Officer’ on the BO Portal. Wherever the details of the recipient GSTIN needs to be shared to other tax jurisdiction, the same may be done through the nodal officer. The said nodal officer will accordingly share the information about the recipient GSTIN with the nodal officer of the concerned recipient tax administration, through the said functionality, attaching a pdf document in the format mentioned in Annexure-B. The nodal officer of the recipient tax administration will further share the details with the concerned jurisdictional tax officers, for necessary action. vii. GSTN will issue detailed guidelines/ advisory regarding usage of

A possession certificate, often referred to as a possession letter, is one of the most crucial documents that a property seller offers to a buyer. It is typically administered by a Tehsildar in rural regions and a Revenue Divisional Officer (RDO) in urban areas. This certificate can be used to acquire a house loan from a financial institution. A possession certificate provides documentation that the ownership interest in the property has been transferred legally. To prove that you are a legal owner of the property, you must obtain an occupancy certificate. It is provided by the local authorities and states that the property was built in accordance with local legislation and is complete according to the approved plan. The certificate proves that the property is ready for use. It is a required document that confirms your ownership of the property. If you do not obtain the certificate, local authorities may declare the property illegal. Possession Certificate in Karnataka Possession certificate in Karnataka is issued by the Bangalore Development Authority. It is one of the most important documents that the buyer gives to the seller stating the date pf property possession. The certificate is also used to include the concerned property in the land revenue records. Difference Between Occupancy Certificate and Possession A possession letter does not transfer legal ownership of the property to the buyer. To do so, he or she must obtain an occupancy certificate, which grants him or her not only the rights to the property but also access to the civic amenities provided by the complex. The possession letter also specifies the time frame within which the owner must make the final payment and take possession of the property. To secure a house loan, the original copy of the possession letter must be supplied.  An occupancy certificate, on the other hand, is provided by local authorities to indicate that a project has been completed and that the building is ready for habitation. It also specifies that the property was constructed in accordance with all applicable bylaws and guidelines. The certificate also grants homeowners ownership of the property. Documents Required Sale deed agreement copy Registered sale agreement copy Applicants identity and signature proof Certificate of encumbrance (Form 15) Steps to Apply for Possession Certificate in Karnataka Step 1: Visit the website Sakala Karnataka Official Site Step 2: Click on the “Sakala Online Services” tab. Step 3: Click on the “Bangalore Development Authority” tab. Step 4: Alternatively, you can also visit the Bengaluru Development Authority website and go to “Services Under Sakala” section. Step 5: Click on “Apply Online Possession Certificate Under SAKALA” as highlighted in the picture above. Step 6: You will be redirected to “Seva Sindhu” portal (https://sevasindhu.karnataka.gov.in). Step 7: Again, click on the “Bangalore Development Authority” tab and proceed to click on “Application for Possession Certificate for Sites” or “Application for Possession Certificate for Flats”. Step 8: Upon clicking, you will be able to check your eligibility and the documents required. Step 9: Click “Apply Online”. You will be asked to key in your registered mobile number and then click “Get OTP”. You will get a one-time password. Enter the OTP along with the captcha code and hit the “Submit” button.   Step 10: You will also be required to upload all the mandatory documents. Upon completion of the process, your possession certificate will be issued. Offline Procedure To apply offline, submit the application for possession certificate along with all the necessary documents to the concerned officer at the Deputy Secretary’s Office. Ensure to get a note of acknowledgement. You won’t be charged any fee for the application. It will take a maximum of 7 working days to process the application. You will then receive a notification to collect the possession certificate. You will be required to sign in a register as an acknowledgment of receiving the certificate. FAQs What do you mean by possession certificate? Bangalore Development Authority (BDA) issues a possession certificate in Karnataka. It is one of the most significant documents that the buyer presents to the seller, and it specifies the date on which the buyer will take possession of the property. The certificate is also used to register the property in the land revenue system. What is an EC certificate? EC certificate or an encumbrance certificate is a certificate of assurance that the property in question is free of any legal or monetary liability, such as a mortgage or an uncleared loan.