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GST Registration
Goods and Services Tax (GST) is an indirect tax which has replaced many indirect taxes in India such as the excise duty, VAT, services tax, etc. The Goods and Service Tax Act was passed in the Parliament on 29th March 2017 and came into effect on 1st July 2017. GST Registration is a process by which a business firm gets himself registered under GST. Once a business is successfully registered, a unique registration number is assigned to it known as the Goods and Services Tax Identification Number (GSTIN). Business firms with a turnover of 40 Lakhs (for goods) and Rs. 20 lakhs (for services) are required to register for GST and pay taxes on their taxable goods and services. Businesses with a yearly turnover of less than Rs. 40 Lakhs are not required to register for GST, but can choose to register for GST voluntarily.
MSME Registration
Udyam registration, also known as MSME registration is a government initiative by the Ministry of Micro, Small & Medium Enterprises (MSME) to register and classify MSMEs. The MSME registration will help the MSMEs in availing the benefits of government schemes such as the Credit Guarantee Scheme, Credit Linked Capital Subsidy Scheme, Public Procurement Policy, and Protection against delayed payments, etc. MSMEs are eligible for priority sector lending from banks with low rate of interest.
The Government of India has devised the Micro, Small and Medium Enterprises Development (MSMED) Act, 2006. Micro means enterprises with the investment in plant and machinery does not exceed Rs. 25 lakhs in Manufacturing & Production Industry and does not exceed Rs. 10 lakhs in Services industry. Small means enterprises with the investment in plant and machinery is more than Rs. 25 lakh but does not exceed Rs. 5 crore in Manufacturing & Production Industry and is more than Rs. 10 lakh but does not exceed Rs. 2 crore in Services industry. Medium means enterprises with the investment in plant and machinery is more than 5 crore but does not exceed Rs. 10 crore in Manufacturing & Production Industry and is more than 5 crore but does not exceed Rs. 10 crore in Services industry.
Proprietorships, partnership firms, companies, trusts, or societies are eligible for MSME registration.
Company Registration
The incorporation of a Company is regulated by the Indian Companies Act 2013 which is aimed to consolidate and amend laws related to trading companies and associations in India, regulating company formation, corporate governance, financial disclosure, and protecting shareholder and creditor interests. A company established in India cannot run its business without the registration certificate granted by the Registrar of Companies (ROC). The ROC will issue the registration certificate when the company complies with the provisions of the Act.
On incorporating your business as a company, it acquires its own personality and wider legal capacity. A company is a separate legal entity from its owners, therefore the company can sue and be sued in its own name. A company can own its property and incur debts. This protection shields the personal assets of the owners from the liabilities of the business. Registered companies are often viewed as more reliable and trustworthy, making it easier to secure loans and investments and attract investors
Partnership Firm Registration
A Partnership firm in India is to be registered under the Registrar of Firms (RoF) with the necessary documents, including the partnership deed and Form 1, as per the Indian Partnership Act, 1932. A Partnership Deed is a legally binding document outlining the terms of the partnership, including the name, partners’ details, business nature, and profit/loss sharing.
The partnership firm has to adhere to very little compliance as compared to a company or LLP. The partners do not need a Digital Signature Certificate (DSC), Director Identification Number (DIN), which is required for the company directors or designated partners of an LLP. The partners can introduce any changes in the business easily. They do have legal restrictions on their activities. It is cost-effective, and the registration process is cheaper
Limited Liability Partnership Registration
Limited Liability Partnership (LLP) Registration is regulated by the Limited Liability Partnership Act, 2008 in India. A minimum of two partners are required to incorporate an LLP. However, there is no upper limit on the maximum number of partners of an LLP. An LLP is a separate legal entity. The liability of the partners is limited to the contributions made by the partners.
Professional Tax Registration
Profession tax is a tax levied by the State Government on salaried individuals, working in government or non-government entities, or in practice of any profession, including Chartered Accountants, Doctors, Lawyers, Engineers, consultants, artists etc. or carry out some form of business. This form of tax is in practice for a long time and States were conferred the power of leveling the Tax under Clause (2) of Article 276. The Profession tax rates are based on the Income Slabs set by the respective State Governments. However, the maximum Profession Tax that may be levied by any State has been capped at Rs 2500/-. The total amount of profession tax paid during the year is allowed as Deduction under the Income Tax Act.
For Employees, Profession Tax is deducted by the employers from the salary of the salaried employees and same is deposited with the State Government.
For other individuals, they have to directly pay it to the Government or through their respective Local Bodies appointed to do so. The tax has to be collected and deposited as per the timeline provided by the respective State Government. In case, one fails to do so, penalty and late fee would be applicable. The Tax is paid to the Government on Semi Annually basis.