GST For PROPRIETORSHIP
Goods and Services Act, 2017
7 Working Days
1. PAN Card copy of Proprietor
2. Aadhar Card copy of Proprietor
3. Latest Bank Details/Statement of
4. Proprietor's Passportsize Photo
5. Rental or Lease Agreement
(With NOC) / Property Tax Paid Receipt
for the place of business
6. Latest Electricity bill
* Is an all inclusive price. In all other cases Out of Pocket expenses to be paid by the client.
GST For Proprietorship
To Start a Proprietorship Firm, GST Registration are required as these are necessary due to the activity the proprietorship intends to do and is common to all forms of business. A proprietor secures the capital, establishes and operates the business, assumes all the risks, hence accepts all the profits and losses, and pays all the taxes.The return of Income Tax and payment of taxes is also done by the proprietor only.
A bank account in the name of the business and entity proof is required. There is no separate pan card needed in the name of the business, the pan card of proprietor is also considered as the pan card of the firm.
Advantages of Proprietorship Firm
Easy to StartThe Proprietorship Business can be started at will and it does not require any Formal Registration other than Shops & Establishment Registration, Professional Tax Registration, GST etc. The cost of setting up a Proprietorship is comparatively low.
Tax BenefitsThe Taxable Income of the Business shall be added to the Income of the Proprietor, and he shall discharge all tax liabilities of the proprietorship business and file information in his Income Tax Return.
Decision MakingA Proprietor is the person who controls the business without any interference and there is no separation of ownership and control. The Decision Making in case of Proprietorship is relatively a fast process.
Easy FormationPaperwork and other formalities are comparitively less. However, the sole Proprietor will still need to comply with Licensing and other Registration requirements in the State in which they are doing Business.
TimeThe Proprietor has all the time on his part, which he can utilize as per his wish. He does not have to Consult or Report to any other person. A sole Proprietorship Business can be passed down to the Owner’s Heirs.
GST Proprietorship Registration Procedure
The Name of the Firm should be cross-checked with the Trademark Registry to avoid any infringement or passing off others Trademark or Brand name.
Every Business is required to comply with the provisions of Tax Deduction at source, to make payment of the collected TDS and file the TDS return, TAN number is needed. TAN is a unique number allotted by the Income Tax Department.
Aadhar Number enables a Unit / Entrepreneur to seek Online Services being offered by all the Ministries and Departments of the Government of India. It replaces the old method of registration of MSME by filing EM-I / II.
Every Shop or Commercial establishment is required to get itself registered with the Labour Department of the State Government. The Application for Registration must be filed within 30 days of starting a Business in India.
To carry out the Business, a Proprietor must open a current Account in the name of the Proprietorship Firm.