GST For Partnership
Goods and Services Act, 2017
8 Working Days
1. Company's PAN
2. PAN Card of each Partner
3. Aadhar Card of each Partner
4. Firm's latest Bank Statement
5. Partnership Deed
6. Photos of each Partner
7. Rent / Lease Agreement (English) or
property tax paid bill
8. Electricity Bill
GST For Partnership
A Partnership is a legal relationship formed by the agreement between two or more individuals to carry on a business as co-owners. A partnership, as distinguished from a corporation, is not a separate entity from the individual owners. The partnership income tax is paid by the partnership, but the profits and losses are divided among the partners, based on their agreement. Partnerships are usually registered with the state in which they do business, but the requirement to register varies from state to state.
There are two types of Partnership firms, registered and un-registered Partnership firm. It is not compulsory to register a Partnership firm; however, it is advisable to register a Partnership firm due to the added advantages.
Advantages of Partnership Firm
Easy FormationGeneral partnerships require very little paperwork. Unlike corporations, partnerships can operate in multiple states without getting a new permit for each state. Usually, general partnerships must abide by fewer regulations and are under less government supervision than corporations.
Less complianceGeneral Partnerships do not need to appoint an auditor or, if unregistered, even file annual accounts with the registrar. Annual compliances are also fewer as compared to an LLP. General Partnerships do need to file Income Taxes and, depending on turnover, service and sales tax.
Audit NOT RequiredA Partnership firm is not required to file audited financial statements with the Ministry of Corporate Affairs each year. Therefore, audit of financial statements is not required. However, tax audit may be required for a Partnership firm if the turnover exceeds a prescribed limit which is one Crore for the Financial year ending March 31st 2015 & 2016.
GST Partnership Registration Procedure
The General Partnership Registration procedure is very simple, if you prompt with your all documents, this process can be completed in 5 working days, subject to legal processing time.
Thestartuppoint Financial Experts will first understand your business, partners, partnership structure and other relevant information. The information collected will be used by our Experts to Draft partnership Deed.
As no formal registration is required to start up proprietorship. Therefore, our professional adviser consults you to incorporate a proprietorship through other Government registration.
Every business needs a registered Permanent Account Number (PAN) and Tax Account Number (TAN). We will make the application online ourselves; you need to provide the all required Documents. The PAN and TAN will be couriered to your registered office address in 21 working days.