Business Setup
Importance of Business set-up services to India
The Indian economy is vast and proliferating. It gives lots of opportunities for people to set-up business in India. The ‘Make in India’ initiative, also known as the ambitious project of Indian Prime Minister Narendra Modi, provides necessary aids to set up and grow a business based in India. So, to start a business in India, business set-up services are beneficial, which makes the process smoother and faster. Business set-up service helps in choosing the best option available. Hence, there are different kinds of business set-up opportunities available in India .
Some of the options are as follows:
- Partnership: This is a very common business set-up seen in India. In brief, two or more parties form a management system where they work to attain a goal and share profit or loss.
- Limited Liability Partnership: LLP is a business set-up where some or all the partners of a firm or a company have limited liability.
- Limited Liability Company: This business set-up restrains the liability of partners, and the partners are liable only to the unpaid amount or agreed contribution by shares or otherwise.
Registrations Process
To open a business there are certain requirements that needs to be done like registering with different regulatory departments. There are main three registrations that a business needs to get done. These are as follows.
1.
PAN registration
PAN or Permanent Account Number is a unique identity given to each cardholder. Hence, it helps in identifying the income tax payer. Therefore, as per the norms, it is required for all individuals, partnerships and companies in India.
2.
TAN registration
TAN or Tax Deduction and Collection Account Number (TAN) is a 10 digit number issued to individuals who are required to deduct or collect tax on payments made by them under the Indian Income Tax Act, 1961.
3.
GST registration
In July last year, Govt. of India implemented Goods and Service tax under which a business, whose turnover exceeds Rs. 20 lakh annually, has to get registered for the same.
After completing the registration process a business can be run in India, but after that comes the main part, also known as post-registration formalities. These formalities are:
Audit: Every business has to make sure that the books of accounts are properly and ethically maintained. Businesses do this work under the auditing process that all businesses in India need to perform.
Filing Income Tax Return: This is the moral duty that all individuals have to perform for conducting their businesses. Therefore, in India, it is necessary for all businesses to pay Income Tax return by 31st March every financial year as per the Govt. Norms.
Filing GST return: As stated earlier, businesses need to be registered and file GST return as per the guidelines provided by the Government.
Compliance with TDS: TDS or Tax Deducted at Source falls under the Indian Revenue Services and is collected by the Central Board of Direct Taxes. As per the guidelines of the Indian Government, every business needs to compile with TDS.
Business set-up services take care of all these formalities from beginning to end that make starting a business in India easy.
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