Temporary GST number In India, there is no provision for obtaining a temporary GST number. A business must first apply for a regular GST registration number by submitting the required documents and completing the registration process. Once the registration is complete, the business will receive a permanent GST identification number (GSTIN), which can be used… Read More »
Convert regular GST to composition Convert regular GST to composition: To convert regular GST to composition scheme in India, you need to follow the below steps: 1. Log in to the GST portal (www.gst.gov.in. (http://www.gst.gov.in/)) using your registered credentials. 2. Go to the “Services” tab and select “Registration”. 3. Click on “Application to opt for… Read More »
Input Tax Credit However, it’s important to understand that not all goods and services are subject to RCM. GST is only applicable under the Reverse Charge Mechanism (RCM) in specific situations as specified by the government. For instance, RCM applies to services provided by a goods transport agency, legal services, services provided by an… Read More »
Verifying GST Registration of a Company Verifying GST registration of a company, Statutory audit and tax audit are two distinct types of audits conducted for different purposes. Statutory audit: A statutory audit is perform to ensure that a company’s financial statements provide an accurate and fair view of its financial position and performance. It is… Read More »
Sole Proprietorship and Corporation Sole proprietorship and corporation, are two common business structures with their own advantages and disadvantages. Here are some of the advantages and disadvantages of being a Sole proprietorship and corporation Advantages of a Sole Proprietorship: Easy to start: A sole proprietorship is relatively easy and inexpensive to start since there… Read More »
Sole proprietorship A sole proprietorship is the simplest and frequently chosen type of business ownership. It is an unincorporated business owned and operated by one individual, where there is no legal distinction between the owner and the business entity. Here’s a comprehensive look at what a sole proprietorship entails: Key Features of a Sole Proprietorship… Read More »
How do I register a company as a sole proprietorship Sole proprietorship are not required to be registered with the government. To register a company as a sole proprietorship However, depending on the nature of the business and its operations, there may be certain registrations and licenses that the proprietorship needs to obtain in order… Read More »
