Proprietorship setup
Start a sole proprietorship with the right registrations and a business bank account.
Get your GSTIN so you can charge GST, claim input credit and file returns.
GST registration gives your business a GSTIN, a 15-digit number issued under the CGST Act. With a GSTIN you can legally collect GST from customers, claim credit for the GST you pay on purchases, and file returns. The application is made online on the GST portal.
Registration becomes compulsory when your yearly turnover crosses the threshold: generally Rs 40 lakh for supply of goods (Rs 20 lakh in special category states) and Rs 20 lakh for services (Rs 10 lakh in special category states). Some businesses must register whatever their turnover, such as most sellers making inter-state supplies of goods, sellers on e-commerce platforms, casual and non-resident taxable persons, and those liable to pay tax under reverse charge. Limits can change by notification, so we confirm the position for your case.
Only if you cross the turnover limit or fall in a category that must register regardless of turnover. Below the limit it is optional, and some small businesses register voluntarily to claim input credit.
Yes. Use your residence as the business address with proof of ownership or the owner's consent, and a utility bill. We advise you on what the officer is likely to ask.
You can be asked to pay the tax with interest and a penalty. Registering late also means you cannot claim input credit for the earlier period.
Yes. Details such as address, partners or bank account can be amended on the portal, and registration can be cancelled if the business closes or turnover stays below the limit.
Start a sole proprietorship with the right registrations and a business bank account.
Draft the partnership deed and register your firm with the Registrar of Firms.
Incorporate a Limited Liability Partnership with limited liability and a flexible structure.