GST number and company registration

Hi,

- You can register as OPC

- Yes, it is mandatory

- Yes there is flat rate on company. 

- No. First you need to register a company and then go for GST registration.

- Statutory Audit will also be applicable without any income or profit.

Hi

1. You need not form a company to get a GST registration. You can work under your own PAN as a sole proprietor. Based on being a sole proprietor-

2. Not mandatory

3. Return filing is not mandatory till your total income exceeds 2.5 lacs. In case of company, it would be mandatory irrespective of the income.

4. Best option is to register as sole proprietor. 

We may assist you with the registration and filings.

If you are a single person i would suggest you to go for proprietary concern rather than forming a company because the compliance after forming a company are also not less. you need to pay tax and file return even if you have earned Rs. 1000 profit and also you need to get your accounts audited for statutory purpose even if you are not liable for income tax.

Secondly the limit for GST has been increased to Rs. 40 lakh.

The compliance in forming a company takes around 20-25 days.

If you are forming a company you will definitely need current account.

Even if you are not forming a company i would suggest you to open current account as it would be easy to run business.

If you are going to do business by forming a company then you need to get company registered first and then you can apply for GST.

I think you are new to tax compliance and legal matters so if you need any help or understanding you can call me.

Hope you find the information helpful if you do please rate it 5 and provide your valuable feedback for my improvement.

Thank you.

Dear Sir

Hope you are doing well !!

1. You can do it under your own PAN with minimal compliance. There is no requirement to form a company for the same.

2.Not, it is not mandatory for sole proprietor.

However it's better if you keep your personal transactions and business with a hands distance.

So I prefer you to open a current account, which is not that much of a hurdle.

Opening current account will help you raise bank finance and avoid tax queries in later periods.

It will also help you to expand your business if so you plan to without much hassles.

3.For company-It is mandatory to file income tax return

Otherwise, it is not mandatory untill your income exceeds minimum exemption limit i.e. Rs 2.5 lakh.

4.Yes, you can do it with the option of sole proprietorship. 

You can get GST registration without a company registration. 

If you need any assistance in GST registration and return filing, please let us know. 

Hi,

Please refer to the replies inline below:

1. Best mode is to start as sole proprietor where the only compliance required is filing of tax return with few small compliance that may come up basis the turnover limit. Other ways of company registration (Pvt Ltd etc.) need lot of compliance to be done.

2. Yeah, you must open a current account as the company transactions shall not get mix with the personal dealings.

3. In every case, you must file income tax return. It is mandatory. If its a loss, then also you must file. As the loss needs to be carried forward and the same can be used to set off the profits in future years.

4. You can apply for the GST for sole proprietor structure also wherein GST number shall be allotted on your PAN number itself. In Sole Proprietor there is no as such company registration required.

Thanks

Damini