As per the GST Council, entities in the Northeaster and hill states with an annual turnover of Rs.20 lakhs and above would be required to obtain GST registration. For all other entities in rest of India would be required to obtain GST registration, if annual turnover exceeds.
The Concept of One Person Company in India was introduced through the Companies Act, 2013. One Person Company means a company which has only one member. One of the biggest advantages of a One Person Company is that there can be only one member.
Private Limited Company is the most prevalent and popular type of corporate legal entity in India. Private Limited Company Registration is governed by the Ministry of Corporate Affairs, Companies Act, 2013 and the Companies Incorporation Rules, 2014.
Limited Liability Partnership (LLP) has been introduced in India by way of Limited Liability Partnership (LLP) Act, 2008. The basic premise behind the introduction of Limited Liability Partnership (LLP) is to provide a form of business organization that is simple to maintain.
The sole proprietorship is the simplest business form under which one can operate a business. The sole proprietorship is not a legal entity. A sole proprietor need only register his name and secure local licenses, and the sole proprietor is ready for business.
A Basic Partnership Firm is a business structure in which two or more individuals manage and operate a business in accordance with the terms and objectives set out in the partnership deed. This structure is thought to have lost its relevance since the introduction.
Import Export (IE) Code is a registration required for persons importing or exporting goods and services from India. IE Code is issued by the Directorate General of Foreign Trade (DGFT), Ministry of Commerce and Industries.
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