भारत में एकमात्र स्वामित्व स्थापित करने के बारे में जानने के लिए अपने फेसबुक या लिंक्डइन खाते से लॉगिन करें
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Let’s get right into it. A sole proprietorship may be the easiest firm to start. A proprietorship business and its proprietor legally represent a single entity under Indian law. Due to this, you would be taxed at individual rates instead of corporate. This greatly reduces tax procedures and allows you to file only one personal income tax return.
Here’s 4 things you can do to get starting your business and get it rolling!
1. Registering a Sole Proprietorship
2. Business Licensing [restrict]
- The most common: Shops and Establishments Act: If you are dealing in physical retail and employment, you would need to register for this.
- CST/VAT registration: If you plan to be selling goods under your sole proprietorship, then you will need to register for the appropriate CST or VAT license, depending on your state. Registration is applicable if your annual sales exceeds 5 lakhs.
- Professional Tax: If you are hiring employees, then this professional taxation is compulsory. It would be wise to examine state guidelines to determine if this tax is mandatory in your state.
- Service tax: Service tax is also compulsory for sole proprietorship if you are providing a service and annual sales exceeds 9 lakhs.
3. Costs Involved
4. Taxes
Actionable Takeaway: When deciding to embark on your entrepreneurial journey it’s vital that you are aware of the regulations regarding taxes and registrations, as these may differ depending on your state.
Now that your sole proprietorship is registered the next step is execution! The success of your business will depend on how well you’re able to lead yourself.
Find out here what habits some of the most successful entrepreneurs practice, and how you to can cultivate and incorporate these habits into your daily life.