Starting a sole proprietorship

Others 367 views 3 replies

Sachin Tiwari

6 Points Posted on 09 February 2020

Hi,

I want to start a company that buys and sells products or gift vouchers online. I'm from an IT background, so know nothing about starting a company. After researching, I've come to a conclusion that I want to open a sole proprietorship. I have a salary account in HDFC. I've seen that I have to register for GST for turnover above 20 lakh, which is true in my case. I'm confused on how to start this. I'm not sure if I need to open a current account with HDFC for this. I want to register for GST as soon as possible. Can I register with my salary account and later change the bank account with the gst authorities?. Also, is shop registration mandatory or gst alone would be sufficient?

Please guide me as I don't know anything about this as of now and not sure with how to start with the registrations.

Thank you

Replies (3)

sujith kumar dasa

banglore

1496 Points Posted on 09 February 2020

Hi Sachin,

Bank account details are not required for GST Registration, as the same has to be updated in GST portal post receipt of GST Registration

Pradum kumar

TAX CONSULTANT

128 Points Posted on 10 February 2020

Dear Sachin,
You need the GST Registration for start company.

Documents required for the sole proprietorship company under GST.
1. PAN card
2.Aadhar card
3.Photo
4.Address proof of business/ electricity bill
5. Saving bank account

Atif Khan

151 Points Posted on 13 February 2020

You need to get registration under the Shop & Establishment Act.. it is simple licence to conduct a Business.. Before it was known as Gumasta Licence now it is Adhar Udyog... you can visit the Adhar Udyog website and fill in the simple form... it's a quick and simple procedure..
after you've obtain Adhar Udyog (Permission for doing Business) you can than apply for a Current Account giving them the Registration letter.. After that apply for GST based on the Adhar Udyog, Place of Business Proof, Bank Account, Pan, Adhar etc...