Goods and Service Tax v/s Shop and Establishment Act
The registration is mandatory for several reasons, including the opening of current account in a bank. This license, forms as a basic license and a proof of your business to apply for other registrations required to run a business in India.
Registration of proprietorship firm can be done in following 2 ways: -
1. Goods and Service Tax No.
GST is applicable in case if turnover of the
firm is more than 40 Lacs
In case of GST 2 returns are required to
be filed i.e., GSTR 3B and GSTR1
GSTR 3B is required to be filed monthly
Whereas filing of GSTR 1 depends on the
estimated turnover of the firm during the year,
If more than 1.5crore then return should be filed monthly otherwise quarterly.
Following Documents are required for registration of GST: -
2. Shops and Establishment Act
Shop and Establishment Act is made by Labour department and is applicable in case if the turnover is less than 20 Lacs: -
In case of Shop and Establishment Act no return is required to be file
Following Documents are required for registration of Shop and Establishment Act: -
1. Trade Name of the firm
2. Photograph of Office Inside and outside
3. PAN Card and Aadhar Card copy of the proprietor
4. Email ID and Mobile no. of proprietor