How to start business with easy compliance.

#Q.1 – How can I start my business as Proprietorship Concern?

Ans – An Individual can start his Proprietorship concern just by taking registration under GST Law.

 

#Q.2 How many days, it will take to get GST Registration?

Ans: In normal circumstances, it will take just 3-4 working days to get your GST Registration.

 

#Q.3 – What are the required documents for GST Registration of Proprietorship Concern?

Ans: For registration of Proprietorship concern, you have just to provide these documents:

  1. PAN Card of Proprietor
  2. Aadhar Card of Proprietor
  3. Photo
  4. Electricity Bill or Rent agreement of the premises where you want to get GST Registration
  5. Mail id and Mobile Number of Proprietor
  6. Products/ Services in which you deal

 

#Q.4 What I have to do after Getting GST Number?

Ans. After getting GST certificate, you have to approach your nearest bank to open current account. On the basis of this GST Certificate and Proprietor KYC- PAN Card, Aadhar Card, Photo bank will open your current account in your Firm Name.

 

#Q.5 What to do next after GST Registration and Opening of Bank Account?

Ans: With these, you have done all the primary formalities to start your business. Now, you have to decide whether you have to sell through Retail method or through E- Commerce Portal like amazon or Flipkart.

 

#Q.6 How can I sale my products online/ through E-Commerce Portals?

Ans: If you want to sell your product online, you have to contact the respective E- Commerce Portal with your GST Certificate and KYC Documents. On the basis of which, your account will be opened on their portal with 10-15 days.

 

#Q.7 What is the Compliances, under GST after GST Registration?

Ans: As per current situation, you have to File GST-3B on Monthly basis and GSTR-1 on Quarterly basis.

 

#Q-8 What are the Consequences, if I do not file GST Return?

Ans: As discussed above, you have to file GSTR-3B on Monthly basis, and if you make default in filing of GSTR-3B, you have to pay a penalty of Rs.50/- Per Day.

 

#Q-9 What is the consequences in case of continuance default?

Ans: In case of Continuance default, the GSTO has the power to cancel your GST Registration Suo Moto.

 

#Q-10 Which Constitution of Business (Proprietorship/ Partnership/ Private Ltd/ LLP) is beneficial for a fresher who is in testing phase of their business?

Ans: As per my opinion, in case of new business where the Promoters of business are not very well informed about their business situations, working under Proprietorship is very much beneficial due to its less compliance, easy entry and exit liberty and more taxation benefits.

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