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Import Export Code (IEC) registration is pre-requisite for importing or exporting from India. Upon acceptance of application, the PAN details will directly be associated on Government portal of the ICEGate and the applicant’s PAN will become the Import Export Code.

Get help for obtaining Import Export Registration online. Contact the experts at 1800-313-4151 or at support@legalwiz.in

Percentage of GST on photocopying and spiral binding is 18%; and SAC code for the same is 9989.

Looking for help in online GST registration? Connect with Get Expert Legal Services Online for Startups in India experts on 1800-313-4151.

For F.Y. 2018-2019 (A.Y. 2019-20) all types of domestic companies whether it is Private Company or Public Company or One Person Company will be tax at rate of 30%. However, if gross receipts or turnover does not exceeds Rs. 250 Crore then rate of tax will be 25%. Additionally surcharge will be charged at the following rate.

7% - if total income exceeds Rs. 1 Crore

12% - if total income exceeds Rs. 10 Crore

If you still have any query, feel free to drop it in the comment box.

Sole Proprietorship, known as the sole trader or simply a Proprietorship, is a type of enterprise that is owned and run by one natural person and whereby there is no legal distinction between the owner and business entity. The owner is in direct control of all elements and is legally accountable for all finances of such business and this may include debt, loans, loss, etc.

Sole Proprietorship is not required to file ITR if its income is below exemption limit.

Meaning thereby it is required to file ITR only if income exceeds exemption limit i.e. Rs. 250,000.

However it is recommended to file the return voluntarily for every business because regular ITR filingincreases the net worth of business and generates credibility. Also, ITR is compulsory requirement at several places like Visa application, bank loans etc.

Sources of fund raising can be internal or external. Whereas there is no restriction on raising funds from internal source, a proprietorship firm can approach limited external resources.

Raising funds from personal funds or bringing in funds from relatives or friends can be an option as internal funding. The proprietor can alternatively avail loans from banks and financial institutions or the scheme (if any) declared by the Government.

The requirement of document for starting any type of Business depends on the Business structure one wants to establish. The documents like PAN Crad, address proof and Passport size photograph of owner; Address proof of the Business premises, Rent or Lease Agreement in case of rented premises, etc. are few required irrespective of the Business structure.

A proprietor can surely open a current account to keep the track of business transactions separate form personal expenses and transactions. However, many small businesses opt for only savings account many time as there is no distinction between the proprietor and the firm.

If its business, it is recommended to open a current account in business name. It benefits with business credibility and keeping track of transactions as well.

One can apply for GST registration by selecting applicable HSN or SAC codes for trading as provided under GST Act.

As per rules provided for Udyog Aadhar registration, only manufacturers and service providers can take registration. So for trading business, one cannot obtain registration under same.

Further, for selling on Amazon and other websites Trademark registration is also mandatory as such platforms require the same from the sellers.

To set up a business as Partnership firm in India one has two option whether can opt for Unregistered Partnership Firm or a Registered Partnership Firm.

The procedure to set up the partnership Firm is very easy and as mentioned below: