Alright. You are the kind who wants a challenge in life. You want to set up a business all by yourself and want to thrive in the day to day uncertainties of it all. You put in all your hard earned money in the hope that the returns will be no less than a hailstorm.
India is one of the fastest growing economies in the world. And where there is such a growth story to share, budding entrepreneurs and startup companies will have their heart set on doing business in India.
But where exactly do you start?
How do you go about registering your company?
What are the taxes that you should necessarily be paying?
There is no reason to get bogged down by the enormity of it all. Just a few pointers kept in mind will make your life more peaceful. A simple procedure will get you started on your journey of exciting entrepreneurship.
“Service tax is, as the name suggests, a tax on Services. It is a tax levied on the transaction of certain services specified by the Central Government under the Finance Act, 1994.
It is an indirect tax (akin to Excise Duty or Sales Tax) which means that normally, the service provider pays the tax and recovers the amount from the recipient of taxable service.”
Registering for Service Tax might probably seem like the most tedious process, but most important, nevertheless.
Apart from Service Tax, there a couple of more taxes that you may need to be careful about paying out on time.
As GST is all set to takeover the economy of India, there may be delays in the process of registration for a short period of time. But not losing heart over it, if we can endure through this process of documentation, your dream and your business can run smoothly and soar to great heights!