prpri Easiest Way to Start a New Business in GST Regime: FAQs Easiest Way to Start a New Business in GST Regime: FAQs

Dear Friends, as you are aware that, India is the Country which is having the youngest work force in the World at present. Government of India has taken many steps to make, ease of doing business in India. So that Foreigners as well as youngsters of India can start their business at very lowest cost and within minimum time frame. With the Introduction of many E- Commerce Portals like Amazon, Flipkart etc now you can start your part time business along with your Job very easily. As per my observation and experience, now youngsters are very much enthusiastic to start their own business instead of doing Job for a longer period of time. Government is also taking steps, so that a person can start a business very easily.

After the introduction of GST in July 2017, government has made very easy to start their business and within 3 days. The easiest way to start a business in testing phase is – Start your business as Proprietorship Concern and when your business start growing then you can shift your business under Private Limited or LLP, as per your requirement.

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 Flipcart.

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.

This article is for the purpose of information and shall not be treated as a solicitation in any manner and for any other purpose whatsoever. It shall not be used as legal opinion and not be used for rendering any professional advice. This article is written on the basis of author’s personal experience. Adequate attention has been given to avoid any clerical/arithmetical error, however; if it still persists kindly intimate us to avoid such error for the benefits of other readers.

The Author can be reached at mail – and Mobile/Whatsapp – 9911303737 / 9716118384

Author Bio

Qualification: CA in Practice
Company: Shiv Kumar Sharma & Associates
Location: Delhi, Delhi, India
Member Since: 03 Dec 2018 | Total Posts: 73
My Self CA. Shiv Kumar Sharma. I am a member of "The Institute of Chartered Accountants of India" since 2012. I have Qualified my B.Com (H) in 2010 And Cleared CS- Executive Exam in June 2013. Currently, I am in Practice and dealing in Direct and Indirect taxation along with ROC Compliances. View Full Profile

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August 2021