What is Private Limited Company? Private Limited Company is the most popular legal entity for small businesses and startups. A Private Limited Company has a minimum of 2 members and a maximum of 50 members. The liability of the owners of a private limited company is limited to their shares which cannot be publically traded. Anyone looking to build a scalable business can choose a private limited company. Why Private Limited Company? Startups and growing businesses prefer Private Limited Company as it limits the liabilities of its shareholders. In case of any default or any loss, banks and creditors are liable to only sell company’s assets and personal assets of the directors are not at risk. A Private Limited Company is flexible and offers greater stability for businesses. What are the minimum Registration Requirements? For a Private Limited Company Registration , the minimum share capital requirement is Rs. 1,00,000/- with minimum 2 shareholders or directors. At...
What is GST? GST, Goods and Service Tax, is a tax imposed on sales, manufacturing and usage of goods and services which subsumes and replaces all taxes such as Sales tax, Value Added Tax, Central Excise Duty, Service tax etc. It aims at improving ease of doing business, reducing tax complexities and achieving overall economic growth. GST was introduced on 1 st July 2017 and became the biggest tax reform in India. Who needs GST Registration? You need GST Registration if you are doing business in trading of goods or services with an annual turnover of 20 lakhs or more. The turnover limit is Rs.10 lakhs for businesses in north-eastern and hill states. What are the benefits? GST Registration is a simple and easy online procedure with many advantages. One of the most important benefit of GST is elimination of cascading effect of tax means “tax on tax”. There will be a seamless flow of Input Tax Credit from suppliers to customers at the national level. What are Registration ...