Under Goods And Services Tax (GST), businesses whose turnover exceeds the threshold limit of Rs.40 lakh or Rs.20 lakh or Rs.10 lakh as the case may be, must register as a normal
taxable person. It is called GST registration. For certain businesses, registration under GST is mandatory.
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Firm comes into force in a partnership. Every new firm when it comes into existence needs to be registered. The registration of firms is a compulsory step that needs to be taken by the partners in order to legalise their firm.
It starts with Registration with Income Tax department by obtaining Firm PAN
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A private limited company is a privately held business entity held by private stakeholders. The liability arrangement, in this case, is that of a limited partnership, wherein the liability of a shareholder extends only up to the number of shares held by them.
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