Necessary Statutory Registrations
All companies functioning in India must secure the following registrations in order to comply with basic statutory requirements as prescribed by the government.
|1||Income Tax||Permanent Account Number||Mandatory income tax registration|
|2||Income Tax||Tax Deduction Account Number||For deduction and deposit of taxes on payments|
|3||Indirect tax||Goods & Services Tax registration|
|For charge and deposit of tax liability on sale of goods or services within India.|
|Applicable if annual turnover exceeds INR 2 million (from provision of services) or INR 4 million (from sale of goods)|
|4||Customs||Import Export Code||For import or export of goods or services|
|5||Employment Laws||Shops & Establishment registration for registered office and other any corporate office||Regulation of working conditions, leaves etc.|
|6||Employment Laws||State Profession Tax||Payment of State profession tax liability|
There may be additional registration requirements based on factors like industry, business activity and the state of operation. For example, manufacturing plants will also need to consider a variety of registrations covering factory licensing to environmental clearances.