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.
| # | Governance Area | Registration | Purpose |
|---|---|---|---|
| 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.