A corporation must file certain documents with the Securities and Exchange Commission (SEC) prior to a public offering in order to comply with the law.
1. GST Registration
At the moment, GST registration is required for all merchandise and services except for oil. Goods & Service Tax (GST) is a combined tax composed of State and National indirect taxes. Because the entire country now operates under a uniform tax system, GST replaces service tax, excise, VAT, entertainment taxes, luxury taxes, octroi, and CST, among other taxes.
GST REGISTRATION OFFERS NEED AND ADVANTAGES
By registering for GST, a business can benefit in the following ways:
- An individual who provides items or services is now considered a taxpayer.
- A SORN supplier would be authorised to collect tax from his clients and then credit the taxation paid on the goods or services given to consumers.
- A person can claim input tax credit for the taxes he paid for the goods he bought or services he received and use them to pay for the taxes he owes on his sales or services.
- Suppliers and recipients can seamlessly transfer input tax credit across India.
1. PAN Registration
The Indian Income Tax Department issues a laminated card bearing a ten-digit alphanumeric Permanent Account Number, for example AAAAA0000A, to ‘persons’ who apply for it or to those to whom the department issues the number without an application.
All transactions of a “person” with the department are linked via PAN. Tax payments, TDS/TCS credits, income/wealth/gift returns, correspondence, and other such activities are among those linked. As a result, the department identifies the person with whom it interacts.
Features of PAN
Every person who possesses a PAN card in India is given a unique PAN number. Every PAN card holder has a uniquely numbered PAN. The PAN connects all financial activities of an individual or company to their identity.
Use of PAN
It is mandatory to provide PAN in certain transactions prior to open a bank account. It is also obligatory to include your PAN number on your income tax return.
Benefits to NRI
NRI’s seeking to take advantage of India’s non-deduction or reduced-deduction policies must be identified via PAN. PAN is also required for property transactions in India.