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Tax Registration for small Business

Tax Registration for small Business

Once the business registration is obtained, the small business might have to get various tax registrations as it crosses certain milestones. The following are major tax registration required for any small business and the milestone at which the registration must be obtained.

PAN Card: PAN is one of the first registration any small business must obtain right after registration – as it is required for opening bank account and doing various financial transactions in India. In case of Proprietorship Firm, the PAN Card of the Proprietor is used. For other entities like Partnership Firm, Limited Liability Partnership, Private Limited Company, One Person Company and more, a separate PAN is issued.

TAN Registration: TAN is required for those businesses required to deduct tax at source, also known as TDS. So once the small business is required by the law to deduct tax while making payment, TAN can be obtained.

Service Tax Registration: Service tax registration would be required for any business that provides more than Rs.9 lakhs of taxable services in a financial year. The business must collect and remit service tax from customers once the annual taxable services revenue exceeds Rs.10 lakhs.

VAT Registration: VAT Registration would be required for any business that sells goods and products. VAT or Value Added Tax is controlled by the State Governments. Hence, the requirement and process for VAT registration varies from state to state. Most states require VAT registration for any business that sells goods or products worth more than Rs.5 lakh in a year.

Tax Registration for small Business



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