With the passage of the GST bill in both the houses of Parliament, its implementation from 1 July 2017 is nearly certain.
India currently has a dual system of taxation of goods and services, which is quite different from dual GST. Taxes on goods are described as “VAT” at both Central and State level. It has adopted value added tax principle with input tax credit mechanism for taxation of goods and services, respectively, with limited cross-levy set-off.
GST (Goods and Service Tax)
GST means Goods and Service Tax. It is an indirect tax levied on sale of goods … Read more
Doing business in India offers enormous opportunities for Foreign companies. However, India is a large and complex market. It should not be seen as one market, but a series of interconnected regional markets where the legislative and investment climate may change from one state to another.
It is wiser to be in India now…
- Fastest growing economy in the world
(Current: 7% , by 2018: 7.8%)
- World’s third largest economy
(Would double in size to US$ 4–5 trillion in a decade)
- Taxes on companies has been reduced to 25%
(For companies with annual turnover less than 50 Crores)
- World’s second-largest
… Read more
Setting up a limited company will mean more administration and more paperwork than if you are a sole trader but there are many advantages to being a limited company, not least eliminating and personal financial liability.
When a sole trading business fails then the owner is personally responsible for any debt, which can have a negative effect on your credit rating and ability to obtain personal loans in the future. You could risk becoming personally bankrupt if the debts are too high for your to pay off.
If you set your business up as a limited company you are protected … Read more