Have you started your entrepreneurial journey? There might be many formalities that need to be undertaken as a part of mandatory legal compliance. You might be puzzled where to start.
Permanent Account Number or PAN is a unique alphanumeric number issued by the IT Department and compulsory for all businesses. The greatest significance of PAN is identifying tax flow besides being an authentic identity proof. Even for the foreign companies operating in India, it is important to have a PAN. Without the PAN, the government has all rights to charge higher tax. If you need a TRN (Tax Registration Number) a PAN is a must.
Tax deduction or collection account number also known as TAN is a ten-digit unique alphanumeric code. Tax is to be deducted or collected on certain nature of payments or receipts as per Income Tax Act. A Individual or Business Entity who has required to deduct or collect tax must have TAN.
Under “one nation, one tax” regime, all businesses whose annual turnover is more than 20 Lakhs have to pay GST – Goods and Services Tax. Apart from this, service providers, ecommerce operators, exporters and casual taxable person, GST applies for them too. At Taxfacc, our team of experts ensures you get the GST number at the earliest.
If you are in International trade then a 10-digit IEC Code is compulsory. It is same as the PAN number and issued by Directorate General of Foreign Trade. The code allows businesses to avail schemes like Merchandise Export from India Scheme (MEIS), the Service Export from India Scheme (SEIS), and others from customs and export promotion. Whether you want to issue new or get the older one renewed, we offer both the services seamlessly.
If you have to reach to a broader market which is outside India, your business needs one other number apart from IEC – The 14 digit authorized dealer (AD) code, for custom clearance of goods. Both these codes have a life long validity and help in smooth transition of goods and services.
If you are a micro and small business and wishing to secure government tenders, bank loans, various tax benefits and lower rate of interest, you must get your MSME e-certificate right away. The process takes not more than two weeks.
Companies are registered under several categories – Limited Liability Partnership, One Person Company, Private Limited Company, Public Limited Company, Nidhi Company, Section 8 Company – Business like NGOs. Taxfacc helps you guide through the best option after considering various criteria and do all registrations on your behalf.