18 December 2007
THERE IS NO REGISTERED PROPRIETORSHIP LIKE REGISTERED FIRM OR A LIMITED LIABILITY COMPANY . BUT IF THE PROPRIETOR IS DOING ANY BUSINESS WHERE LICENCE IS APPLICABLE , HE MUST APPLY FOR AND OBTAIN THE LICENCE , LIKE SHOPS AND ESTABLISHMENT ACT. SIMILARLY IF HE DOES A BUSINESS AND IF TURNOVER LIMIT IS APPLICABLE , HE MUST REGISTER UNDER VAT. IF HE IS IN A BUSINESS WHERE EXCISE LICENCE IS APPLICABLE HE MUST REGISTER UNDER CENTRAL EXCISE ACT. SIMILARLY IF HE IS A SERVICE PROVIDER UNDER THE SERVICE TAX ACT,HE NEEDS TO REGISTER HIMSELF UNDER THE SERVICE TAX ACT SUBJEC TO THE THRESHOLD LIMIT . SO AS PER THE APPLICBLE BUSINESS WHICH HE TAKES UP ,HE NEEDS TO REGISTER UNDER THE RESPECTIVE ACT AND DO BUSINESS AS PER LAW OF THE LAND. R.V.RAO
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