Service tax registration is an important procedure to be followed whiles the company’s registration. The service tax is mentioned under section Section 69 of the Finance Act. An application that is form ST 1 is filled for registration under Section 69 of the Finance Act, 1994 (32 of 1994). For the payment of tax there are some rules to be followed. Those rules are mentioned below:-
1.Every person has been provided a taxable service of value exceeding Rs.7 lakhs is required to register.
2.The ‘Input Service Distributors’ also require to be registered.
When a company commences a business they have to get them selves registered for this taxation policy with in 30 days. Then after seven days a certification is provided to the company after the submission of ST 1 form. Failure of the registration may attract a penalty up to Rs.1000/ – under Section 77 of the Finance Act, 1994.
LLP stands for legal liability partnership. For every process there is procedure same as with LLP. It starts with a procedure which has few steps:
1. You have to acquire a DPIN or DSC.
2.Register DPIN and DSP with LLP.
3.Then check name availability.
4.Download LLP form.
7.Certification of LLP.
A limited liability partnership (LLP) is a partnership in which some or all partners have limited liability. In an LLP one partner is not responsible or liable for another partner’s misconduct. It also contains different tax payment and liabilities at different level. LLP registration is very important for any company it also provides and additional point for company and helps in domain name registration. For the companies in India two main sectors are provided with help:-
1. Public sector
2. Private sector
Under these sectors a firm in India registered.
The difference between public sector companies and private companies are that a public company is that which deals with the general public like exchange of NASDAQ and private companies are those companies whose stock is held by one shareholder or a small group of shareholders. In companies partnership is another main asset as partners have unlimited liabilities. A partnership is equally important as a partnership in which each of the partners is liable for all of the firm’s debts and the actions of one partner are binding on each of the other partners.
So in brief a company is not a small firm as it involves a lot to be gone through and it also needs a good environment to work with.