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Proprietorship is a nomenclature for single ownership in which an individual runs an establishment wherein the entity and owner both are legally same. Pan card of owner is considered as pan card of entity.
There is no specified registration for proprietorship but following certificates are considered as legal documents for Proprietorship
MSME stands for Micro, Small, and Medium Enterprises. These are businesses that are classified based on their investment in plant & machinery or equipment and annual turnover. MSMEs are a crucial part of any economy, especially in developing countries like India, as they contribute significantly to employment, GDP, and exports. These enterprises form the backbone of the Indian economy, contributing significantly to employment generation, industrial output, exports, and inclusive growth.
MSMEs are governed under the provisions of the Micro, Small and Medium Enterprises Development (MSMED) Act, 2006, and are regulated by the Ministry of Micro, Small and Medium Enterprises, Government of India.
Goods and Services Tax (GST) is a comprehensive, destination-based, indirect tax levied on the supply of goods and services in India. It is a single tax system that replaces a complex structure of multiple indirect taxes previously levied by the Central and State Governments. GST was implemented on 1st July 2017 and marked one of the most significant tax reforms in India's post-independence history. It follows the principle of "One Nation, One Tax, One Market." The Goods and Service Tax Act was passed in the Parliament on 29th March 2017 and came into effect on 1st July 2017.
The Shops and Establishment Act is a state-specific legislation in India, that governs the regulation of working conditions and rights of employees in shops and commercial establishments. In India, "shops and establishment" primarily refers to businesses and workplaces governed by the Shops and Establishment Act, a state-level legislation that regulates the conditions of work and employment in various establishments.
Here's a breakdown of the meaning:
• Shop: Refers to any premises where goods are sold or services are rendered, including offices, storerooms, and workplaces connected to the business.
• Establishment: This term is broader and includes places where trade, business, or a profession is conducted. This encompasses commercial establishments, hotels, restaurants, theaters, and other places of public amusement. It also covers professional consultancies, banks, insurance companies, and even societies registered under the Societies Registration Act, 1860.
FSSAI stands for the Food Safety and Standards Authority of India. It is an autonomous body established under the Food Safety and Standards Act, 2006. It operates under the Ministry of Health and Family Welfare, Government of India.
The FSSAI is the apex regulatory body responsible for ensuring that food products in India are safe, hygienic, and fit for human consumption. It consolidates various acts and orders related to food safety and establish scientific standards for food product. The core objective of FSSAI is to ensure the safety and hygiene of food products consumed by the public and to regulate, supervise, and promote the manufacture, storage, distribution, sale, and import of food items across India.
Import and Export Code (IEC) is a 10-digit unique business identification number issued by the Directorate General of Foreign Trade (DGFT), under the Ministry of Commerce and Industry, Government of India. It is mandatory for any individual or business engaged in importing or exporting goods and services from or to India. Without a valid IEC, no person or entity can legally engage in cross-border trade. IEC acts as the primary license that enables Indian companies or individuals to legally participate in international trade.
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