Start-Up India Ideas to Build a New Ind

India has been recognized jointly of the highest start-up hubs within the world. particularly below the leadership of Narendra Modi there square measure many initiatives taken from the year 2016 to revolutionize the start-up businesses.

Start-up India Initiative is one such program taken by Prime Minister Narendra Modi that has benefited entrepreneurs across the country. This initiative was chiefly go for support the economic process and build higher and a lot of range of employment opportunities.

Let us examine the Facts and Figures of the Start-up India Initiative from 2016 until date:

NUMBER of recent begin UPS REVOLUTIONIZED

• 16, 578 new start-ups recognized through 499 districts
• 47% of start-ups started from Tier a pair of and Tier three cities
• A total of one,66,385 recent jobs Created by recognized start-ups.

REGULATION INITIATIVES TAKEN FOR sleek FUNCTIONIG OF BUSINESS

• Exemption from taxation Act of Section fifty six for investment raised by start-ups upto Rs.25 Cr
• Exemption from taxation Act for investments raised by such as corporations with no limits
• 22 regulative reforms enforced for simple conducting business
• Self certification regime for six Labour Laws and three Environmental Laws.

FUNDING AID TO START-UPS

• 66,000 metallic element funding for start-ups with a corpus of Rs.10,000 metallic element to support eight,000 corporations
• 2151 metallic element committed to thirty-nine speculator funds WHO have raised Rs.10,440 Cr
• 1819 metallic element endowed by speculator in 255 corporations, making twenty nine,895 employment opportunities.

INTELLECTUAL PROPERTY help

• 1031 Patent and Trademark facilitators to supply free support to start-ups
• Rebate of eightieth granted to 1403 start-ups for Patent filing fees
• 50% rebate granted to 2672 start-ups for Trademark filing fees

CONSTITUTING INNOVATIVE INFRASTRUCTURE

• 260 metallic element spent in establishing 2171 Atal Tinkering Labs in faculties across 623 districts
• 7 analysis Labs established with associate quantity of Rs. 665 Cr
• 77 new and existing incubators supported.

EASE OF NORMS PAVING for brand new AVENUES TO START-UPS

• For Government tenders the standards for previous expertise, minimum turnover and submission of cash deposit is waived off.

STATE START-UP REVOLUTION

• State Start-up ranking launched to boost a healthy competitive spirit
• Participation of thirty States and Union Territories
• Seed funding aid to 3213 start-ups
• 21 States have launched start-up policies
• Start-up India Yatra conducted in twenty one States to market entrepreneurship in rural and non railway system areas
• Mentorship support to seventy six,146 entrepreneurs across 195 districts
• 1314 start-ups offered free incubation.

START-UP India HUB-A TOTAL DESTINATION FOR START-UP CULTURE

• Having a community of three hundred thousand users and 599 investors, incubators and mentors
• 2,37,902 users have availed free Start-up India Learning Program to create business plans
• 647 start-ups supported through dedicated facilitation services
• 1262 start-ups connected to mentors.

If you have any questions or would like to discuss more about the taxation laws, our experts can ensure right business insights and best practices for you.

We can also assist you in setting up your business in India, accounting, bookkeeping, payroll, auditing, taxation, secretarial compliances, and trademark registration, business structuring and advisory services. If you require any assistance in this regard, kindly click here

Amendments to the Central Goods and Services Tax Act, under the Finance bill, 2019

Finance Minister Nirmala Sitharaman in her maiden Budget speech has sought to implement the amendments made by the GST Council under the Finance Bill, 2019. Here are all the major updates, along with our take on how this affects GST-registered taxpayers:

1. Section 10: Composition schemeA new sub-section has been introduced to bring in an alike Composition scheme for service providers, as well as suppliers of both goods and services (mixed suppliers), having an annual turnover of up to INR 50 lakhs in the preceding financial year. Below mentioned are some further explanations which are added to the section –

• Value of exempt supplies of services provided by way of extending deposits, loans or advances, with interest or discount as the consideration shall not be considered as part of the aggregate turnover, for determining eligibility into the scheme.
• Value of exempt supplies of services provided by way of extending deposits, loans or advances, with interest or discount as the consideration shall not be considered as part of the aggregate turnover, to determine the value of turnover in a particular State or Union Territory.

In addition, any supplies made from April 1, 2019 of the year till the date the taxpayer becomes liable for registration shall not be taken into account.

As committed by the GST council, the amendment brings into effect the composition scheme for all the mixed suppliers clarifying that services which include extending deposits etc. shall not be part of aggregate turnover.

1. Section 22 : Persons liable for registrationThe threshold limit for registration under GST is increased from INR 20 lakhs to INR 40 lakhs for a supplier of goods only. Only the suppliers of goods whose turnover exceeds INR 40 lakhs will now come under the purview of GST registration. The amendment is beneficial especially for small and medium taxpayers who need not to get themselves registered under GST unless their turnover exceeds INR 40 lakhs. This is applicable only to those who are exclusive suppliers of goods.
2. Section 25: Procedure for RegistrationThis is a new sub section introduced to mandate authentication using Aadhaar number for every registered person under GST. This section also prescribes the manner in which Aadhaar authentication needs to be done. In case a person fails to undergo Aadhaar authentication, then his registration would be deemed invalid. The mandatory disclosure of the Aadhaar number, first under the Income Tax Act, and now under the Central Goods and Services Act, shows the importance the Government has now placed on the Aadhaar Card. The government plans to administer both direct and indirect taxes via Aadhaar while PAN may continue to be in use for routine compliances.
3. Section 31A: Mode of PaymentThis will be a new section inserted in the CGST Act which will mandate certain registered suppliers to give their recipients the option of prescribed modes of electronic payment.
4. Section 39 : Section 39: Furnishing of returnsThis section has been amended to introduce an option for specified taxpayers to furnish their returns on a quarterly basis instead of monthly. Taxes will need to be paid monthly. The sub-section prescribes the time limit for Composition taxpayers to file their returns, which as per the Act, formerly need to have been filed every quarter. The Government has now introduced the annual filing of returns for Composition taxpayer, however, the tax will still need to be paid on a quarterly basis.
5. Section 49: Payment of tax, interest, penalty and other amountsTo remove inconveniences for taxpayers, a new sub-section has been added to facilitate the transfer of amounts paid under tax, interest, penalty, fee or any other amount that is available in the electronic cash ledger to the correct head under integrated tax, central tax, State tax, Union territory tax or cess in the electronic cash ledger, as applicable. This tax could not be utilized and would need to be paid again under the correct head. The introduction of this sub-section means that henceforth, all taxes that are incorrectly paid under the wrong heads of tax can now be simply transferred to the correct head.
6. Section 50: Interest on delayed payment of taxThis section has been amended to levy interest on unpaid taxes only to the extent of that portion paid in cash i.e. through the electronic cash ledger. This benefit will not extend to those cases where proceedings have been initiated under Section 73 and Section 74, i.e if there is a pending investigation and tax is due, interest shall have to be paid on the gross tax liability.

In conclusion, these amendments will help Indian government to move towards a cashless economy preventing the evasion of taxes. This will greatly reduce the cost and burden of compliance to these small businesses which had to file as many as 24 monthly returns in the past. Several other measures related to the back end infrastructure for registration and reporting of GST, administrative officials related to GST, etc. will also have to be put in place, before GST can be rolled out.

New company registration in India

The Taxation Laws (Amendment) Ordinance, 2019

The Taxation Laws (Amendment) Ordinance, 2019 was promulgated on September 20, 2019. The Ordinance amends the Income Tax Act, 1961, and the Finance (No. 2) Act, 2019. The Ordinance provides domestic companies with an option to opt for lower tax rates, provided they do not claim certain deductions.  It also amends certain provisions regarding levy of surcharge on income from capital gains.

Corporate tax rate reduced to 22 percent for all Domestic CompaniesThe Ordinance has inserted a new section – section 115BAA in the IT Act. As per this section, from the fiscal year 2019-20, all domestic companies shall have an option to be taxed at the rate of 22 % (plus applicable surcharge and cess), provided such companies do not avail specified exemptions/ incentives. Surcharge at the rate 10 percent shall be levied. Accordingly, the effective tax rate for Companies opting to pay tax under section 115BAA of the IT Act shall be 25.168 %. The ordinance further provides that domestic companies availing such reduced rate will not be required to pay Minimum Alternate Tax (MAT) under section 115JB of the IT Act, currently levied at 18.5% of book profits. The Ordinance further clarifies that companies, who do not wish to avail this concessional rate immediately, can opt for the same after expiry of their exemptions / incentives. However, once a company opts to be governed by section 115BAA of the IT Act, it cannot be subsequently withdrawn.

Income tax rate for new domestic manufacturing companiesThe Ordinance provides new domestic manufacturing companies with an option to pay income tax at the rate of 15%, provided they do not claim certain deductions under the Act.  New manufacturing companies include companies which will be set up and registered after September 30, 2019, and will start manufacturing before April 1, 2023. These will not include companies formed by splitting up or reconstruction of an existing business, engaged in any business other than manufacturing, and using any plant or machinery previously used in India (except under certain specified conditions).

Applicability of new tax ratesCompanies can choose to opt for the new tax rate (15% or 22%, whichever is applicable) starting the financial year 2019-20 (i.e. assessment year 2020-21).  Once a company has exercised this option, the chosen provision will apply for all the subsequent years.

Surcharge on tax payable at new ratesCurrently, domestic companies with income between one crore rupees and INR 10 crore are required to pay a 7% surcharge on tax.  Those with an income of more than INR 10 crore are required to pay a 12% surcharge on tax. The Ordinance provides that companies opting for the new tax rates (15% or 22%, whichever is applicable) are required to pay a 10% surcharge on the tax payable by them under the respective provisions.

MAT reduced to 15 percentCompanies opting for reduced rate under section 115BAA or section 115BAB of the IT Act shall be exempted from MAT. For companies not opting for reduced corporate tax rate, MAT under section 115JB is reduced to 15 % from fiscal year 2019-20.

Transfer pricing provisions to apply to Manufacturing Companies opting for reduced tax rateThe definition of the Specified Domestic Transaction (SDT) contained in Section 92BA of the IT Act is amended to bring the Companies opting to be covered by section 115BAB within the ambit of Transfer Pricing. Thus, any transactions entered into by newly set up manufacturing company, opting for reduced rate of 15%, with any of its related parties (domestic or otherwise) are to be at Arm’s Length. This amendment shall be effective from fiscal year 2019-20.

Tax on buy-back of sharesBuy-back of shares refers to a company purchasing its own shares.  When such purchase generates income for the company (because of an increased share price in comparison to the original issue price), the company is required to pay 20% tax on the income so generated.  The Ordinance exempts certain listed companies from this requirement. These are companies which made a public announcement regarding buy-back of shares before July 5, 2019 (as per the provisions of the Securities and Exchange Board of India (Buy-back of Securities) Regulations, 2018).

Surcharge on capital gainsTax and surcharge are levied on capital gains arising from transfer of securities in certain cases.  These include:

1. capital gains to foreign institutional investors from securities (other than the units purchased in foreign currency), and
2. capital gains to individuals, body of individuals, and association of persons from certain short-term and long-term securities liable to securities transaction tax (i.e. equity shares in companies and units of equity oriented funds and business trusts).

Across globe, corporate tax rates are declining. With this tax rate reduction, India has tried to bring its tax rate in line with other countries and has given level playing field to the domestic companies. The lower tax rate of 15 percent to domestic manufacturing companies will further strengthen the Government’s “Make in India” vision.


TAXATION SERVICES | COMPANY FORMATION

Kick-start your business: Paid-up capital essentials

For starting a business, a paid-up capital, also called paid-in capital is usually the amount that an entrepreneur needs to invest in a business. In most cases, this required amount is specified in an economy’s commercial code or company law. It is the amount of money pumped in by shareholders in exchange for shares or stock of an entity. When a company wants to raise equity, it cannot simply sell stock of the company to the highest bidder. Businesses must request permission to issue public shares by filing an application with the agency responsible for the registration of companies in the country of incorporation. Paid up capital is also referred as contributed capital including two funding sources – the par value of stock and excess over par. Deriving equity from balance sheet comes to the following calculation:
Paid up capital = par value of stock + excess over par
Paid-up capital represents the extent to which it depends on equity financing to fund its operations which can be compared with the company’s level of debt to assess for a healthy balance of financing, its operations and industry standards. Mentioned below are some crucial concepts regarding paid-up capital while incorporating your business:

Paid-capital requirement for private and public limited companies
Earlier every private company had a minimum paid-up capital requirement of INR 1 lakh whereas for public limited company minimum INR 5 lakhs were required. However, with effect from May 29, 2015, the limits have been omitted and no minimum amount needs to be invested in the company by the shareholders to commence a business, thereby lowering the costs to entrepreneurs to operate in the formal sector. (Company registration)
Withdrawal of paid-up capital
Once the money is loaded into your company as paid-up capital, it becomes part of your company which can be utilized for valid business purposes only. You cannot withdraw that amount for your non-commercial expenses. If in case you withdraw that amount from the bank account of the company for personal expenses, it will be treated as a loan from the company.
Increasing paid-up capital
Paid-up capital of a company can be increased by following a standard procedure, keeping all the parties concerned in loop and after taking prior approval wherever required.

• Verifying Article of Association (AOA) of the companyVerify AOA to ensure provisions in the AOA explicitly permit increasing paid-up capital of your entity. If no such provisions are available, the entity must first make changes to the AOA of the company.
  
• Convene board meetingConduct a board meeting to fix time, date and place for an extra-ordinary general meeting (EGM) obtaining approval of shareholders for increment of paid-up capital and making changes to Memorandum of Association (MOA).
  
• Extra-ordinary general meetingAs per the provisions of section 61(1) of Companies Act 2013, an ordinary resolution for increment or alterations in authorised share capital is to be passed.
  
• Registrar of companies (ROC) form documentingForm SH-7 is filed with ROC with recommended charges for modifying MOA of the company.

It is believed that minimum capital requirements significantly hinder entrepreneurship which sometime also fail to serve the purpose for preventing customers and creditors from expeditiously establishment and potential insolvent firms. Despite these shortcomings, it continued to be a reality for many economies. But every year more economies slash or eliminate how much money entrepreneurs must deposit to start businesses. Various other relevant steps can be initiated to protect investors and creditors and minimizing bankruptcy risks which safeguards the interests of the consumers.
If you are looking for assistance to kick start your business and wish to gather more information about paid up capital requirements or compliances associated with it to refine your business strategies, our team of experts can assist you throughout the process.
We can also assist you in setting up your business in India, accounting, bookkeeping, payroll, auditing, taxation, secretarial compliances, and trademark registration, business structuring and advisory services. If you require any assistance in this regard, kindly click here

GST Audits- An overview

Section- 2(13) of the CGST Act defines Audit as the examination of records, returns and other documents maintained or furnished by the registered person under the Act / rules made there under or under any other law for the time being in force to verify the correctness of turnover declared, taxes paid, refund claimed and input tax credit availed, and to assess his compliance with the provisions of the GST Act or the rules made thereunder.
*No audit is required for businesses with turnover less than INR 2 crore.
Types of GST Audit
There are 3 types of GST audits:

1. Audit to be conducted by a Chartered Accountant or a Cost Accountant: Every taxpayer with revenue exceeding the prescribed limit of INR 2 crore during a financial year shall get his accounts audited by a Chartered Accountant or a Cost Accountant. Such taxpayers whose audit is conducted by a Chartered or Cost Accountant shall submit:

• An annual return by filling the form GSTR 9B along with the reconciliation statement by 31st December of the next financial year;
• The audited copy of the annual accounts;
• A reconciliation statement, reconciling the value of supplies declared in the return with the audited annual financial statement; and
• Other particulars as prescribed.

2. Audit to be conducted by the tax authorities: As per Section 65 of the CGST / SGST Act, the Commissioner or any officer of CGST or SGST or UTGST authorized by him by a general or specific order, may conduct audit of any registered / enlisted individual. Intimation of the audit is provided to the taxpayer at least 15 days in advance in Form GST ADT-01 and the audit is to be completed within 3 months from the date of commencement of the audit. In rare cases, the GST Commissioner has the powers to extend the period by another 6 months, if required.
3. Special Audits: If at any stage of investigation or any other proceedings, tax authority is of the opinion that the value has not been correctly declared or credit availed is not within the normal limits, department may order special audit under the mandate of Section 66, by its nominated Chartered Accountant or Cost Accountant.

The Chartered Accountant or Cost Accountant so named will submit review answer to impose officer inside the time of 90 days. This period might be broadened promote for 90 days by duty officer on application made by enrolled individual or the sanctioned bookkeeper. The enrolled individual will be given a chance of being heard in regard discoveries of exceptional review. The costs of the review of records, including the compensation of such contracted bookkeeper or cost bookkeeper will be paid by the Commissioner.
Where the extraordinary review directed outcomes in recognition of assessment not paid or short paid or mistakenly discounted, or input charge credit wrongly benefited or used, the officer may start required activity.
Obligations of the Auditee
Auditees shall have following obligations during the course of audit:

• The taxable person will be required to provide the necessary facility to verify the books of account / other documents as required.
• The auditee needs to furnish the required information and render assistance for timely completion of the audit.

Findings of the Audit
On conclusion of an audit, the officer shall inform the taxable person within 30 days of:

• Findings of audit;
• Their reasons; and
• The taxable person’s rights and obligations.

If you are facing challenges in compliance with GST or require any assistance in GST audits, you may reach us. For any questions regarding this, please click here. 

What is Foreign Tax Credit (FTC)?

If you have paid or accrued foreign taxes in a country or specified territory outside India, by way of deduction or otherwise, in the year in which the income corresponding to such tax has been offered to tax or assessed to tax in India, you may be able to take either a credit or an itemized deduction for those taxes.
Characteristics of FTC

• FTC is a method for elimination of double taxation.
• Credit for the amount of any foreign tax paid in the source country against the taxes to be discharged in the residence country.
• In India income tax system, tax Residents and Ordinary Residents (ROR) on worldwide income and offer FTC to tone down the potential for double taxation of income.
• It can be adjusted against tax, cess and surcharge payable under the Income Tax Act.
• It cannot be adjusted against interest, fee or penalty payable under the Act.
• It is not available in case foreign tax or part thereof is disputed by the assessee in any manner.

Conditions to avail FTC
For a tax payer to be eligible for FTC:

• He must have made a payment to a foreign government;
• The payment must be towards an income tax, or a tax in lieu of an income tax; and
• It is permissible in the year where income is offered in India by the assessee within six monthsfrom the end of the month.

Regulations governing FTC

• Section 91includes the tax credit for countries where no DTAA is in force.
• Section 90includes the tax credit for countries where India has entered into a Double Tax Avoidance Agreement (DTAA).
• Rule 128along with Form 67 was introduced in 2016 and came into force on 4.2017

Before the introduction of Rule 128 and Form 67, these provisions were there in the Income Tax Act but no specific rules governing mechanism for determining foreign tax credit.


Unilateral tax credit system in India (Section 91 of Act)
Preconditions

• Available to a tax resident of India.
• Available in respect income accruing or arising outside India.
• Actual tax payment in foreign country on such income.
• Tax liability resulting in tax payment in India (i.e. income is actually doubly taxed).
• No DTAA with the foreign country in which tax is paid.

Quantum of relief

• Proportionate relief at lower of ‘Indian tax rate’ or ‘foreign tax rate’.
• Not full credit.

Bilateral agreements elimination of double taxation (Section 90 of Act)
Two methods envisaged by Model convention – Choice left to the treaty partners.
Exemption method
Credit method
Focus is on income.
Thrust is on taxes and not on income.
Full exemption is granted. Doubly taxed income do not form part of resident country tax computation.
Full credit is granted. Deduction allowed for taxes paid in the source country.
Exemption with progression. Resident country considers doubly taxed income only for the purposes of rate determination.
Ordinary credit is granted. Deduction quantified with relevance to resident country tax on double taxed income. Most of the DTAAs provide for this model of relief.
Taxes retained at the level imposed by source country.
Equality in treatment of capital investment whether made within or outside resident country. If the source country has lower tax rate, overall taxes are increased to that prevailing in the resident country while if source country has higher tax rate, credit is restricted to taxes prevailing in resident country.
Losses incurred in source country can be adjusted.
Losses incurred in source country can lead to “double dip”.
Form-67
Documents required to claim FTC

• Form 67 fully verified and certified by a Charted Accountant (CA) on or before furnishing the tax return.
• Produce a certificate issuedby the concerned tax authority of the foreign country or the specified territory or from the person who is responsible for the deduction (ex. employer) that includes (i) Nature of foreign income and (ii) the amount of TDS.
• A proof of payment of foreign tax.

Few key points

• Form 67 is to be filed electronically.
• It is to be filed on or before due date of filing Income Tax Return.
• It is available on the e-filing portal itself.
• Electronic Verification Code (EVC) or a Digital Signature Certificate (DSC) is required to be filed.
• It should be submitted before filing of Income Tax Return.

This is a complex compliance; you can seek help from our tax experts to claim your FTC.

Private Ltd, LLP or Public Ltd, which to choose when going for New company registration in India

Fortunately, the new rules and regulations are easier when it comes to start-up a new business in India. Also, there are hassle free new company registration service providers available in India who take care of A to Z of forming and registration of the company. In this post, we will touch upon various forms of new company registration In delhi presently available and which is best suited for your business.

To start with, below mentioned is explanation for new company registration in gurgaon that are done in India:

Sole Proprietorship: The sole proprietorship is the simplest business form under which one can operate a business. The sole proprietorship is not a legal entity. It simply refers to a person who owns the business and is personally responsible for its debts.

When to incorporate: However, after the introduction of the concept of One Person Company. It is not recommended to form a proprietorship in India.

Limited Liability Partnership: Partnerships when given the feature of limited liability, the LIMITED LIABILITY PARTNERSHIPS came into picture. LLP is a separate legal entity and which can be formed in India by minimum of two persons with a motive of earning profit.

When to incorporate: LLP enjoys the benefits of private limited company and traditional partnerships, therefore, because of increasing compliance in private limited company, it is recommended for start-ups to incorporate LLP if they are not planning to raise investments in future.

Partnership: A business organization in which two or more individuals manage and operate the business. Both owners are equally and personally liable for the debts from the business. Partnerships are easy to form. There is no minimum capital requirement. Only two people are needed to incorporate the partnership.

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GST For Goods Transport Agency

Transport of goods by road is the most commonly used mode of transportation for businesses which supply goods. This transportation by road is facilitated either by a Goods Transport Agency (GTA) or common carriers such as autorickshaw or courier agencies. In this blog, we will understand what is meant by a Goods Transport Agency (GTA) and the GST rates for transportation service provided by a Goods Transport Agency. This is the first blog in the series wherein, we will understand the various tax provisions with respect to services provided by Goods Transport Agencies and the tax impact on persons taking their services.

GST Registration
GST registration is mandatory in India for entities having more than Rs. 20 lakhs of aggregate turnover in a year (Rs. 10 lakhs in Special Category states). However, some of the supplies provided by a goods transport agency would be liable for GST under reverse charge basis. In a reverse charge transaction, the recipient of the goods is made liable for payment of GST. Hence, while providing services, goods transport agency must be aware of the reverse charge mechanism and raise invoice accordingly.

What is a GTA?
As per Notification No. 11/2017-Central Tax (Rate) dated 28th June, 2017, “goods transport agency” or GTA means any person who provides service in relation to transport of goods by road and issues consignment note, by whatever name called.
This means, while others might also hire out vehicles for goods transportation, only those issuing a consignment note are considered as a GTA. Thus, a consignment note is an essential condition to be considered as a GTA.

What are the services provided by a GTA?
The service includes not only the actual transportation of goods, but other intermediate/ancillary service provided such as-

• Loading/unloading
• Packing/ unpacking
• Trans-shipment
• Temporary warehousing etc.
• If these services are included and not provided as independent activities, then they are also covered under GTA.

What will be the rate of Tax in Case of the Goods Transport Agency (GTA Services) under GST Per se?
Looking at the entry no. 3, Services of goods transport agency (GTA) in relation to transportation of goods [other than used household goods for personal use]. The rate mentioned in the rate schedule is 5% (without ITC)
Entry no. 4 of the rate schedule prescribed says that Services of goods transport agency in relation to transportation of used household goods for personal use. The rate prescribed is 5% even in this case.
Important point to highlight here is that the transporter providing any other services like “Right to use” or “Leasing” of the vehicles, he will have to review the rates separately and not take the 5% as his rate.
This means that generally the rate is 5% for the GTA under GST. The point to be highlighted is that NO ITC is available to the transporter in this case.

Persons Required to Pay GST on Reverse Charge
When taking the services of a goods transport agency, the following types and class of entities would be required to pay GST on reverse charge basis.

• Factories registered under the Factory Act.
• Societies registered under the Society Act.
• Any co-operative society.
• Any person who is registered under GST.
• Any Body Corporate (Company or LLP)
• Any partnership, if registered or not as well as AOP.

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