GST Experts in Kolkata, WB: GST Registration For Partnership Firms
Partnership Firms in Kolkata A partnership is an agreement between two or more individuals to share profits of a business carried on by all or any one of them acting for all and governed under the Indian Partnership Act. The GST Experts in West Bengal explained that Registered Partnership Firms could claim settlements and press legal charges. While an unregistered Partnership Firm is an unregulated body which cannot avail of any benefits under the Income Tax Law. Importance of GST Registrations Goods and Service Tax (GST) is an indirect tax levied by the Indian Government. The GST model has saved business owners from the cascading effect of VAT. The GST Experts in Kolkata agreed that GST has benefited Partnership Firms with a simplified tax structure and provides a higher threshold for registration. Some goods and services can be exempted from tax or charged at 5% or less. If your Partnership Firm is service-oriented with a turnover above 20 lakhs per year or business-oriented with