All types of entities, whether small or large, may be required to register or obtain relevant licences and permits from the respective authorities. Regulations may vary based on the type of business, structure of the entity, turnover, and location (e.g. State) of registration amongst others. However, some of the common registration that may be required are as below:
- GST Registration - All types of entities and individuals with an aggregate annual turnover of more than Rs.40 lakhs (Approx USD 55,000/-) in most states and Rs 10 Lakhs (USD 15000/- approx.) for North-Eastern States, J&K, Himachal Pradesh and Uttarakhand). Additionally, registration may be mandatory for select notified category of people such as people making interstate taxable supply, people required to pay tax under Reverse Charge; every e-commerce operator, people supplying via e-commerce operator, input service distributors, among others
- Trade Licence - It may be necessary for an entity to obtain a trade license from the concerned State Government or Corporation or Municipality before for conducting its operations such as manufacturing, storage, trading, etc. Rules and regulations pertaining to trade license varies from state to state. Hence, to obtain trade license, the applicant must first understand the jurisdiction under which he/she is operating the business and the applicable Act.
- Health Department - Food Safety and Standards Authority of India (FSSAI) license for entities in food business such as restaurants, manufacturers, storage units, transporters, retailers, marketers, etc.
- Environment licenses(Fire, Air/Water Pollution licenses)
- Other business specific license - Such as businesses providing services such as Insurance (IRDAI), FFMC license (from RBI) for currency changers, etc