I intend to start up a Sole Propritor business to sell low priced goods or products online via website or as an seller on big website already existing.
Would be thankfull if some senior membors of the forum provide some valuable inputs.
1) I intend to start it as sole propritor to avoid all other registration hassels and I would be the sole owner too.
2) I intend to operate from home through an online website selling across the whole country. So can the Home address be considered as an business address for the same purpose??
3) I will be selling low priced goods or products and the annual turn around would be less than 1 or 2 lakhs initialy so is VAT registration necessory?? Is any other registration like Sales Tax or TIN etc needed in this case??
4) If VAT registration is needed can I do that for the entire country, cos I will be shipping the goods out of state or to the entire country. Again for the same can I use my residential address for the same??
5)Can I use a personal account for the same?? Or do I need a Current account in the company name? If a current account is needed will a bank register a Current Account without a Tax registration or resedential address as a business address?