Hi All
I am in the process to start a proprietorship based in Delhi which aims to sell home automation products. To start with, our first aim to launch a smart switchboard. So, I believe it shall fall under both electrical and electronics. Now, to receive online payments in the name of the firm, I need to open a current account with a Bank. The banks need a proof of government registration.
So, my question is do I need to take VAT or Service tax registration?
Does any liability accrue immediately on registering with Government? I believe in Delhi, one is exempt upto a limit of 20 lakhs for VAT.
Is there any other way to open a current account?
I am starting this from my home currently, is this ok? The manufacturing etc has been outsourced.
TIA
Br,
Sandeep