Udyog Aadhaar MSME/SSI unit is an entity which meets set criteria. Udyog Aadhaar, MSME or SSI unit registration is not mandatory as per any statute but entities can avail few benefits available under different laws by registering themselves.
The most common and simplest form of business is a sole proprietorship. Many small businesses operating in the India are sole proprietorship. An individual proprietor owns and manages the business and is responsible for all business transactions.
Goods and Services Tax (GST) is an indirect tax that will be levied on manufacture, sale and consumption of goods and services. The importance of the GST is that when applicable it will abolish all indirect taxes. Hence the entire system of taxation will be simpler. GST subsumes many indirect and central levies and allows a producer to claim credit for taxes paid on all inputs, making production efficient. This is expected to reduce the cost for consumers.