The registrars of Companies look after all the matters related to the registration of the new company or the change of name of an existing one or the privatisation of a public sector industry or vice versa like the government undertaking of a private company. They also look after the service tax registration of the various companies.
India is an integrated body which comprises of 28 small units known as states. Each of these is semi autonomous self regulatory bodies. Thus as a result when a commodity is produced or a tax is paid on any of the services of the tertiary industries which are also known as the Goods and Services Tax or GST then they are paid at two levels. The first one that is paid to the state government is known as the State Goods and Services Tax while the other that is paid to the central government is known as the Centre Goods and Services Tax.
The various registrations that earlier needed to be done was very rigorous with the manual process but with the help of the modern electronic media the whole process has been made online. This has not only made it easy and less time consuming but also at the same time one can access the service from any location. This is especially advantageous for the remotely located companies.
The partnership firm registration requires all the details of all the partners in a given company to be listed with that of the company and is governed by the Indian partnership act of 1932.
The fcra registration gives the various trading entities the authorization to accept or receive donations from foreign sources. Such organisations are eligible for this registration only if they have been registered as an entity for 3 years prior to this. Without the given registration any organisation in the country is not eligible to receive any kind of funding from any foreign sources.
The nbfc registration is for the Non Banking Financial Companies and is governed by the 1956 NBFC act of India. They are involved in the business of acquisition of shares stocks debentures etc.
Without the help of a well organised tax system the whole industrial set up of a country will turn haywire and this will lead to a crash of the whole economy. Thus it is very important that the above is done.