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What is the advantage of Sole Proprietorship?

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What is the advantage of Sole Proprietorship?

1 Answer

  1. This answer was edited.

    Advantage of Sole Proprietorship.

    • The Proprietor will be legally recognized as a Supplier of Goods & Services.
    • The proprietor can claim the Input tax credit (tax paid on the purchase of goods & services).
    • The proprietor can pass on the credit of the taxes paid on the supply of the goods & services to the purchaser.
    • He can make Interstate sales without restrictions.
    • The proprietor can have a competitive advantage in comparison to other businesses.
    • Small businesses ( having a turnover of less than 1 crore) can opt for a composition scheme to lower their taxes.
    • In GST, the number of compliances is less as it has replaced all other indirect taxes.
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