A Nidhi Company is one that belongs to the NBFC (Non-Banking financial sector) and is recognized under section 406 of the Companies Act, 2013. Their core business activity is borrowing and lending money only to its members. Nidhi Company can freely accept deposits from members and give money to its member. The fund, which received from members and can only be utilized by its members. RBI is empowered to issue directions to them in matters relating to deposits from members. Nidhi Company cannot accept deposits from other than its member.
GST Stands for Goods and Service Tax. It is imposed by government from 1st July 2017. It is an Indirect Tax Which was introduced by govt. w.e.f 01 July 2017. The GST Application is governed by a GST Council and its Chairman is the Finance Minister of India. GST Registration is governed by GSTN. The GST(goods and service taxes) replaced several former taxes and levies which included: central excise duty, services tax, additional customs duty, surcharges, state-level value added tax and Octroi.
In India when any person or entrepreneurs start the business then they just read about the legal entity and select the Sole Proprietorship Firm for the best structure. But they are confused about Does Sole Proprietorship Firm needs to be registered in India ?