Hello Kartik

I am assuming that you have atleast 1lakh with you to start this business.

You need rented space ,shop act license from municipality (200 rs merely) , IEC code (rs.600 for 2 year digital signature & rs.250 online fee),

Rs.25000 for GSt & rs.20000 for CST .this cost may vary from state to state.

All this cost is approx rs.50000

Remaining 50000 can be used for import goods of which 30000 for goods, 10000 rs for marketing & rs.10000 for import duty etc..

Items you can import from China to sell in India for huge profit :

1. Teflon tape used in Ro shop,hardware fittings ,industrial etc..

2.iPhone cover (in India,40 lacs active iPhone users,huge potential)

3.toys

4.kitchenware

5. Plastic items

6. Stationary

7.wooden crafts

Source: A blog