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Who Are Eligible For GST Registration GST amalgamates several different central and state indirect taxes and thereby, helps in increasing revenue for the government all the while eliminating the cascading effect of taxes. In order to qualify for GST registration, a business needs to meet certain criteria such as taxable turnover limit. The turnover limit for obtaining Goods and Services Tax registration is Rs 40 lakhs for the manufacturing sector and 20 lakhs for the service sector for normal states. Moreover, anyone who has been registered under earlier laws of taxation such as VAT, excise, or service tax will have to register themselves under GST. This includes any person working in the import-export industry, and persons who are liable for reverse charge taxation. Individuals, HUFs, LLPs, private companies, AOP/ BOI, anybody corporate incorporated under the laws of a foreign country, trusts and artificial juridical persons are eligible to apply for GST registratio...

What Are the Compliance Required for OPC Private Limited Company Unlike sole proprietorship, One Person Company enjoys a number of advantages. It is a business entity which allows entrepreneurs to protect their personal assets from the debts of the company. It also enables them to raise funds in the form of equity. However, like any other firm, it must follow all the requisite compliances. The annual and event-based filings must be done timely. This article explains the mandatory compliances required for OPC private limited companies. The One Person Company (OPC) was introduced by the Companies Act 2013. Earlier, a minimum of two directors and shareholders were required to form a company. OPCs have a maximum of fifteen directors and they can also be increased through a resolution. It is compulsory to appoint a nominee at the time of OPC registration. This is to retain the feature of continuous succession in case of death or incapacity. There is no minimum autho...

What Are the Procedures for Formation of LLP in India The process of forming an LLP is much easier than setting up a private limited company. There are fewer regulatory requirements and compliances to adhere to when compared with a private company. However, a few basic guidelines must be followed by the partners to ensure that the process of registering an LLP is smooth and hassle-free. One of the first steps is to obtain DSC (Digital Signature Certificate) for all the proposed designated partners. This DSC will be used for filing various ROC compliance forms, LLP registration , and tax returns. Once this is done, the name of the proposed LLP must be reserved through LLP RUN service on MCA portal. The application must be filed along with the subscriber sheet including the consent of all the proposed designated partners and proof of registered office address. If the proposed name contains any word(s) or expression(s) that requires approval from the Central Government...

Why is IT Filing Mandatory in India If you are an individual earning more than the basic exemption limit or a professional having income above Rs 25 lakh, it is mandatory to file your returns. You are required to file your return whether you have received any refund from the government or not. The reason is that there are several tax benefits such as reducing your tax burden and claimable deductions which are only available to those who file their returns. Additionally, individuals wishing to apply for any loan or avail any benefit such as Income tax Return rebate from the government must file their returns as well. Similarly, NRIs who earn or accrue more than Rs 2.5 lakh must also file their returns. The only exception to this rule is if they have a valid PAN (Permanent Account Number) and have had their taxes deducted at source. Thankfully, with the introduction of new ITR forms, filing your taxes has become much easier than ever before. In fact, the process...

How to Incorporate a New Limited Liability Partnership Registration India A LLP has the benefits of both a company and partnership firm. It is a legal entity with separate liabilities and profits, and it is easy to set up and manage. The LLP form is ideal for all types of entrepreneurs whether they are traders, manufacturers or professionals. It provides a more credible business structure and is preferable for foreign investments in India. The process of forming an Limited Liability Partnership is simpler and faster than that of registering a private limited or a public limited company. Moreover, an LLP has the flexibility to raise funds from outside investors. Also, it does not require any minimum capital requirement before incorporating. One needs to file a Form 2 with the Registrar of Companies (ROC) in order to register an LLP. The application has to be digitally signed by a designated partner having DIN and a valid Digital Signature Certificate (DSC). In cas...

What are the Documents Required for Company Registration in India When you register a company, it becomes a legal personality in its own right. This gives the business broader legal capacity as it can acquire assets and assume obligations. Moreover, it can also initiate and manage legal processes on its own. It also means that the directors of a registered company are not personally liable for debts and other liabilities. The key documents required for company registration in India include a Director Identification Number (DIN), the Memorandum of Association and Articles of Association, and proof of address and identity for the shareholders. The director identification number is a unique number that every person who wants to be a part of the management team must obtain. This is done through a simple online process. Once the DIN is obtained, it is mandatory to submit it with all forms for the company's registration. This can be done at the MCA portal . As a...

How to Register Private Limited Company Online in India There are numerous benefits of registering your company in India. Though many businesses are running without registration, registering your company will help you in various ways such as -limiting the liability of shareholders to their investment amount, restricting transfer of shares, and attracting investors and good partners. In addition to this, the process of registering your company is now easier than ever before. All you need to do is follow some basic steps to register your private limited company online in India. To start a private limited company , you need to choose a name. It should be unique and reflect the activities of the business. You must also ensure that it does not have a close resemblance to any other names already registered with the ROC. Once your company name has been approved, you will receive a Corporate Identity Number (CIN) which is the official identification of your business. T...

How to ROC Annual Filing of Company in India How to ROC Annual Filing of Company in India: In India, it's mandatory for every establishment to get approval from the Registrar of Companies before starting its business. Once the business gets approved by ROC, it needs to file its statutory compliances on time.  The ROC Annual Filing of the Company is one of the most important statutory compliances. In case of any delay, it will lead to penalties and other legal issues that can affect the business operations.  As per the Companies Act, every company must file its audited financial statements and annual returns with ROC each year. This includes private limited, one person company and Section 8 companies.  The filing of these documents is a compulsion and must be done within 30 days and 60 days respectively after the annual general meeting date.  The statutory forms that must be filed with the ROC are: Form AOC 4 and Form MGT 7. The former contains details and annexures of t...