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GST Filing

Goods & Services Tax (GST) apply to all Indian service providers (including freelancers), traders and manufacturers, once their supply turnover crosses Rs. 20 lakh. The GST is an all-in-one tax that State and Central Taxes. GST is to be charged at every step of the supply chain, with complete set-off benefits available. The procedure for GST is completely online and requires no manual intervention. There will also be a composition scheme under GST for businesses with a supply turnover of less than Rs. 50 lakh. GST is applicable to Entities in special category states with an annual turnover of Rs.10 lakhs and above. There are three type of taxes SGST ( State Goods and Service Tax), CGST ( Central Goods and Service Tax ), IGST ( Integrated Goods and Service Tax ). In case the applicable entities to GST registration, if not get the GST registration, penalty proceeding will be imitated by the department.

Features of Goods and Services Tax (GST)

COMPOSITION SCHEME

The main advantage of owning a Private Limited Company is that the Liability of the shareholder limited to share held in the company. In case of fraud, would negate an owner’s limited liability protection.The Shareholder of the company would not risk losing their personal assets.

INPUT TAX DISTRIBUTOR

The Private Limited Company would not suffer due to shareholder dies or leaves the business as its artificial juridical person. The deceased person is replaced by his legal hire. The continuity of existence is a very much advantage to private limited company.

ZERO RATE TAXES

The share of private limited company cannot sell to outside buyers. Shareholder must agree to sell or transfer of shares. The RBI also instructed Banks some regulations on funding to Private Limited Company under the Companies Act.

THRESHOLD LIMIT

A Private Limited Company easily funded by Banks to their Business. The Private limited company having a good repo in Banking because of legally registered under the companies Act. Manage your time so you’ll get more done in less time.

GST Annual Return Filing

For all those who have a liability to register themselves, if fails to do the same than under section 75A of the finance act 1994 penalty for the failure of an assessed to get himself registered was fixed at Rs. 500/- as a onetime payment but subsequently this section was deleted by the virtue of the finance act 2004 and now the general penalty that is applicable is Rs. 1000/- as per section 77 of Finance act.

Who has to File GSTR9, the annual Return?

For all those who have a liability to register themselves, if fails to do the same than under section 75A of the finance act 1994 penalty for the failure of an assessed to get himself registered was fixed at Rs. 500/- as a onetime payment but subsequently this section was deleted by the virtue of the finance act 2004 and now the general penalty that is applicable is Rs. 1000/- as per section 77 of Finance act.

Documents required for Annual Return Filing

  • 1

    Documents for Company

    • PAN
    • Rental Agreement
    • Bank Statement
    • EB receipt
    • Resolution Copy in case of Company
  • 2

    Documents for Owners

    • PAN
    • Voter ID / Passport/ Driving License / Aadhar Number
    • Photo – 2 Nos
    • ATTESTATION
    • Documents to be attested
  • 3

    REGISTRATION

    • ST-2 will be issued by the department.

Business Plan

Basic

Rs.300/-

  • Nil Return
  • GSTR 1
  • GSTR 3B

Standard

Rs.499/-

    • 15 Invoices
    • GSTR 1
    • GSTR 3B

Advanced

Rs.1000/-

  • 50 Invoices
  • GSTR 1
  • GSTR 3B

HOW LONG DOES IT TAKES?

1 DAY

Collection of Sales & Purchases before 8 of succeeding month

1 DAY

Preparation of Statement to arrive tax

1 DAY

Submission of Return after getting the approval and payment of Tax

1 DAY

Acknowledgment of Tax Filing send to Customer for GSTR 1 & 3B

Frequently Asked Questions

What is a Private Limited Company?
A private limited company is an Artificial Juridical Company. A company is registered with ROC in India.
What is the number of Shareholders required to incorporate a Private Limited Company?
There is a minimum of two shareholders required to start a Private Limited Company and the number can extend maximum from fifty to two hundred beyond which is not permitted.
How many Directors are required in Private Limited Company?
A minimum of two directors are required to establish a private limited company and the maximum amount cannot exceed beyond fifteen.
Can LLP (Limited Liability Partnership) be converted to Private Limited Company?
No, LLP cannot be converted to a Private Limited Company as it is not permissible by the government of India. Both the LLP Act, 2008 and the Companies Act, 2013 are silent about the matter and haven’t done any amendments on the same. However, if you want to expand your business you can register a Private Limited Company with INC-29 which has simplified the process of registration.
Can a Salaried person become the director in Private Limited Company?
Yes, a salaried person becomes the director in private limited company, there are no legal bondages in this, but you have to go through with your employment agreement if it contains any restrictions on doing so.
How long is the company valid for?
Once a Company is incorporated, it will be active and in existence as long as the annual compliances are met with regularly. In case, annual compliances are not complied with, the Company will become a Dormant Company and may be struck off from the register after a period of time. A struck-off Company can be revived for a period of up to 20 years.
What is DSC?
Digital Signature Certificates (DSC) is an electronic format of a certificate that represents the physical form of a certificate. These are specific certificates which give you authority to access information or services on the Internet or to sign legal documents. It works as a prove for the identity of a person example of certificates can be like a driving license, passport or any membership certificates. It’s the same way as the physical documents are signed manually, the electronic documents, like e-forms, are signed by using the Digital Signature Certificate.
What is DIN?
Director identification number is the unique number that is issued to existing Director or a Future Director of a Company. It is required to be submitted during the procedure for company registration. It is denoted as DIN. Often there are crisis situations when a company is created with money raised from the investors and public, then the director along with all the money vanishes which are not traceable if they don’t have a DIN. To avoid such fraudulent cases and maintain a proper record of the company a DIN is necessary.
What is a Stamp Duty?
It is a tax that is demanded on documents. The stamp duty includes majorly the legal documents such as Cheque, military commissions, marriage license, receipts and land transactions. When a physical stamp is attached to the document, it is denoted that, the stamp duty had been paid for the particular document which was effective legally.
Do I need a Chartered Accountant to register my company?
Yes, a chartered accountant is important for a company registration, as it provides general accounting, internal auditing, accounting, outsourcing, income tax advisors, tax planning, etc.
Can a government servant, start his/her own company?
It is a strict No, a government employee cannot run a business or do a part time job and for that matter anything except the designated work in the government.
What is a Share Certificate?
It is a written document which is signed on behalf of a corporation/company to serve as a legal proof of ownership of shares/stock that the company indicates to have. It is also termed as Stock Certificate.
When to appoint a CA/CS in company?
Every company having a paid-up capital of Rs. 5 crore needs to have a whole time CS official as per the new amendment in the Company Act.

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