GST RETURN FILING
Every company/ LLP/ individual registered under the GST act has to upgrade the details of sales, purchases and the tax paid by filing for GST returns with the respective administrative authorities. A GST return filing document contains details of all the taxpayers. For GST return filing, you are supposed to provide with all the particulars related to your business activities, like the tax liability declarations, tax payments and also any other related information as per instructions provided by the government. This is done online.
With online GST return filing, the taxpayers intimate the Goods and Service Tax Network (GSTN) about the inflow and outflow of supplies including the amount of tax paid and collected. While recording the taxable transactions with Government, the taxpayer is also required to pay the amount of tax collected from an outward supplier of goods or services after the deduction of Input Tax Credit (ITC).
IMPORTANCE OF GST RETURN FILING
- INPUT TAX CREDIT: The tax already paid by the supplier is deducted from the liability to pay taxes. If the tax paid and collected transaction is recorded through filing return by both the parties, the Input Tax Credit can be passed on to the buyer and not otherwise. The registered person cannot claim the input credit if the return is not filed on time.
- COMPLIANCE RATING: The GST Network has introduced the mechanism of compliance rating. This is where all the registered persons are provided ratings based on their regularity of fulfilling the compliance and payment of taxes. The compliance ratings are publicly available on the website. The regular taxpayer is ranked with higher compliance ratings.
- DIFFERENT TYPES OF GST COLLECTED: There are three different types of taxes are collected – IGST, CGST & SGST. The information about all three taxes paid or collected is required to be recorded in a single form itself. The online filing system is simplified under this regime which and is further proposed to be more simplified through one form of filing for recording all transactions.
- PENALTY: If there is delay in filing return, the taxpayer is charged with a late fee of 50 for each day of a delay till the actual date of filing. To avoid such heavy penalties, the return must be filed without any delay. The taxpayers with no tax liability also have to file the returns to avoid the late fee of Rs.20 for each day of delay. Interest at the rate of 18% p.a. is payable on the outstanding tax liability.
TYPES OF GST RETURN FILING FORMS:
Procedure For GST Return Filing
Documents Required For GST Return Filing
DSC of Authorised Partner or Director, in case of LLP and Company only
GST Registration Certificate
Log-in credentials of the registered person
Details of Supplies
Details of the inward and outward taxable supplies along with the invoice details
FAQ about GST Return Filing
No, new company registration is a fully online process. As all documents are filed electronically, you would not need to be physically present at all. You would need to send us scanned copies of all the required documents & forms.
If you have all the documents in order, it will take no longer than 7-12 days. However, this is dependent on the workload of the registrar.
Any individual/organization can become the member of the private limited company including foreigners/NRI. However, the individual must 18+ above in terms of age and should have a valid PAN card.
The DSC is an instrument issued by certifying authorities (TCS and n-Code are two of them) by which you can sign electronic documents. As all documents needed are electronic, partners need a DSC.
Yes, so long as the annual compliances are met, the private limited company will continue to exist. If you do not comply with the requirements, it will go dormant, until it is struck off the register altogether.
Yes, a private limited company must hire an auditor, no matter what its revenues. In fact, an auditor must be appointed within 30 days of incorporation. Compliance is important with a private limited company, given that penalties for non-compliance can run into lakhs or rupees and even lead to the blacklisting of directors.
These documents contain the rules, vision and mission of your organisation, and define, among other things, the exact business and the roles and responsibilities of shareholders and directors
Yes, a minimum of two directors are needed for a private limited company. The maximum members can be 200. You can register as a One Person Company, if you are the sole owner of the company.
Any individual/organization can become a member of a private limited company including NRI/foreigners. Nonetheless, the individual must be 18+ above in terms of age and should hold a valid PAN card.
One needs to start a company with a minimum capital of Rs 2.
Yes, a salaried person can become the director in private limited, LLP or OPC private limited company. One needs to check the employment agreement if that allows for such provisions. In a lot of cases, the employers are quite comfortable with the fact that their employee is a director in another company.
No, one cannot convert an LLP into a Private Limited Company . The LLP Act, 2008 and the Companies Act, 2013, both don’t have any provisions on conversion of the LLP in a private limited company. However, if one wants to expand their business they can register a new Private Limited Company with the same name. The LLP Company needs to just issue a no objection certificate.
The entire procedure is done online and one does not have to be present at our office or any other place for the incorporation. A scanned copy of the documents have to be sent via mail. The incorporation certificate is received from mca on the registered email id of the applicant.
A company is a legal entity and like a different person established under the Act. It is treated as a different person which can own a property and have debts or creditors. The members (Directors/Shareholders/) of a company have no liability to creditors of a company in a case company is unable to pay the debts.
Yes, one can register the company at their residential address. One requires to submit the utility bill copy of the same.
Yes, it is a good to register a family member as a partner. At a later stage one can change this or transfer shares of the directors.Another option is that one can go for One Person Company (OPC).
To register an Indian LLP, one needs to apply for a Designated Partner Identification Number (DPIN) first. This can be done by filing an eForm for acquiring the DIN or DPIN. One would then be required to acquire their Digital Signature Certificate and register the same on the portal. Subsequently, one needs to get the LLP name approved by the Ministry. Once the LLP name is approved, a LLP can be registered by filing the incorporation form.
To register a section 8 company, the applicant is required to file Form INC-1 for name availability. After the name is approved, there is a further need of obtaining a license for a Section 8 Company, for which the Form INC-12 is to be filed by such a company. After gaining the license number, the applicant can proceed further to incorporate a company by filing an e forms SPICe or INC-7 (in case number of subscribers are more than seven) along with linked forms as the case may be.
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On Time Delivery
Just tell us a few details about your brand and we’ll process your application. In three working days, you’ll be ready to use the symbol alongside your brand name.
We make your interaction with government as smooth as is possible by doing all the paperwork for you. We will also give you absolute clarity on the process to set realistic expectations.
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Our team of experienced business advisors are a phone call away, should you have any queries about the process. But we’ll try to ensure that your doubts are cleared before they even arise.