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Benefits of One Person Company in India The draft Companies Bill, 2009 introduces the concept of One Person Companies (OPC). It allows a single person to form a company and get incorporated under section 2(62) of the Companies Act 2013. This is an excellent step towards simplifying the process of forming a Company for small entrepreneurs. Earlier a minimum of two members were required to be included in the company and this increased compliance burden on the entrepreneur . As a result, most small businesses were run under proprietorship model which is a non-legally recognized entity and does not have the benefits of limited liability or a separate legal entity. One Person Company provides the entrepreneur with limited liability, a legal status and social recognition. It also gives a sense of confidence to the suppliers and customers. Similarly, big organizations prefer to deal with a private limited company rather than a proprietorship firm. It is easier t...

GST Annual Return Filing Services in India   In India, businesses and merchants are encouraged to file their annual returns for the financial year before June 30 to avoid last minute rushes. This is in light of glitches that were witnessed on the GSTN portal last year, where businesses and merchants could not file their returns by the end date. GSTR-9 is the compiled annual return that registered taxpayers are required to submit after every financial year. The form includes details of all business transactions made under various tax heads (CGST, SGST and IGST) for the whole year, along with turnover and audit information. The government has issued several types of annual return keeping in mind the various categories of taxpayers. The main forms are GSTR-9, GSTR-9A and GSTR 9C. Form GSTR-9 is an annual return filed by all registered taxable persons under the GST law, including those under the composition scheme. It also consists of a reconciliation state...