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Who Are Eligible For GST Registration in India In the pre-GST era, certain sectors like building construction and textile were largely unorganized and unregulated. However, the introduction of GST brought in greater accountability and regulation to these industries. GST enables all businesses to collect and pay tax on supplies, and avail input credit for the taxes paid on goods and services bought. It is essential for all businesses to get registered under GST and comply with the laws. Every person who makes taxable supplies of goods or services must register under GST if their aggregate turnover exceeds Rs 40 lakh (Rs 20 lakh in the case of special category states). In addition, all entities who are already registered under an earlier law of taxation such as Excise, VAT or Service Tax must get themselves registered under GST. Once you fill up the registration form online and upload all the necessary documents, the application will be verified by both State and...

What Are the Compliance Required for OPC Private Limited Company In this article, we will discuss What Are the Compliance Required for OPC Private Limited Company. The One Person Company is a revolutionary concept introduced in the Companies Act, 2013 which allows a single person to incorporate a business. This type of entity has unique features that make it different from other types of entities such as sole proprietorship, partnership firms and other private limited companies. It has the ability to raise funds through loans and grants from financial institutions and banks. However, it has to comply with several statutory provisions including those pertaining to annual return filing and statutory auditing. Failure to comply with these requirements can lead to heavy penalties and fines. Therefore, it is vital for One Person Company to ensure that they are aware of these requirements and follow them regularly. The Registrar of Companies (RoC) has prescribed so...

How to Register a Trading Company in India How to register a Trading company in India is the question that many investors often ask. Trading companies are those which work with a wide range of products that can be sold to various types of customers and businesses for consumer or commercial purposes. Historically, trading companies have been highly specialized in one or more categories of goods and have had strong logistic organizations. However, changes in practical conditions and faster distribution methods have led to a greater variation of business models. One of the main advantages of a trading company is that it can offer multiple products for its clients, thus making it possible to buy more in one go than when dealing directly with a factory. However, a downside of this is that these companies don't necessarily have a very high level of control over the manufacturing process or quality of goods. They also may be reluctant to report issues or defects in th...

How to Register a Trading Company in India A trading company is a legal entity that can conduct wholesaling, franchising, retailing, importing, and exporting operations. It is a common business structure for firms that seek to diversify their operations or expand their international reach. As its name suggests, a trading company typically deals with the sale of goods that are in demand in the market. The company may offer multiple items sourced from a single factory or provide custom packaging, labeling, and other services. The company will also have a close relationship with factories, and thus, may be able to negotiate favourable terms for their customers. Investors seeking to set up a trading company will need to submit the following documents with the Registrar of Companies (ROC). The MoA lays down the objects of the company and the AOA specifies the activities that the company can carry out. However, a trading company will not be able to directly oversee the ma...

What Are the Procedures for Formation of LLP in India LLP, a legal entity separate from its partners, can acquire or dispose of any kind of property and sue or be sued in its own name. However, it can do so only after its incorporation. To be incorporated, LLP must submit a few important documents like the application form, copy of DIN (Designated Partner Identification Number) for every designated partner if they do not have a DIN, subscriber sheet, proof of registered office, and copies of Aadhaar and PAN cards with self-attested signatures of the designated partners. Incorporation of LLP is very simple and can be done online with the help of FilingPoint.com , which has experts well-versed in the legislation who have assisted many companies just like yours to set up their business. They have simplified the process of registering an LLP through an easy, user-friendly personalised dashboard which can be used on your mobile or desktop. The process of LLP registra...

Why is IT Filing Mandatory in India The Income Tax Act of India has framed laws to levy tax on taxable income earned by individuals, Hindu Undivided Families, Firms, Companies, LLP, Association of Persons, Body of Individuals and Local Authority. The law mandates filing of returns for any income earned above a specified threshold and those who fail to file their return face penalties under the law. A taxpayer can file their return digitally or manually. However, it is mandatory for every assessee to quote their Aadhar number and link it with their PAN card while filing a Income Tax Return , irrespective of whether they are submitting the return electronically or manually. Filing returns is not just a legal obligation, but it also offers many benefits to the individual. Filing returns gives you the chance to claim tax benefits under the law such as deductions, exemptions and rebates. It also helps in getting tax refunds, which can make up for a significant porti...

What Are the Documents Required for Company Registration in India When it comes to starting a new business, entrepreneurship is an exciting venture for any business owner. However, to ensure that the venture is successful, it's important for entrepreneurs to remain active in the 'legal game', especially when it comes to gathering and filing the necessary documents for company registration. As the process of company registration has shifted online, it's becoming even easier for entrepreneurs to register their businesses in India, the 3rd largest economy in Asia and 2nd biggest consumer market. Documents Required for Company Registration The first step in registering a Company is to choose the right corporate structure that best suits your business needs. There are several types of companies, including Private Limited Companies , Public Limited Companies, One Person Companies, and Limited Liability Partnerships. Choosing the right business structur...

How to Register Private Limited Company Online in India India is one of the fastest growing economies. It is also one of the most difficult countries in Asia to set up a business, but thanks to government initiatives like Start up India and digitization, the process has now become more user-friendly.  If you are planning to set up a business in India, the best option is to register it as a Private Limited Company . This will provide you with several advantages, including tax benefits and a separate legal entity. The first step in registering your company is to prepare the Memorandum of Association (MOA) and the Articles of Association (AOA). This is a required document that sets out the purpose, rules and regulations of the company. You can hire a lawyer to help you prepare this document or file it yourself online. After preparing the MOA and AOA, you need to submit them with the Registrar of Companies . You must also submit a list of directors and proof of reg...

How to Register Annual Filing in India - A Step-By-Step Guide Every company registered under the Companies Act, must file their audited financial accounts and Directors Report with the Registrar of Companies annually. This process is called ROC Annual Filing and it's an essential part of any business in India.  The process involves several forms and documents that need to be filed with the ROC in a timely manner in order to avoid late filing fees. In this article, we'll take a look at the ROC Annual Filing process in detail and discuss some important deadlines to keep in mind. ROC Form AOC-4, which contains details and annexure regarding the Balance Sheet of the company, Profit & Loss Account, Compliance Certificate, Documents pertaining to the Registered Office Address, Shares and Debentures, and information about the Directors of the company. If you're running a One Person Company , you'll also be required to file your ROC Form MGT-7 annually. T...

How to Register a Company in India When a business is started, it becomes imperative to get it registered. Not only does it give a legal standing to the company but also makes it eligible for various tax benefits. Furthermore, it is highly unlikely that investors will fund an unregistered start-up. Therefore, the process of How to Register a Company in India should be followed at all costs. The process of company registration in India has largely shifted online. As a result, it is not necessary for the stakeholders to be physically present while carrying out the legalities of the process. Instead, scanned and self-attested documents can be submitted through the MCA portal or email. Before initiating the process, the founders must understand the various types of business structures and their implications. This will help them choose the right entity type for their business. Some of the most common entities include a sole proprietorship, private limited company, pub...