The basic meaning of “GST Return Filing” is “maintaining financial accounts” per year. Bookkeeping and GST Return Filing can be divided into several fields including financial GST Return Filing, managing general GST Return Filing,professional GST Return Filing, chartered accountant, auditing, tax GST Return Filing and cost GST Return Filing.
What is GST Return Filing
The basic meaning of “GST Return Filing” is “maintaining financial accounts” per year. Bookkeeping and GST Return Filing can be divided into several fields including financial GST Return Filing, managing general GST Return Filing,professional GST Return Filing, chartered accountant, auditing, tax GST Return Filing and cost GST Return Filing.
direct taxes existed but now GST has replaced all of them.Benefits of GST In India
It was in the year 2017 when the Government of India passed the GST (Goods & Services Tax) Act. GST is an indirect tax that replaced many indirect taxes such as the excise duty, VAT, services tax, and so on, with the idea of ‘one nation, one tax’.
Goods and services are divided into five different tax slabs for collection of tax: 0%, 5%, 12%, 18% and 28%. However, petroleum products, alcoholic drinks, and electricity are not taxed under GST and instead are taxed separately by the individual state governments, as per the previous tax system.
As it is one of the biggest reforms in India, it has many benefits for you as a business owner or just as a lay man in this country. To make you aware of these compelling benefits, we have this article ready for you. So, let us look at the big benefits of GST in India.
List of documents required for GST registration
Private Limited Company
- Certificate of Incorporation
- PAN Card of Company
- Articles of Association AOA & MOA
- PAN card and address proof of all directors
- Bank account details
- Board resolution appointing
- Authorised signatory
LLP / Partnership
- PAN Card of LLP/Partnership Firm
- LLP Registration Certificate / Partnership Deed
- Partners Pan & Aadhaar
- Photograph of all partners
- Bank account details
- Address proof of principal place of business
Individual/Proprietorship
- PAN Card of proprietor
- Address proof of proprietor
- Photograph
- Bank account details
| Form of Business | PRIVATE LIMITED COMPANY | ONE PERSON COMPANY | LLP | PARTNERSHIP FIRM | PROPRIETORSHIP FIRM |
|---|---|---|---|---|---|
| Recommended For | Startups & Growing Companies | Sole Promoters | Professional Services Companies | Small Businesses Firms | Small Traders, Agents & Manufactures |
| Prevailing laws | Companies Act | Companies Act | LLP Act | Partnership Act | NA |
| Charter Documents | MOA & AOA | MOA & AOA | LLP Agreement | Partnership Deed | NA |
| Limit of Members | 2-200 | 1 | 2-Unlimited | 2-20 | NA |
| Separate legal identity | Yes | Yes | Yes | NO | NO |
| Limited Liability | Yes | Yes | Yes | NO | NO |
| Tax Advantage | High | High | Low | Low | Low |
| Annual Statutory Compliances | High | High | Low | Low | Low |
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FAQs
Simplified Performa for Incorporating Company Electronically, also known as SPICe, was introduced in the year 2016 for the purpose of incorporation of the companies. Under the Ease of Doing Business (EODB) initiative, the MCA released the new form SPICe+ to further ease the company incorporation process. The new SPICe+ form encompasses more features than the earlier SPICe form. Name approval is integrated as part of the SPICe+ form. The AGILE form has been converted to AGILE Pro to provide GSTIN / ESIC / EPFO / Bank account as well along with company incorporation. Apart from that, even after affixing DSC in the form, information can be modified in the SPICe+ form.
After the introduction of the SPICe+ form, the name approval has been integrated with SPICe+. Part-A of SPICe+ is for name approval. Therefore, from 15th February 2020, the RUN form can only be used for a change of name.
Company Limited by Shares: The liability of the shareholders is limited only to the amount that is unpaid on the shares held by them. Company Limited by Guarantee: A company having no share capital where the liability of the shareholders is limited up to the amount undertaken to be contributed by them in the event of liquidation of the company.
Yes. private limited companies are eligible for attracting foreign direct investments in compliance with the relevant laws and regulations.
DIN, also known as Director Identification Number, is an identification number of a person intending or has become a director in a company. DPIN, also known as Designated Partner Identification Number, is an identification number for a designated partner in LLP. It is similar to DIN in the case of companies. DIN and DPIN are issued by the Ministry of Corporate Affairs.
Yes. Even a foreign national can become a director in a private limited company.
As per the Companies Act, 2013, only an individual natural person can become a director in a company. Therefore, neither a company, firm, or association can become a director in any company. This is to ensure the fixation of duties and responsibilities that would be difficult in the case of companies and firms becoming directors.
The private limited company registration cost depends upon various factors like authorized capital, number of directors, etc. Initiate your Pvt. Ltd. Company Registration with eAuditor Office as your partner in corporate compliance! Reach out to us for any professional assistance.