1. Avoiding Penalties and Late Fees No Late Filing Penalty: Filing GST returns on time helps you avoid late fees of: ₹20 per day (₹10 for CGST and ₹10 for SGST) for NIL returns. ₹50 per day for regular returns. No Interest: Prevents interest charges (18% per annum) on...
Ownership Basis Articles
How to register for GST as a business owner?
Step 1: Determine Eligibility for GST Registration Mandatory Registration: Businesses with an annual turnover exceeding ₹40 lakh (₹20 lakh for special category states or service providers). Interstate supply of goods/services. E-commerce operators or sellers. Reverse...
What are the steps to file GST returns?
Step 1: Understand Your GST Filing Requirements Determine Return Type: Identify which GST returns you need to file based on your business type and GST registration (e.g., GSTR-1, GSTR-3B, GSTR-9). Frequency: Monthly (Regular taxpayers). Quarterly (Small taxpayers...
Why is GST filing mandatory for businesses?
1. Legal Requirement GST filing is mandated under the GST Act, 2017 for businesses exceeding specific turnover thresholds or meeting other criteria. Non-compliance can lead to penalties, interest, and legal consequences, such as cancellation of GST registration. 2....
How to file annual returns for LLPs?
1. Key Annual Filings for LLPs LLPs must file the following annual returns: a. Statement of Account and Solvency (Form 8) Declares the financial position of the LLP, including assets, liabilities, and solvency status. Due Date: Must be filed within 30 days from the...
Why are partnership agreements important for registration?
1. Legal Validation and Proof of Existence A partnership agreement provides legal evidence of the partnership's existence, outlining its formation and operations. It is required during registration with the Registrar of Firms or other authorities to formalize the...
What are the key requirements for LLP registration?
1. Minimum Partners At least two partners are required to form an LLP. There is no upper limit on the number of partners. At least one partner must be a resident of India (stayed in India for at least 182 days in the preceding year). 2. Designated Partners A minimum...
How does LLP differ from a general partnership?
A Limited Liability Partnership (LLP) and a General Partnership are both forms of business ownership involving multiple individuals, but they differ significantly in terms of legal structure, liability, and compliance. Here's a detailed comparison: 1. Legal...
What is the process to register a partnership firm?
Registering a partnership firm in India involves a systematic process to ensure legal recognition and benefits. While registration is not mandatory, it is recommended for legal protection and credibility. Here’s a step-by-step guide: Step 1: Draft a Partnership Deed...