They opt for composite scheme
Yes, it is mandatory that if you have a GST registration you need to file for returns.
You have to file for the GST return irrespective of the business if you do not file for the returns you will face extra charges 20rs per day from the due date.If you don’t start the business within 6 months from the date of allotment of the GST registration certificate then the proper officer has the right to cancel the GST registration.
Depending on revenue you might have to do the Tax and GST audits or depending on the nature of transactions Transfer pricing Audit. There are other MCA filings that might be applicable for your company which will need to be completed.
Yes, TDS and GST are monthly compliances and Audit, ITR and annual filings are Annual compliances which is must for all companies.
30th September for audit and ITR For annual filings 30th October.
For the first 15 months from the date of incorporation, there is no need to do the Audit, ITR, and annual filings.
In case the paid-up share capital of an OPC exceeds fifty lakh rupees or its turnover exceeds INR 2 crores for any 3 consecutive financial years, then the OPC has to mandatorily convert into private limited or public company. The OPC shall inform RoC in form INC-5 if the threshold limits are exceeded and is required to be converted into private or public company. Form INC-5 shall be filed within sixty days of exceeding threshold limits.
Where a natural person, being member in One Person Company becomes a member in another OPC by virtue of his being a nominee in that OPC, then such person shall meet the eligibility criteria of being a member in only one OPC within a period of one hundred and eighty days, i.e., he/she shall withdraw his membership from either of the OPCs within one hundred and eighty days
A person can be a member of only one OPC.