BusinessWindo.com is a unique platform which provide opportunities to young & aspiring minds. It offers online consultation, to budding entrepreneurs pan India, in overcoming the initial formalities of starting a business. This is an initiative to utilise the bandwidth of legal and financial fraternity in business, by lending support to the start-ups under one roof. This one-of–its-kind platform, comprises of legal and professional experts who helps these business set ups.
BusinessWindo.com is a unique venture with an initiative to serve start-ups and new business set ups and support them with services such as New company incorporation, Tax registration, Filing of various taxes, Secretarial services, Chartered accountant services, Trademarks, Copy right, Patent and many more at affordable charges with better transparency.
Unlike other service providers, BusinessWindo provides more than 50 services to its users. In addition, all services are relatively affordable compared to the market and still maintaining the high quality standards.
With a team of young, energetic team it focuses on providing hassle free, transparent online services on www.BusinessWindo.com at affordable price.
Handled 1000+ projects and delivered substantial results.
All-round performance throughout toughest challenges and risks.
Our esteemed client’s proposition and absorb their valuable inputs.
Retain customer loyalty by providing consistent efforts and ideas.
Assure complete confidentiality of information shared with us.
Troubleshoot service-based problems & help resolve discrete technical issues.
One of the first reasons for which you should choose Businesswindo.com is because it is a capable organization in various areas of business such as Company Registration in Bangalore and GST taxation matters. The organization uses qualified professional experts in the domain of company registration to make your company registration process much smoother than before. The company provides you value for money and in this day and age this is one value that is cherished so highly. When you do business with us you can be sure that there would not be any hidden costs whatsoever and your documents would be cent per cent clear as well. This will make sure that you do not face any problem later on.
We have been in the business for a long period of time and as such we have associated with plenty of entities. They have been happy with the services that we have provided to them and this has cemented our position as a market leader in our chosen domains. More than anything else, we are committed to providing you the best service that we can – in terms of commitment and quality. When we are working with you, your problems are our problems and we would always make our best attempt to solve them to your utmost satisfaction.
The term GST (goods and services tax) return could be interpreted as a document that has the details of income that a taxpayer – you – is supposed to file with administrative authorities that look after taxes. The tax authorities would use this in order to compute the amount of tax that you are supposed to pay.
What is GST return?
A return is a combination of certain documents comprises with sales and purchases details of a business organization which need to be file with the GST Department monthly/ quarterly and annually with respect to the nature and activity of business.
In case of GST if you are registered as a dealer; your GST return should include details like your purchases, sales, output GST on sales, and input tax credit, which is GST paid for purchases. In order to file GST returns you need to furnish the purchase and sales invoices that are compliant with GST. Such invoices formats are available for free on the internet and a GST service provider can also provide you this.
Who should have to file GST return?
Every person who has registered under GST will have to file returns in some forms and others as per their business activity.
As far as the GST regime is concerned, a normal business has to file a yearly return and two monthly and quarterly returns sometimes. This makes it around 25 returns for a year.
The system has been created in such a way that you need to manually provide the details of only one monthly return – GSTR-1. The other return form GSTR-3B gets populated by itself by taking details from the GSTR-1 that you and your vendors have filed. However, in case of special businesses like composition dealers you would have to file separate returns.
Which type of taxpayers needs to file annual return?
All the taxpayers those are filing return in GSTR-1 to GSTR-3, are required to file an annual return. So all registered businesses under GST have to file GSRR-9 annually.
Which type of taxpayers needs to file monthly and quarterly returns?
Taxpayers who’ve registered under GST, they have to file their return monthly; expect those who have opted for Composition Scheme. For that reason, the composition scheme is required to file quarterly in GSTR-4 Form.
How to file GST returns online?
To file returns of your business, you have to know the requirements, forms, due dates and understand the procedure required to apply for Goods and Services Tax (GST) return online in Bengaluru. You could also take a help form the professionals who will clarify, simplify and suggest you for proper way. We call it, experts help & guidance.
However, these days it is becoming easy and more possible for your businesses to file GST return online in Bangalore. Even if you cannot do it yourself you need not worry as there are service providers such as BusinessWindo we are here with the precise intention of helping you with such work.
We are in this field and have professional experiences and experts can help you to get access to the official portal of GST and file your returns through there. If you need our assistance all you need to do is go ahead and get in touch with us. You can be sure that your work would be done.
Process of filing GST returns
Here’s we summarized the procedure to get a clear-cut idea on GST return filing.
There are four major steps that have to be followed for online GST return filing in Bangalore.
Step-1: In the first step, you need to visit the GST Portal and login with your existing user ID as well as password.
Step-2: Click on Return Dashboard and select here the year and month of your return
Step-3: Third step is the major step for filing return of GST; here whatever Forms you want to file can choose from this tab like GSTR-1, GSTR-2, GSTR-3B, GSTR-4, GSTR-5, GSTR-6, GSTR-7, GSTR-9 and etc. or the type of returns you want to do file as per their due date and submit all data according to that.
For taking an Example, you could go ahead for GST-3B return tab. Here in this case of GSTR-3B, you need to put in your sales amount along with the tax and purchase amount along with the input credit. Remember while filing the Form GSTR-3B, whatever details you’ve inputted; it should be matched to GSTR-1 and GSTR-2. Otherwise questions will arise, you’ve to clarify for that and you don’t able to pass the credit to the customers.
Step-4: After that you need to create a challan for the return and pay the requisite GST.
Step-5: Then you’ve to submit your return through Digital Signature (DSC), in case you are a company/ LLP; otherwise can verify through Electronic Verification Code (EVC) for partnership/ proprietorship and others.
Documents required in order to filing GST return
We need these documents and detail information from business side which helps us to file return for your organization.
There are no set documents that are needed as such when you are trying to file your GST returns online. You mainly need to have sales invoice of goods and service that are liable to be taxed in this particular regard.
This means that when you file your GST returns there are some guidelines that you need to follow. You have to prepare each and every invoice exactly as it has been stated for the same in the rules and regulations of GST. You need to maintain both online and offline bookkeeping records.
Types of returns under GST laws
These are the usual returns of GST used for normal businesses:
GSTR-1: Used to file only for Sales purpose/ Outward supplies
GSTR-2: Used to file only for Purchase/ Inward supplies
GSTR-3B: Used to file to preserve monthly return of Payment of Tax
GSTR-4: Used to file for Composition
GSTR-9: Used to file for Annual return of business
Here we have given a just hint on common returns; apart from this, other returns are there and it is nicely written in ClearTax you can follow it.
The CGST (Central Goods and Services Tax) Act mentions the different types of GST returns to be filed by various kinds of businesses. The regular businesses need to file 4 returns that are to be filed each month – GSTR-1, GSTR-2, GSTR-3, and GSTR-3B, and a yearly return named GSTR-9. In case a dealer has opted for a composite scheme it would have to file a return at the end of each quarter named GSTR-4 and a return named GSTR-9A, which needs to be filed each month.
Due date of GST returns
Form GSTR-1 is for businesses that earn INR 1.5 crore a year and more, and have opted for quarterly filing. In this case the filing for the period from January to March has to be done by 30th April, the filing for the period from April to June has to be done by 31st July, and the filing for the period from July to September has to be done by 31st October. One assumes that in case of the period from October to December the filing has to be done by 31st January the next year.
Penalty and interest for late filing of GST return
If you do not file your GST returns within time you would have to pay a late fee as well as some interest. The interest is determined at the rate of 18 per cent each year. You need to calculate it on the basis of the taxes that you are yet to pay in this regard. The time period in this case is from the next day of filing till the date of payment. The GST Act says that for each day of being late the penalty is INR 100. This means that it would be 100 as per CGST and 100 as per SGST (State Goods and Services Tax).
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The term GST refers to goods and services tax, a tax structure brought about to replace all previous kinds of taxes such as sales tax, service tax, and excise duty, to name a few. GST registration is needed if you are selling goods and services in excess of INR 20 lakh a year. However, experts would tell you that you should register for GST even if your annual sales are lower than that and there are some good reasons for that as well. Without GST registration you would not get tax refunds on purchases and you would be unable to sell the products or goods outside of your state as well.
It normally takes around 2 to 6 working days in order for an applicant to be registered for GST. Thankfully, these days there are plenty of service providers that can help you with the likes of GST registration services in Bangalore.
What are the different kinds of GST? Why are they necessary?
India is a federal country, which means that both the central government and the state governments have the power to levy and collect taxes. The tax structure of GST has also been determined keeping this in mind only. There are three main types of taxes in this regard – CGST (central goods and service tax), SGST/UTGST (state or union territory goods and service tax), and IGST (integrated goods and service tax).
CGST: CGST is a tax that is levied on the intra state supplies of goods and services. It is the Indian government that levies the tax and the entire thing is done under the guidance of the CGST Act. This means that if you sell goods outside your own state this tax would come into play. The highest rate of taxation in this case at present is 14 per cent.
SGST/UGST: SGST or UTGST is a tax that a state or union territory government levies on the interstate supplies of goods and services. This means that the tax would come into play when you supply goods and services within your state. It is the SGST Act that governs such levies.
IGST: IGST is the tax that is levied under the IGST Act and is levied on imports and exports to and from India.
The main purpose of such taxation is to make sure that both the central government and state or union territory governments can get an equal share of the revenue that is being generated by way of these taxes.
Rate slabs under GST
There are five main rate slabs in the GST structure – 0 per cent tax slab, 5 per cent tax slab, 12 per cent tax slab, 18 per cent tax slab, and 28 per cent tax slab.
Who is Liable to Register Under GST?
A taxable person who is doing business or engages in ecommerce activity or supplying in goods/ services in any places of India has to acquire the GST registration under Section 22 or Section 24 of GST Law.
The registration of GST happens to be based on PAN (permanent account number) and is state specific in nature.
What are the benefits of GST registration?
When you are registered under GST you would receive a number of advantages as a taxpayer.
Online GST Registration Process
To do GST registration and obtain GSTIN for the businesses, the applicant has to follow these 8 steps:
What are the documents needed to register for GST?
The following documents are needed in order to register for GST:
Fees for a new GST registration
We would like to tell you one thing that Government is not charging any fees for the GST registration in India; means no need to pay any fee for GST registration on GST Portal. But for doing this, professionals (CA/ CS/ CMA) are charging some fees.
However, this process is a little bit longer, requires lots of information and scanned documents to input for the business. You can opt for BusinessWindo in this regards, our Professional charges starts from Rs. 2500; you will be assisting by our well experienced experts up to end-to-end process and it is excluding from GST return filing.
What are the penalties for not registering with GST?
The GST Act specifies some strict laws for businesses that do not comply with GST regulations. In case you do not pay the full amount, you would have to pay 10 per cent of the unpaid amount or INR 10,000 for tax evasion. At the same time if you do not pay the taxes the penalty would be 100 per cent of your due taxes.
How can we help you in this regard?
These days, there are a number of companies that are offering services such as GST returns filling for businesses in Bangalore, and online GST registration services. They are helpful organizations, really helping the business entities to come out from certain sorts of GST dilemma.
Apart from them; we are BusinessWindo, a leading company registration service provider in Bangalore can help you with each and every facet of GST related work. Here are some of the services we are offering to you by our organization which is enumerated as below:
So, as you can see, you can basically get all the services that you need from our expert CAs (chartered accountants). We have been in this business for a long time and helped plenty of businesses like you before. You can trust on us to do it better for you as well. GST is something that is necessary for your business. If you are eligible for that as per GST Law; go for that, which help you to grow and legalize your business.
In India there are some definite rules that you need to follow in order to change the kind of company that you are. There are forms to be filed and documents that have to be provided. Then, there are authority bodies whose rules and regulations you need to follow and whose decisions you need to honor.
In this article, we cover the conversion process of Pvt Ltd Company into Public, Limited Liability Partnership, One Person Company, Trust, Section 8 Company and NBFC.
Conversion of a Private Limited Company into a Public Company
This is the process to convert a private limited company into public Ltd:
1. Call a Board Meeting
2. Pass the Board Resolution Approval from Directors
3. Issue an Extraordinary General Meeting (EGM) Notice
4. Holding of Extraordinary General Meeting for the Purpose
5. Filing of Forms with ROC through
And you need to submit some important documents regarding to this conversion are -
Attachments of e-Form MGT-14
Attachments of e-Form INC-27
The first thing is that you need to do in order to change from a private company to a public one is to call a board meeting. The notice has to be issued just the way it has been stated in the Section 173 (3) of the Companies Act, 2013. The main agenda of the meeting would be to make sure that the directors approve, in principle, your conversion to a public company through alterations made to the Articles of Association (AOA) and Memorandum of Association (MOA).
The second step requires you to issue a notice for an EGM (extraordinary general meeting). The notice would have to be issued as per the way stated in the Section 101 of the Companies Act, 2013.
In the third step you would have to hold the EGM itself. The meeting has to be held on the date that has been specified in the notice issued for the purpose. Here you need to pass the special resolution whereby shareholders agree to the change.
In the fourth stage the ROC (Registrar of Companies) form would have to be filed. Here you would need to file two e-forms – e-form MGT 14 and e-form INC 27. There are also some important documents that need to be submitted in this regard. After this your documents and other submissions would be scrutinized by ROC. Before it issues the certificate, it should be satisfied that you have done all that you need to do.
Once you are able to convert to a public company there are some formalities that you would need to take care of.
Convert a Pvt. Ltd Company into an LLP (Limited Liability Partnership)
Process for conversion of private limited company into LLP
1. Call a Board Meeting and pass the Resolution for conversion of Pvt Ltd to LLP
2. Obtain DIN of all proposed Designated Partner for whom it don’t have already
3. Need to file LLP eform-1 to get approval of converting a private company into LLP
4. LLP Form-18 and Form-2 required to be filed for the conversion
5. File LLP Form-3 regarding to LLP Agreement
6. Intimate the conversion to Registrar in LLP Form-14
The process of changing a private company into an LLP is rather straightforward. First of all you have to call a board meeting where you decide to change the name of the company making sure that it ends with the word LLP. A resolution needs to be passed for that purpose. Before you do this however, you need to get the DIN (director identification number) for your designated partners who do not have it already.
In the second stage you have to file for approval for the new name of your company. For this you need to file the e-form LLP-1. Here you need to attach the special resolution passed by the board of directors regarding said conversion.
After this, ROC issues the name approval certificate. In the fourth stage you have to file the incorporation documents with ROC. Here you need to file the e-form LLP-2. Certain important documents such as proof of address need to be furnished at this stage.
In the fifth stage you need apply for conversion along with the e-form LLP-18. In the sixth stage you need to sign and submit the LLP agreement. This needs to be done within 30 days of having received approval for the forms already mentioned. Here you need to file the e-form LLP-3. After this, if everything is okay the respective department will issue the incorporation certificate.
Then you would have to intimate the conversion to the registrar along with the e-form LLP-14.
Conversion of a Private Limited Company into an OPC (One Person Company)
Just like other kinds of companies in India there is a definite procedure that needs to be followed when you are changing a private company into an OPC.
The first thing that you need to do is call a board meeting. After that you have to issue the EGM notice to all the members, the auditors, and the directors of the company. This needs to be done as has been stated in the Section 101 of the Companies Act, 2013. After that you need to hold a general meeting.
The fourth step over here calls for you to file an ROC form. Here you would need to file the special resolution that has been passed by the shareholders for said conversion. This form – MGT 14 – has to be filed within 30 days of passing the special resolution. Here you also need to furnish the prescribed fees along with attachments such as a notice of EGM and a certified true copy of the special resolution.
In the fifth step you would have to file an application in form INC 6 along with fees as prescribed in the Companies (Registration Offices and Fees) Rules, 2014 and certain important documents. One of the documents is a declaration of the willingness to convert.
In the final stage ROC would review all the forms and documents submitted by you and issue to you the certificate that says that you are now an OPC.
Conversion of Pvt. Ltd Company into Trust
There are three simple steps that you need to follow in order to change your private company into a trust.
First of all, you need to apply for name change. You need to do this with the ROC in your state. Normally, in this case you would be using the e-form INC-1 to make the application. You would also have to submit INR 1000 along with the application. This can be done through your net banking or credit card.
In the second stage you have to apply with the form RD-1. In this case too, the application would have to be made to the concerned ROC and form INC-12 will have to be attached to form RD-1. Here you would need to submit a number of important documents such as the draft MOA (Memorandum of Association) of the new company. This needs to be done according to form INC-13. Along with it you have to submit the draft AOA as well. You also need to provide a declaration in Form INC-14 with statements from an advocate, a cost accountant, a chartered accountant, or your company secretary. You also need to furnish a statement showing your liabilities and assets on the date when you applied or at least 30 days before that.
In the final stage, once you are approved, you need to issue an advertisement in the newspaper where you intimate all regarding the change.
Conversion of a Private Company into a Section 8 Company
There are four major steps that you need to follow in order to change a private company to a Section 8 one.
In the first stage you would need to apply for the reservation of your new company’s name. This application needs to be made with the ROC in the state that you are looking to operating in.
In the second stage, you would have to apply for conversion through the e-form RD-1. You also need to submit some fees, as has been prescribed in these cases. You also have to submit certain important documents such as form INC-12 along with the application in these cases. Some other important documents in these cases are the draft MOA and AOA of the company that you are about to form.
In the third stage you would have to issue a notice in the newspaper whereby you inform people of the application made for the conversion. This notice would be issued in form INC-26 and has to be done within a week of having made the application. Do remember that you would need to pay for this from your own pocket.
In the final stage, ROC issues you the license in order to operate as a Section 8 company. The license would be granted under Section 8 of Companies Act. 2013. This is normally done following consultations with other authority and regulatory bodies in the state government and the central government.
Conversion of a Private Company into an NBFC (Non-Banking Financial Company)
There is no need to change a private company into an NBFC as such. At least, there are no elaborate procedures that need to be followed in this case as you would do with the other types of companies that we have dealt with over here.
The major reason for such an assertion is the fact that here you are not changing the type of your company. You are merely starting a type of business. At any rate, if you wish to work as an NBFC you need to apply with the apex banking body in the country – the Reserve Bank of India.
The first thing that you need to do in this regard is visit the regional or zonal office of RBI in your area. It is here that you would get all the information on the forms that you need to fill, and the annexure and disclosures that you need to furnish with your application.
As has been mentioned in the Companies Act, you would need to amend the main object clause of your organization so that you could include the provisions necessary for working as an NBFC.