Advice

Is GST applicable for Pvt Ltd company?

by Author

Is GST applicable for Pvt Ltd company?

All businesses from the public to private limited companies should register for their GST. Registering for GST is compulsory for all companies that sell their goods or render services via e-commerce platforms such as Amazon, Flipkart, Ola, etc. In addition to that, one should be aware of the GST compliance number.

Can OPC be converted into a non profit company under Section 8 or a private company?

OPC cannot be incorporated or converted into a section 8 company under the Act. 3. OPC cannot carry out Non-Banking Financial Investment activities including investment in securities of any body corporates.

How do I register my GST for a private limited company?

The Process of GST Registration for Private Limited Company:

  1. Login to the GST Online Portal.
  2. Fill up Form Part-A (PAN, Mobile No., and E-mail)
  3. The Portal verifies your detail by OTP/E-mail.
  4. Upload the required documents.
  5. Access and fill in Part B using received number.
  6. You will get the Application Reference Number.
READ ALSO:   What does pore water pressure indicate?

Is audit compulsory for OPC?

AUDITOR’S APPOINTMENT Within 30 days of incorporation of the company, the first auditor who is a chartered accountant must be appointed for auditing the financial documents and statements of the OPC. Since the statutory audit is mandatory to be conducted for an OPC.

Is GST number compulsory for company?

Is GST registration mandatory? Yes, you are required to obtain GST registration once your turnover exceeds the specified threshold limits. Click here to check out the latest threshold limits for GST registration. A trader whose aggregate turnover is below Rs 1.5 crore can opt for the Composition scheme.

Is GST registration mandatory for private limited company?

GST Registration In the GST Regime, businesses whose turnover exceeds Rs. 20 lakhs (Rs 10 lakhs for NE and hill states) is required to register as a normal taxable person. This process of registration is called GST registration. For certain businesses, registration under GST is mandatory.

READ ALSO:   How does OSHA define hazardous substances?

Where an OPC ceases to be entitled to continue as OPC it shall within convert itself into?

INC-5 informing that it has ceased to be a OPC and that it is now required to convert itself into a private company or a public company by virtue of its paid up share capital or average annual turnover, being exceeded the threshold limit laid down in Rule 6(1).

Can we take loan in OPC?

Another advantage of an OPC is the ease of getting loans and perpetuity. “OPCs provide perpetual succession and limited liability to businesses. Options you can avail include taking a personal loan, taking loan against gold or securities or getting a credit card.