Compliances for Private Limited Company and GST

Compliances for Private Limited Company and GST

Annual compliance is something that includes all the requirements undertaken by the private limited company as per the rules and regulations. Each Private Limited Company has to ensure the annual ROC compliance and income tax else they have to face huge penalties and even imprisonment.

File Annual Compliance For Companies 

 

1. DIR 3 KYC

If any director holds DIN then for the actions they need to submit DIR 3 KYC. It ensures that MCA each directly corrects and updates details every year.

2. Form MSME

All MSMEs should file a half-yearly return with the registrar for outstanding payments to micro or small enterprises.

3. ADT-1

To be filed in less than 15 days from the conclusion of AGM. Every company should inform the ROC about the appointment of an auditor.

4. Form AOC-4

To be filed 30 days from the conclusion of AGM. Specified companies should file the financial statements with the ROC. For example auditor reports, balance sheets, statements of profit and loss director’s reports, etc.

5. MGT-7

To be filed within 60 days from the conclusion of AGM. Every company should file an annual return, furnishing details about the company.

6. MGT-14

If any changes happened in AGM then it has to be filed.

7. DPT-3

The loan outstanding as of 31st March of the previous financial year has to be filed.

GST Compliance

1. GSTR-1

To be filed within the 11th of every month. Companies should file sales details invoice-wise. The penalty for this is 20/50 rs per day for each monthly return.

2. GSTR-3B

To be filed by the 20th of every month. Companies should file sales and purchase summaries otherwise the penalty fees will be 20/50 rs per day for each monthly return.

3. GSTR-9

To be filed by 30th September of the next financial year. Companies should file an annual summary of sales and purchase invoices otherwise the penalty for this is 200 rs per day.

4. GSTR-9C

To be filed by 30th September of the next financial year. Specified companies should file an audit by CA of sales and purchase details filed in GST returns otherwise the penalty is 200 rs per day.

5. GSTR- 2A

To be filed by 30th September of the next financial year. Specified companies should file GST input credit (ITC) which is available only when your vendor has filed your purchase invoice in his/her GST return. The penalty is charged when ITC is unavailable or if the purchase invoice is not showing online.

6. Correction

To be filed by 30th September of the next financial year. Specified companies should file corrections of details if they are filed wrongly by mistake.

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