ROC Annual Filing

      Introduction     Taxpayers with an annual turnover of less than INR 5 crore will not be mandated to submit GSTR-1 and GSTR-3B forms on a monthly basis as agreed in the 42nd GST Council meeting. They will now conduct it on a quarterly basis. Further, on December 5, 2020, the Modi Government finally announced the commencement of the same under the name QRMP Scheme. In this article, we'll talk about the QRMP Scheme, who is eligible to file, and how to file GST returns using Forms GSTR 3B and GSTR 1 under the QRMP Scheme.     What is QRMP Scheme?     QRMP scheme stands for Quarterly Return filing & Monthly Payment of Taxes. Taxpayers can make monthly GST payments by challan under the QRMP Scheme. The two options for making GST return payments are self-assessment of monthly liabilities and 35% of the net cash liability of previously filed GSTR-3B of the quarter.     Who is eligible for QRMP Scheme?     A registered person who must submit a return in GSTR-3B and who had an ag

      Introduction     When a layman intends to start a business, it is often unclear to him which business form is best for the new business entity. The two most common business form an entrepreneur selects is Private Limited Company and Limited Liability Partnership. These are 2 different concepts governed by Indian corporate law.   A Limited Liability Partnership is a corporate body that is constituted under the Limited Liability Partnership Act, 2008. The LLP enjoys perpetual succession and functions as a separate legal entity from its partners. The existence, rights, and responsibilities of the LLP partnership   will not be impacted by the change in the partners.  The Private Limited Company is prohibited from transferring shares under the Companies Act, 2013. The Private Limited Company is a separate legal entity as LLP and also provides limited liabilities protection to the members. But most entrepreneurs get confused about which one is better and easy to operate. So let us see