GST return is a form that a taxpayer registered under the Goods and Services Tax (GST) law must file for every GSTIN that he is registered.
Businesses that are registered under GST have to file the GST returns monthly, quarterly, and annually based on the business. It is necessary to provide the details of the sales or purchases of the goods and services along with the tax that is collected and paid.
An individual taxpayer filing the GST returns has to file 4 forms for filing the GST returns such as the returns for the supplies, returns for the purchases made, monthly returns, and the annual returns.
GST return filing in India is mandatory for all the entities that have a valid GST registration irrespective of the business activity or the sales or the profitability during the period of filing the returns. Hence, even a dormant business that has a valid GST registration must file the GST returns.
1. A One Person Company is eligible for Start Up India registration.
2. A One Person Company can get bank finance easily.
3. A One Person Company has limited liability like private limited company.
4. A One Person Company is a corporate form of sole proprietorship.
5. A One Person Company can avail various tax benefits.
Any person naturally-born in India can incorporate OPC.
Basic KYC like PAN, Adhaar, Bank Statement, Digital Signature is required.
Details of Nominee in case of death of main shareholder.
Proof of Registered Office is required.
You can enjoy benefits of Private Limited Company by forming One Person Company. One Person Company has national recognition among Banks and NBFCs. OPC is eligible for start-up India registration. However, an OPC cannot raise funds from angle investors as there can be only one shareholder.
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