What next once the Company is registered?

What next?

Once your company registered, you can immediately open Company’s current banking account with any nationalized bank, deposit the share capial amount, and submit the declaration of Commencement of Business in eForm INC-20A with MCA and start your business. Please note that depending on your nature of business, the following other registrations are also required. These are divided into Central and State Registrations:

Central Registrations State Registrations
Goods and Services Tax (GST) Shops & Establishments Act
Import and Export Code (IEC) Professional Tax
MSME/SSI Local Trade License
Trademark/Copyright/Patent

You need to maintain the books of accounts, regularly pass accounting entries and apart from it, you need to file certain documents with the Minsitry of Corporate Affairs, Government of India. You also need to file monthly returns, quarterly returns and annual returns. These are mentioned herein below:

Mandatory filings with MCA:

The following are the mandatory documents you need to file with MCA. For non filing of these documents, MCA will impose penalties. The details are mentioned herein below:

Sl No Form Purpose of the Form Fee in Rs. Due Date Penalty in Rs.
1 Form INC-20A Commencement of Business 300 With in 180 days of Incorporation Rs. 50,000/- on company and each director has to pay Rs. 1000/- per day.
2 ADT-1 Auditor Appointment 300 With in 15 days of appointment Maximum of 12 times of actual fee
3 Form DPT-3 Return of deposits 300 30th June of each year Maximum of 12 times of actual fee
4 Form DIR3-KYC Application for KYC of Directors Nil 30th September of each year 5000
5 Form BEN-2 Return to the Registrar in respect of declaration under section 90 300 With in 30 days of receipt of declaration from shareholder Maximum of 12 times of actual fee
6 Form MSME Form for furnishing half yearly return with the registrar in respect of outstanding payments to Micro or Small Enterprise. Nil 31st October for the period from April to September and by 30th April for the period from October to March. Maximum of 12 times of normal fee applicable
7 Form AOC-4 Form for filing financial statement and other documents with the Registrar 300 With in 30 days of date of AGM Rs. 100 per day
8 Form MGT-7 Form for filing annual return by a company 300 With in 60 days of AGM Rs. 100/- per day

Monthly Returns:

You have to file the following monthly returns. For non filing of these documents, penalties will be imposed. The details are mentioned herein below:

Sl No Form Purpose of the Form Fee in Rs. Due Date Penalty in Rs.
1 GSTR-3B GSTR 3B is a monthly return. It is a return showing supply of goods/services (including nil rated, exempt and non-GST supplies) or received any supplies liable to reverse charge during the tax period, inter-state supplies to unregistered persons, composition taxable persons or UIN holders, claim/reversal of Input tax credit(ITC) on purchase of goods or receipt of services, receipt of nil rated, exempt or non-GST supplies during the tax period and any iterest or penalty etc.,. Nil On or before 20th of next month Rs. 20/- per day in case Nil return & Rs. 50/- per days in case of Tax return.
2 GSTR-1 GSTR 1 is a monthly return of outward supplies. It is a return showing all the sales transactions of a business. You have to enter invoice details in this return. You have to file this return on or beore 11th Next month. If you opt or quarterly filings, you can file it on quarterly basis. Even if you do not have sales, you have to file this return as NIL. Nil On or before 11 of next month Rs. 20/- per day in case Nil return & Rs. 50/- per days in case of Tax return.
3 Form V Monthly Professional Tax Return Nil On or before 10th of next month Penalty varies from state to state.

Apart from the above, you need to file PF and ESI monthly returns. You need to pay the monthly challan amounts such as GST, TDS, PT, PF & ESI to the concerned departments on or before the due dates. Failure to pay the said amounts will attract penalties.

Quarterly Returns:

You have to file the quarterly TDS returns. For non filing of these returns, penalty of Rs. 200/- per day will be imposed.

Annual Returns:

You need to file the following annual returns. For non filing of these returns, penalties will be imposed. The details are mentioned herein below:

Sl No Form Purpose of the Form Fee in Rs. Due Date Penalty in Rs.
1 IRT-6 ITR-6 is an Income Tax return, it has to be filed on annual basis. Nil On or before 30th September of Assessment Year Rs. 5000/-.
2 Form AOC-4 Form for filing financial statement and other documents with the Registrar 300* With in 30 days of date of AGM Rs. 100 per day
3 Form MGT-7 Form for filing annual return by a company 300* With in 60 days of AGM Rs. 100/- per day
4 GSTR-9 GST Annual Return Nil The due date for filing this Form GSRR-9 for the financial year 2017-18 is further extended to 31.12.2019 Rs.200/- per day of default subject to a maximum of 0.25% of the tax payers turnover.

You need to maintain the minutes of the meetings of board of directors, members of the company. You also need to maintain certain registers under Companies Act, 2013 such as Register of Members, Register of Directors, Register of Contracts in which directors are interested, Register of Charges, Register of Share Transfers, Register of Fixed Assets etc. Failure to maintain these will attract penalties.

CompaniesHouse consultants will help you in complying all the above at an affordable cost. You can concentrate on the business, we will take care of compliances so that no penalty will be imposed upon you by the government. The object of the CompaniesHouse is to minimise the cost in annual compliance of companies throughout India.

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