Expert Advisory. Clear Compliance.

GST registration is mandatory if your annual turnover exceeds ₹40 lakhs for goods (₹20 lakhs for services, ₹10 lakhs for special category states). It is also mandatory for inter-state suppliers, e-commerce sellers, and casual taxable persons regardless of turnover. We recommend registering early to build input tax credit from the beginning.

Tax audit is mandatory for: (1) Businesses with turnover exceeding ₹1 crore (₹10 crore if cash transactions are below 5%), (2) Professionals with gross receipts exceeding ₹50 lakhs, (3) Businesses declaring income below the presumptive taxation limit but below the basic exemption limit. The audit must be completed and Form 3CA/3CB filed by September 30 of the assessment year.

Late filing of GST returns attracts: (1) Late fee of ₹50 per day (₹25 for CGST + ₹25 for SGST), subject to a maximum of ₹5,000, (2) For nil returns, the late fee is ₹20 per day (₹10 each for CGST and SGST), (3) Interest at 18% per annum on the unpaid tax liability. To avoid these penalties, always file returns on time.

Ideally, bookkeeping should be updated daily or weekly to ensure accurate financial records. At a minimum, monthly updates are necessary for GST return preparation and tax compliance. Regular bookkeeping helps in timely financial reporting, better cash flow management, and avoiding last-minute scrambles during audit season.

The due dates for ITR filing are: (1) July 31 for individuals and HUFs not requiring audit, (2) October 31 for businesses requiring tax audit, (3) November 30 for companies and other entities requiring transfer pricing audit. Filing after these dates attracts late fees up to ₹5,000 under Section 234F.

An internal auditor provides independent assurance that your controls, governance, and risk management processes are working effectively. Key benefits include: early detection of fraud and errors, process improvement recommendations, compliance assurance, preparation for statutory audits, and better financial governance. For growing businesses, internal audit is a critical tool for sustainable scale.

Not all purchases qualify for ITC. ITC is available for goods and services used in the course or furtherance of business. ITC is blocked on: motor vehicles (subject to exceptions), food and beverages, club memberships, personal consumption items, and construction of immovable property. Our team helps you identify eligible ITC and maximize your credit claims legally.

For Private Limited Company registration, you need: (1) PAN and Aadhaar of all directors, (2) Passport-sized photographs, (3) Address proof of directors (bank statement/utility bill), (4) Proof of registered office address (ownership documents or NOC from owner with rent agreement), (5) Digital Signature Certificates (DSC) for directors. The entire process takes 7-10 working days.