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accounting
pvt ltd company
A Private Limited Company (Pvt Ltd) is a type of business entity commonly used by entrepreneurs and small to medium-sized businesses. In a Pvt Ltd company, the liability of the shareholders is limited to the number of shares they hold in the company.
P Square Shareholders are not personally liable for the company’s debts. Their liability is limited to the unpaid amount on their shares.
A Pvt Ltd company is a separate legal entity, meaning it can own property, enter into contracts, and sue or be sued in its own name.
A Pvt Ltd company must have at least two shareholders and two directors. The shareholders can be individuals or other companies.
Shares in a Pvt Ltd company cannot be transferred publicly. Transfers of shares are typically subject to the approval of other shareholders.
A Pvt Ltd company often enjoys tax advantages, such as deductions for business expenses and lower tax rates compared to sole proprietorships. The existence of the company is not affected by the death or incapacity of its members. It continues to exist until it is officially dissolved.
P Square Accounts
Types of pvt ltd company
India has a Dual GST Model. Under this tax maybe levied simultaneously by both Central and State governments on certain taxable supplies. Such as on inter-state supplies, tax is levied by Central Government.
| Features | Central GST – CGST | State GST – SGST | Integrated GST – IGST |
|---|---|---|---|
| Tax Levied By | Central Government on Intra-State supplies of Goods and/or Services | State Government, on Intra-State supplies | Central Government, on Inter-State supplies |
| Applicability | Supplies inside a state | Supplies inside a state | Interstate supplies and import |
| Input Tax Credit | Against CGST and IGST | Against SGST and IGST | Against CGST, SGST, and IGST |
| Tax Revenue Sharing | Central Government | State Government | Shared between State and Central governments |
| Free Supplies | Applicable | Applicable | Applicable |
Who Must pvt ltd company
All businesses involved in buying or selling goods or providing services, or both, should register for GST. But for below-listed persons, GST Registration is compulsory.
- Previous Law Converted Taxpayer – All individuals or companies registered under the Pre-GST tax laws like Service Tax or Excise or VAT, etc.
- Turnover for Goods Provider – If your sales or turnover of goods is crossing Rs. 40 lakh in a year then GST Registration is mandatory. For the Special Category Status, the limit is Rs. 20 lakh in a year.
- Tur
- hover for Service Provider –
If you are a service provider & sales or turnover is crossing Rs. 20 lakh in a year then GST Registration is mandatory. For the Special Category Status, the limit is Rs. 10 lakh in a year - Casual Taxpayer – If you supply goods or services, in events/exhibitions, and not have a permanent place of doing business. In such cases, GST is charged based on an estimated turnover of 90 days. The validity of the Registration is also 90 days.
- Agents of Suppliers or Input Service Distributor (ISD) – All supplier agents and ISD, to earn benefits of Input Tax Credit, need GST Registration.
- NRI Taxable Person – If you are an NRI or handling the business of NRI in India.
- Reverse Charge Mechanism (RCM) – Businesses who need to pay taxes under the RCM also need to be GST registered.
- E-Commerce Portals & Sellers – Every e-commerce portal (such as Amazon or Flipkart) under which multiple vendors are selling their products. Or for all vendors. You need a GST Registration.
pvt ltd company Process on Government Portal
To register for GST on the Government site, you need to follow the below steps. Cautiously & Accurately.
- Go to the Government GST Portal and look for Registration Tab.
- Fill PAN No., Mobile No., E-mail ID and State in Part-A of Form GST REG-01 of GST Registration.
- You will receive a temporary reference number on your Mobile and via E-mail after OTP verification.
- You will then need to fill Part-B of Form GST REG-01. To be duly signed (by DSC or EVC) and upload the required documents specified according to the business type.
- An acknowledgment will be generated in Form GST REG-02.
- In case any information is pending from your side. It will be sought from you by intimating you in Form GST REG-03. for this, you may be required to visit the department and clarify or produce the documents within 7 working days in Form GST REG-04.
- The office may also reject your application if they find any errors. You will be informed about this in Form GST REG-05.
- Finally, a certificate of registration in Finally, a certificate of registration will be issued to you by the department after verification and approval in Form GST REG-06.
Procedure for
pvt ltd company through P Square
Complete the Application Form
Submit Required Documents
File the Forms and Declaration
Receive GST Number
Gem Services Provider
What is included in our Package.
Legal Entity
Ownership / Shareholding
Taxation
Business Growth / Profit
Management / Control
About
What is pvt ltd company
A Private Limited Company (Pvt Ltd) is a type of business entity that is privately held, meaning it is not listed on the stock exchange, and its shares are not publicly traded. It is one of the most common forms of business organization for small and medium-sized businesses. Here’s a breakdown of key characteristics
Why should you
Benefits of a Private Limited Company
Limited liability protection for shareholders.
Separate legal entity, which enhances the credibility of the business.
Ability to raise capital from investors.
Better tax benefits and deductions.
Below is a detailed
Frequently Asked Questions
A Private Limited Company is a type of business structure where the liability of shareholders is limited to the amount unpaid on their shares. It is a separate legal entity, which means it has its own legal identity distinct from its owners.
2 shareholders (who can be individuals or other companies)
2 directors (one of whom must be a resident of India)
No, a Private Limited Company cannot issue shares to the public. Shares can only be transferred to other individuals or entities with the consent of the existing shareholders.
Limited liability: Shareholders are only liable for the amount they invest.
Separate legal entity: The company has its own legal identity and can enter into contracts, sue, and be sued.
There is no minimum capital requirement for registering a Private Limited Company in India. However, you will need enough capital to meet the business needs and operational costs.
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