Registrar of Companies (ROC) submission is a mandatory compliance requirement for both Private Limited Companies (Pvt Ltd) and Limited Liability Partnerships (LLPs) in India. Additionally, Chartered Accountancy plays a crucial role in ensuring businesses meet tax and GST compliance requirements.
In this article, we will explore key differences in ROC filing, the role of Chartered Accountants (CAs), and GST compliance essentials.
Key Differences in ROC Filing for Pvt Ltd and LLP
1. Governing Law
- Pvt Ltd companies follow the Companies Act, 2013.
- LLPs operate under the LLP Act, 2008.
2. Annual Return Form
- Pvt Ltd companies must file Form MGT-7.
- LLPs must submit Form LLP-11.
3. Financial Statements Form
- Pvt Ltd companies are required to file Form AOC-4.
- LLPs need to submit Form LLP-8.
4. Filing Deadlines
- Pvt Ltd Companies:
- MGT-7: Within 60 days of the AGM.
- AOC-4: Within 30 days of the AGM.
- LLPs:
- LLP-11: By 30th May.
- LLP-8: By 30th October.
5. Statutory Audit
- Pvt Ltd companies: A statutory audit is mandatory for all companies.
- LLPs: An audit is required only if:
- Turnover exceeds ₹40 lakh, or
- Contribution exceeds ₹25 lakh.
6. Penalty for Late Filing
- Both Pvt Ltd and LLPs are subject to a late filing penalty of ₹100 per day.
Role of Chartered Accountants in Compliance
- Chartered Accountants (CAs) ensure accurate financial reporting and legal compliance.
- They assist in audit preparation, tax filings, and GST registrations.
- CAs provide strategic business advice to optimize taxation and compliance management.
GST Compliance for Businesses
1. GST Registration Requirements
- Mandatory for businesses with turnover above ₹40 lakh (₹20 lakh for service providers).
- Required for interstate sales, e-commerce sellers, and voluntary registrants.
2. GST Filing Deadlines
- GSTR-1: Monthly/quarterly reporting of sales invoices.
- GSTR-3B: Monthly summary return for GST payment.
- GSTR-9: Annual GST return filing.
3. GST Penalties for Non-Compliance
- Late filing: ₹50 per day (₹20 for NIL returns).
- Wrongful claim of Input Tax Credit (ITC): 100% penalty of the claimed amount.
- Failure to register for GST: 10% of the tax amount due or ₹10,000, whichever is higher.
High-Quality Backlinks for More Insights
For additional resources and compliance assistance, check out these authoritative sources:
- Ministry of Corporate Affairs – ROC Filing Guidelines
- Institute of Chartered Accountants of India (ICAI)
- Goods and Services Tax (GST) Portal
- Income Tax Department, Government of India
- Reserve Bank of India – Financial Regulations
Benefits of Timely ROC Filing & GST Compliance
- Avoids penalties and legal consequences.
- Maintains transparency and credibility.
- Helps in securing loans and investments.
- Ensures smooth business operations.
- Prevents GST-related tax disputes and penalties.
Conclusion
Both Pvt Ltd companies and LLPs must adhere to ROC filing regulations, and businesses must comply with GST regulations to avoid penalties. Chartered Accountants play a vital role in ensuring businesses remain compliant and financially efficient. Choosing the right business structure and compliance approach depends on ownership flexibility, compliance capacity, and financial objectives.
