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The Composition Scheme suits small businesses with turnover under ₹1.5 crore wanting simpler quarterly filing and a flat low tax rate, but it blocks input tax credit and inter-state sales. The Regular Scheme suits B2B and growing businesses.
An Advance Ruling from the Authority for Advance Ruling (AAR) gives a business binding certainty on how GST applies to a specific proposed transaction — classification, rate, or ITC eligibility — before it actually happens, filed via Form GST ARA-01 with a modest fee.
Converting a sole proprietorship to a Private Limited company involves incorporating a new company, transferring business assets and liabilities via a slump sale agreement, and updating all registrations (GST, bank, licenses) to the new entity — typically taking 4–6 weeks.
Company registration in India needs PAN, Aadhaar and address proof for every director, proof of the registered office, and a Digital Signature Certificate. Foreign nationals need apostilled passports and address proof instead.
Companies with listed securities, paid-up capital of ₹5 crore or more, or turnover of ₹100 crore or more must file financial statements in XBRL (eXtensible Business Reporting Language) format using Form AOC-4 XBRL, instead of the standard AOC-4.
A Letter of Undertaking (LUT) lets GST-registered exporters ship goods or services abroad without paying IGST upfront, avoiding the cash-flow hit of paying tax and claiming a refund later. It is filed online via Form GST RFD-11 and valid for one financial year.
Private Limited company registration costs roughly ₹6,000–₹15,000 in government fees plus professional fees, depending on authorised capital and state. The breakdown covers DSC, name reservation, SPICe+ filing, stamp duty and PAN/TAN.
RBI mandates that payment system data be stored only in India, while the DPDP Act allows cross-border transfer of personal data except to countries the government specifically restricts — businesses handling payments or personal data need to check both frameworks separately.
An e-way bill is mandatory for moving goods worth over ₹50,000 under GST, generated online via Form EWB-01 before the goods leave. It captures invoice, consignor/consignee and transporter details and carries a validity period based on distance.
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