🔊 Play A Private Limited Company in India that is engaged in exports must comply with various legal, regulatory, and tax-related requirements under multiple laws. Below is a comprehensive list of compliances to be followed, categorized under different heads
Area Relevant Law Key Documents Corporate Companies Act AOC-4, MGT-7, AGM Resolutions Tax Income Tax Act ITR-6, TDS Returns, Tax Audit Report Indirect Tax GST Act LUT, GSTR-1/3B, Refund Applications Trade Foreign Trade Policy IEC, AD CODE, RCMC, DGFT Filings Forex FEMA/RBI FIRC, EDF, FLA Return Others Labour, Customs PF/ESI, e-BRC
1. Company Law Compliances (Companies Act, 2013)
Compliance Description Timeline Frequency Annual Filing (ROC Filings) Filing of Form AOC-4 (Financials) and MGT-7 (Annual Return) AOC-4: Within 30 days of AGMMGT-7: Within 60 days of AGM Yearly Board Meetings Minimum 4 per year At least 1 every quarter Quarterly Director’s Report Preparation and approval Yearly Yearly Annual General Meeting (AGM) Must be held within 6 months of year end Yearly Yearly Statutory Registers Maintain registers like Register of Members, Directors, etc. Ongoing Ongoing Form DIR-3 KYC Director KYC By 30th September each year Yearly Form MSME-1 For unpaid dues to MSMEs (if applicable)>45 days Half Yearly Half Yearly
2. Income Tax Act Compliances (Income Tax Act 1961) Compliance Description Timeline Frequency Tax Audit (if applicable) As per Section 44 AB ,If turnover exceeds ₹1 crore (₹10 crore if 95% receipts/payments digital) 30th September Yearly Income Tax Return (ITR) Filing of ITR-6 31st October Yearly TDS Deduction & Filing On Salaries, Rent, Contractors..etc deduct TDS and file TDS returns Monthly deposits & Quarterly returns (24Q, 26Q) Quarterly Advance Tax Estimated Tax payments to be made in installments June, Sept, Dec, March Quarterly
3. GST Compliances Compliance Description Timeline Frequency GST Registration Mandatory for exporters (zero-rated supply) Before starting exports One Time GSTR-1 Details of outward supply Monthly/quarterly returns Monthly/Quarterly GSTR-3B Summary return and payment of tax Monthly Monthly LUT (Letter of Undertaking) For exporting without IGST Renew annually before 31st March Yearly (Before 31st March) Refund Claim Refund of unutilized ITC or IGST paid on exports Within 2 years of export Within 2 years of export
4. Foreign Trade Policy Compliances
Import Export Code (IEC) Mandatory for export/import One-time, update if changes One Time AD Code Registration With each port for customs clearance via DGFT Portal One-time per port before shipping One Time RCMC (Registration Cum Membership Certificate) With export promotion council Renewable yearly or as per council Yearly / as per council DGFT Filings( e- BRC) For incentives under MEIS/SEIS/RODTEP As per scheme timeline As per scheme timeline
5. RBI / FEMA Compliances Compliance Description Timeline Frequency Export Declaration Form (EDF/SDF) Mandatory for each export via AD Bank Per shipment Per shipment FIRCs (Foreign Inward Remittance Certificates) For export remittances, Bank issued proof of forex receipt. As received from bank Per transaction Realization of Export Proceeds Within 9 months from shipment (can be extended) Per transaction Per transaction Annual Return on Foreign Liabilities and Assets (FLA Return) If company has FDI or overseas investments Yearly (Due: 15 July) Yearly
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