Monthly compliance means preparation of books on monthly basis. Monthly Compliance includes:
1. Monthly Accounting.
2. Filing of GST Returns (GSTR-1, GSTR-3B).
3. Prepare of TDS Calculation, Deposits and filing of TDS Return.
4. Preparation of Profit and Loss and Balance Sheet.
5. Income Tax and Audit.
Due date of GSTR-1 is 11th of Every month for monthly returns.
1. Due date of GSTR-3B is 20th of Every month for monthly returns.
2. Due date for Depositing TDS is 7th of Every month.
3. Due date for TDS return 31st July, 31st Oct, 31st Jan and 31st May.
BENEFITS OF MONTHLY COMPILANCE.
Save Interest Penalty.
1. Updated Records.
2. Reconciliation of Suppliers and Debtors.
3. Take Decision Making for Future.
4. Timely statuary compliances.
What are the disadvantages of Monthly compliance?
1. High cost.
2. Small business can not afford due to high cost.
3. Chances for data leakage.
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