Industrial Accounting and Business Registrations – Complete Step-by-Step Guide (2025)

A complete and practical guide to Industrial Accounting and Business Registrations covering GST Registration, Udyam (MSME), FSSAI, LUT Bond, AD Code, PAN, TAN, IEC Registration, TDS/TCS deduction, GST payments, GSTR-1 & GSTR-3B filing, Tally accounting, Balance Sheet, Profit & Loss Account, ITR filing, and tax computation.

This guide is ideal for accountants, business owners, tax professionals, freelancers, and beginners who want to build strong practical knowledge of accounting and taxation in India.

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Introduction

In today’s competitive business environment, having a strong understanding of industrial accounting, taxation, and statutory business registrations is essential. Whether you are an accountant, business owner, freelancer, commerce student, or aspiring tax professional, you must know how to manage registrations such as GST, Udyam, FSSAI, LUT Bond, PAN, TAN, and IEC, along with Tally accounting, TDS/TCS compliance, GST returns, and Income Tax Return (ITR) filing.

This step-by-step guide (2025) explains the complete workflow of business accounting and compliance, helping you work confidently in real-world accounting and taxation practices.

What Is Industrial Accounting?

Industrial Accounting refers to the day-to-day financial and compliance management of a business. It includes:

• Bookkeeping and ledger posting

• Inventory and stock management

• GST accounting and return filing

• TDS/TCS deduction and payment

• Voucher entries in Tally

• Preparation of final accounts

• Tax computation and ITR filing
  
  

Industrial accounting helps businesses track income, expenses, assets, liabilities, and taxes accurately, ensuring compliance with Indian tax laws and better financial decision-making.

1. GST Registration – Step-by-Step Guide

Why Is GST Registration Required?

Any business whose turnover exceeds the prescribed threshold limit
(₹20–40 lakh depending on the business category and state) must register under GST.

Documents Required

• PAN of business / proprietor

• Aadhaar card

• Address proof of business

• Bank statement or cancelled cheque

• Business registration certificate

GST Registration Process

1. Visit the GST Portal → New Registration

2. Enter mobile number & email ID (OTP verification)

3. Fill business details

4. Upload required documents

5. Application Reference Number (ARN) generated

6. GST Registration Certificate issued

2. Udyam Registration (MSME Registration)

Udyam Registration is mandatory for Micro, Small, and Medium Enterprises.

Benefits of Udyam Registration

• Easy access to business loans

• Government subsidies

• Eligibility for government schemes and tenders
  
  

Steps to Register

1. Visit the Udyam Registration Portal

2. Enter Aadhaar and PAN details

3. Fill business information

4. Registration completed instantly

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3. FSSAI Registration (Food License)

FSSAI registration is mandatory for businesses involved in food manufacturing, processing, storage, distribution, or sale.

Types of FSSAI Licenses

• Basic Registration – Turnover below ₹12 lakh

• State License – Medium-scale businesses

• Central License – Large businesses and exporters

4. LUT Bond (Letter of Undertaking) for Exporters

Exporters supplying goods or services without payment of IGST must file LUT annually under GST.

Documents Required

• GSTIN

• KYC of authorized signatory

• Proof of export
  
  

5. AD Code Registration for Import-Export

AD Code (Authorized Dealer Code) registration is required to clear import or export goods at Indian ports. It links your bank account with customs authorities.

6. PAN and TAN Application

• PAN (Permanent Account Number): Required for income tax filing and financial transactions

• TAN (Tax Deduction and Collection Account Number): Mandatory for deducting and depositing TDS

7. IEC Registration (Import Export Code)

IEC is mandatory to start an import-export business in India.

IEC Registration Process

1. Visit the DGFT Portal

2. Enter PAN and business details

3. Upload documents

4. Pay registration fees

5. IEC issued online

Industrial Accounting on Tally – Practical Guide

Important Voucher Entries in Tally

• Sales

• Purchase

• Receipt

• Payment

• Contra

• Journal

Key Accounting Entries

• GST accounting entries

• TDS/TCS deduction entries

TDS/TCS Deduction, Payment & Return Filing

1. TDS Deduction

TDS is deducted at the time of payment or credit, whichever is earlier.

Common Sections:

• 194C – Contractor payments

• 194J – Professional fees

• 194H – Commission

• 194I – Rent
  
  

2. TDS Payment

• Paid through Challan ITNS 281

3. TDS Return Filing

• Filed quarterly using Form 24Q, 26Q, or 27Q

GST Payment & Returns (GSTR-1 and GSTR-3B)

GSTR-1

• Monthly or quarterly return

• Shows outward supplies (sales)

GSTR-3B

A monthly summary return showing:

• Output tax liability

• Input Tax Credit (ITC)

• Net GST payable

GST Payment

• Paid using GST Challan PMT-06

• Modes: Net Banking, UPI, or Over-the-Counter

Preparation of Final Accounts

1. Trading Account

Shows gross profit or gross loss.

2. Profit & Loss Account

Shows net profit or net loss.

3. Balance Sheet

Shows assets, liabilities, and capital of the business.

These statements are essential for ITR filing, audits, and financial analysis.

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ITR Filing and Tax Computation

Steps for ITR Filing

1. Collect all financial data

2. Compute total income

3. Apply applicable tax slabs

4. Claim deductions (80C, 80D, etc.)

5. File ITR on the Income Tax Portal

6. Complete Aadhaar-based e-verification

Conclusion

This complete 2025 guide on Industrial Accounting and Business Registrations explains the entire business workflow — from registration and compliance to accounting, GST, TDS, and final income tax filing.

Frequently Asked Questions (FAQs)

Q1. What is industrial accounting in simple terms?

Industrial accounting is the process of recording, managing, and analyzing a business’s financial transactions, including bookkeeping, GST, TDS/TCS, inventory management, and preparation of final accounts.

Q2. Is industrial accounting useful for beginners?

Yes, industrial accounting is ideal for beginners, commerce students, and business owners because it teaches practical accounting, taxation, GST compliance, and real-world business workflows.

Q3. Which registrations are required to start a business in India?

Common registrations include PAN, GST, Udyam (MSME), FSSAI (for food businesses), TAN, IEC (for import-export), and LUT Bond (for exporters).

Q4. Can industrial accounting be done using Tally?

Yes, Tally is widely used for industrial accounting. It helps record voucher entries, GST transactions, TDS/TCS deductions, inventory management, and preparation of final accounts.

Q5. What GST returns are mandatory for businesses?

Most businesses need to file GSTR-1 (sales details) and GSTR-3B (summary return with tax payment) on a monthly or quarterly basis.

Q6. How does industrial accounting help in ITR filing?

Industrial accounting ensures accurate financial records, making income computation, tax calculation, and ITR filing smooth and error-free.