Want to be an ENTREPRENUER:  Go Now

Want to be an ENTREPRENUER: Go Now

Business, Marketing Strategies, Tax
In recent few years, policies of governments have gone through drastic changes to open up the new opportunities for an ambitious entrepreneur. Consequently, even the cynical people would say that this is absolutely the right time to begin with a start up and start something of one’s own owning to the taxation and other reliefs in this regard. Why now?  Indirect tax regimes have been radically simplified, especially for small tax payers with the introduction of GST. There are considerably less tax compliances than erstwhile VAT, Excise and CST. Government has some serious character towards the development of young entrepreneurs. With initiatives like ‘start mobile app’ and almost negligible compliance, it is even possible to register a start up only in a day. Important of all, new ventures would straightway…
Read More
How to Start a Business in 2018: Guidelines for Startup Enthusiast

How to Start a Business in 2018: Guidelines for Startup Enthusiast

Business, Marketing Strategies, Tax
"India’s ranking in the World Bank ease of doing business survey for 2018 climbed a record 30 notches to 100", when our Honorable PM shared this report with a tweet, he received all round applaud. Yes of course this is a good news for all Indians and especially for the one's who are aspiring to be known as 'entrepreneurs'. The passing year has opened many gateways for start up enthusiast with innovative ideas, who were flooded with ideas to bring in revolution in education, healthcare sector etc. The Government brought revolution in the government process of starting/registering a company in India. The e-SPICe form revolutionised the way the company registration process was carried out for ages. The 'Simplified Proforma for Incorporating Company Electronically', known as SPICe form reduced the company…
Read More
GST: Duly Filling of Returns and Other Aspects

GST: Duly Filling of Returns and Other Aspects

Tax
Goods and Services Tax is the most talked about subject in the second quarter of the year. Its introduction has pervasively affected all the businesses, right from roadside vendors to big corporate giants. There are a lot of practical problems being faced and considering it and also being the first year of implementation, GST council in its 23rd meeting has come up with significant reliefs in filling of GSTR’s. WHAT and WHEN to file? Normal Taxpayers: NO NEED of filling GSTR-2 and GSTR-3 till March 2018. However, GSTR-3B has to be filled by the every registered person before 20th of the following month. Say, for the month of November, GSTR-3B has to be filled before 20th Also note that self assessment tax has been paid before the due date for…
Read More
GST Composition Scheme: ‘A double edged sword’

GST Composition Scheme: ‘A double edged sword’

Business, Tax
Outrightly, with the recent increase in the limit to opt for composition scheme from earlier 1 crore to 1.5 crore; yet again it has been a dicey question for about 3 million migrating small taxpayers that if to opt for the composition scheme or register as a normal tax payer, if to file quarterly returns or to avail input tax credit, if to play on scale of economies or to expand business outside the state. Let’s evaluate! Why do I opt for Composition Scheme? Apparently, it offers you more profit ratio than otherwise would have earned because of low tax rates applicable to a composite dealer. Unlike normal tax payer, a composite trader is charged at flat 1% of the turnover, composite manufacturer at the rate of 2% and restaurant service…
Read More