Don’t Mess With Taxes

According to the data provided by the Micro, Small, and Medium Enterprises Ministry, the MSME sector makes around 30 percent of India's GDP, 45 percent of its exports, and employs the second-largest number of people in the country after agriculture. But many MSMEs are having issues coping with their business growth. In addition to that, they also struggle with adapting to digitalization in day-to-day activities. And the limited availability of resources also contributes to small business owners’ losing control over Business growth   Hence, business management mobile applications are revolutionizing the landscape of business. They're growing more common and potent, but most importantly, they can make your daily business activities more efficient. As business owners can now create and manage professional purchase orders, quotations, and invoices from anywhere at their convenience.  An all-in-one business management application helps users to track and automate day-to-day b...

  Businesses have come a long way despite the significant setback caused by lockdown in the past 2 years. While many enterprises have begun to gain momentum once again, the taxes structure has also evolved. Businessmen can now easily and quickly file all required taxes through digitization. With the implementation of the new tax system, businesses must adhere to the GST compliance regulations. The rules established by the government for GST compliance must be followed by all businesses. This compliance under GST is divided into three groups: GST registration compliance - The first step toward compliance is the registration of GST. The registration process can be completed online at www.gst.gov.in. Although the procedure is rather simple, there are a few considerations to make in order to remain compliant. The annual turnover of a business must be taken into consideration while registering for GST. Applicable to businesses that engage with the provision of commodities and had ...