A facilitation facility called the GST Suvidha facility was created to help taxpayers in India comply with Goods and Services Tax (GST) laws. Taxpayers in India must follow several processes and filing requirements related to the GST system.  The Suvidha Centers serve as a point of contact between taxpayers and the GST Network (GSTN). This offers services such as GST registration, filing returns, paying taxes, and other associated tasks.  These centers are designed to make the process of complying with the Goods and Services Tax (GST) easier for taxpayers, particularly small and med ..read more

What is E-Invoice Under GST? To simplify and digitize the invoicing process for goods and services taxation, the Goods and Services Tax Electronic Invoice, also known as  GST e invoice was introduced on 1st October, 2020.  Businesses create invoices electronically through the GST e invoice system. This guarantees consistent forms and distinct document identification for every invoice.  The implementation of the Goods and Services Tax Electronic Invoice has become an essential tool. This electronic invoice helps in improving the integrity of financial transactions in the quickly ..read more

A Limited Liability Partnership also known as LLP is a kind of legal business strategy that combines elements of both a traditional partnership and a corporation. In an LLP the partners have limited liability.  This means their personal assets are protected from the business’s debts and liabilities. This form of business entity provides a flexible and transparent network which is a popular choice for professionals and small to medium-sized enterprises. The legal requirements must be met in order to register an LLP. The first step in this process is submitting the necessary documentation ..read more

A GST return, which includes details about all of the taxpayer’s revenue, sales, and/or expenses as well as purchases, must be filed to the tax administration authorities by each GST-registered taxpayer. One must be aware of the difference between a good GST vs Bad GST. Taxpayers can check the status of their filed GST on the official GST portal. Based on the status, taxpayers can go ahead with the next steps as applicable. It is highly important to check the status of your file GST to avoid any discrepancies with the tax authorities.  Discussed below are the various methods to do s ..read more

The National Bank for Agriculture and Rural Development, also known as NABARD, is a development bank in India. It focuses on rural development. It was established on 12 July 1982, by the special act of the Parliament of India. The main aim of NABARD is to promote sustainable and equitable agriculture and rural development. Here are few green business ideas. The NABARD Loan Scheme contributes to the improvement of agricultural and rural economics by providing financial support. It promotes the rural infrastructure industry as well as similar fields.  NABARD scheme’s primary focus is ..read more

A cash flow statement monitors the influx and outflow of funds and offers details about the financial stability and operational effectiveness of a business. An essential financial document that gives a detailed picture of how money entered and left a business over a certain accounting period is the cash flow statement. It shows the cash inflows and outflows, which are frequently divided into financing, investing, and operating operations.  This statement is an essential instrument for documenting, monitoring, and reporting cash transactions. It gives stakeholders and accountants insight ..read more

Goods and Services Tax (GST) are imposed on the majority of goods and services that are sold for domestic use. Although customers pay the GST to the government, the companies that sell the goods and services are the ones who deduct it on behalf of the government. The GST, however, is a regressive tax since it may disproportionately affect those whose self-reported income falls into the lowest and medium income bands. Thus, according to many critics, the GST may worsen income disparity and increase social and economic inequalities. To mitigate these issues, India has implemented good GST exclu ..read more

Considering today’s highly competitive business markets, determining business valuation can be a bit of a challenge. This is especially a daunting task for startups and small and medium-sized enterprises (SMEs) as they do not have a set business model and the right strategies to perform this task. Thus, to navigate through these challenges, they need to gain a clear understanding of them and devise innovative solutions. Let’s dive deeper. Understanding Business Valuation & Its Importance Business valuation is the process of assessing the value of a company. It can be done using various me ..read more

Microloans provide small amounts of financing, usually between Rs. 10,000 to Rs. 50,000, to low-income women entrepreneurs who cannot access traditional bank loans or lines of credit. Microloans feature short repayment periods, making them easier to qualify for than standard multi-year loans.  These small, short-term loans help women entrepreneurs launch new businesses or expand existing small businesses when they cannot finance growth on their own. Microloans are provided by non-profit microlenders with a social mission to encourage entrepreneurship and economic development. Microloans ..read more

To support the development of small businesses, the Indian Government introduced the GST composition scheme which enabled eligible taxpayers to pay GST with lesser compliance and at lower rates. Keep reading to learn more about this scheme, its tax rates, eligibility, application procedure, and more. What Does the GST Composition Scheme Mean? The GST composition scheme is a tax-paying mechanism that is eligible for businesses having an annual turnover below ₹1.5 crore. It aims to effectively reduce the compliance costs and tax burdens of small businesses, by allowing them to pay GST at fixed ..read more