18 Aug Kick Start Your Business After The GST-Rollout: Learn How
People who were planning to start their business before the GST implementation, but were unable to kick start due to the taxation procedures and other related provisions have now got the doors open to achieve their dreams. After the GST-rollout, things have become much easier for those who want to start their own business. Even the people who were previously working in companies are now planning to begin their own business due to enormous benefits of GST related to tax filing and getting registered. In this post, we discuss the ways in which you can start your business in India after the GST-rollout.
Who is Eligible to Avail the Benefit Under GST?
According to the GST latest news, Government has planned to promote the right talent for the better future of our country and so the rules have been made accordingly. The rules that have been designed for starting a business in India after the GST are as follows:
- Turnover of the business should be less than 25 crore
- Operational years should be less than 5 years
- The commercial plan
- Innovative and development ideas involved in the plan
- Strategy and plans
When these facts would be clear, the startup need to get approved and certified by DIPP via inter-ministerial board. The benefits that a start-up will get are as follows:
- Tax will be exempted for 3 years
- Startup will be able to design a dedicated website and mobile app of their own
- Reduction in patent registration process of the startups
How to Register Startup in India?
The registration process is simple and easy as everything has been done online according to the GST latest news. The Government has also provided startup support camps at different national institutes in order to inform people about the process of getting registered for a new business. If someone faces any difficulty in the process, doesn’t want to continue or fail to succeed, then there is an easy exit policy that Government has provided. In that case, the business owner would not be troubled for documentation and loans. Although everything is taken care by the Government from legal to finding complexities, businesses need to focus on their streamlining processes. It is because when the startup is in its nascent stage, the roles aren’t clear enough which is why chances of data leakages are more. Therefore, as the registration process is online and easy to handle, businesses need to handle and identify the duplicity in their work.
Government of India has appointed various ASPs to develop an application that help businesses in registration and simplify their tasks as much as possible. They help in following up the processes, retaining your customers, and in climbing up to the success ladder. Therefore, it’s the right time to gear up your business management suits as the Government is giving chance and a wide scope to grow your capabilities and put on your valuable efforts.