One of the concerns which many startups face is navigating their ways through Indian tax laws. This article deals with some of the practical issues with the tax which is on everyone's mind these days – GST. Being an indirect tax, it has a pervasive presence across the supply chain and one can never be too cautious dealing with it.
Delay in refund of GST on exports
There has been a lot of public outcry on the delay in processing of refund of GST paid on exports. The delay adversely effects the working capital of the business. Businesses need to adopt a two-pronged approach to tackle it. The first and foremost step a business can take is to execute a LUT which will enable them to export without payment of taxes. This ensures that instead of paying taxes on sales and then claiming refund, the business only need to take refund on the taxes paid on purchases. For claiming refund of input tax credit, the businesses should file refund claims periodically in a timely manner along with all the requisite documents to ensure that refunds are granted quickly in a hassle-free manner. In some industries it is better to claim refund after exporting on payment of GST considering various factors such as quantum of value addition, nature of input tax credit etc. Apart from GST, businesses should also keep a track and claim various export incentive schemes like SEIS, MEIS, Advance authorisation etc. which reduce cost and increase profitability.
Denial of input tax credit
Diese Geschichte stammt aus der November 2019-Ausgabe von SME World.
Starten Sie Ihre 7-tägige kostenlose Testversion von Magzter GOLD, um auf Tausende kuratierte Premium-Storys sowie über 8.000 Zeitschriften und Zeitungen zuzugreifen.
Bereits Abonnent ? Anmelden
Diese Geschichte stammt aus der November 2019-Ausgabe von SME World.
Starten Sie Ihre 7-tägige kostenlose Testversion von Magzter GOLD, um auf Tausende kuratierte Premium-Storys sowie über 8.000 Zeitschriften und Zeitungen zuzugreifen.
Bereits Abonnent? Anmelden
Important Things To Know Before You Start Trading In Stock Market
Given the uncertainty around the stock market, trading in shares can be a terrifying thought. At the same time, investing in the stock market indeed comes with a risk, but it is also an efficient way to build wealth if done in a disciplined manner. Several failure stories grip the market, but the commonality in all these stories is the uninformed decision-making process. People who understand the market will never face heavy losses. Therefore, before you start your trading journey in the stock market, here are some essential things you must know.
Your Mental State Determines Health And Growth Of Your Business
Don't we all wish to be in full control of our mental state? The brain continuously sends signals to our consciousness that affects how we behave and react. And so, it's important for entrepreneurs to understand this because it has a direct impact on the growth of their business. Entrepreneurs have to take care of their mental state every day to get sustainable results.
Life Insurance Claims: Five Mistakes to Avoid
The utmost importance of having life insurance plan has been more clearly evident than ever before, owing to the pandemic. With the unexpectedly high death rates in the past year, the pandemic has conveyed the message that life is unpredictable, so making the right choices is always ideal. One such right choice for yourself is an optimum life insurance plan that can cover your family's needs in your absence or can even be a great financial support post your retirement age.
Anti Aging Foods to Keep You Lively & Going
Ever since life began Every living being from the tiniest organism to the largest creature is genetically coded to live longer, thrive and flourish. Our DNA is genetically wired to adapt to the most hostile environment and we are programmed to survive. If this genetic coding is hard wired into our systems:why then in this modern age do our bodies appear to be ageing faster than our chronological age?why are we afflicted with constant metabolic syndromes; why is old age becoming so torturous with unending visits to the hospital? It seems as though all the myriad colours that life has to offer have become limited to the colours present in our pillbox.
Your Music Guru is now a click away Digital Platform with Potential to be Global Brand
Muzigal is an online music learning platform connecting teachers and students. Founded by Dr. Lakshminarayana Yeluri, Muzigal is set up with an aim to democratize music education by connecting the huge untapped music teaching talent across the world with millions of aspiring learners limited by geographic boundaries.
In-vehicle Infotainment Market Set for Big Growth
Kulshrestha is an experienced executive with a demonstrated performance in consumer electronics industry, insurance sector and manufacturing industry. His major skill sets include company management, business planning, business alliances, new business development, and marketing management, market planning market analysis, strategic partnerships and pricing strategy. A strong business development professional with an educational qualification focused in risk management and IT from BIMTECH, he has a rich work experience of 24 years history in various leading brands. Some of the leading companies he has worked with are Carrion Aircon Ltd., ICICI Prudential Life Insurance, LG Electronics India, Electrolux, OSRAM and currently in Pioneer India Electronics. Mr Gaurav also has an expertise in Philately, Photography and Numismatics.
How Next Level Digital Technology will Transform Businesses
When the Covid-19 pandemic hit, going digital became the only way out for companies looking to keep doing business as usual. However, the truth is that digital transformation has been gathering pace for several years and was pushed over the tipping point by the pandemic. Now, as the world adjusts to the 'new normal, businesses are treating digital transformation as not just a stop-gap measure but as a strategic tool to evolve, scale and adopt agile practices. Here, we examine the many positive impacts of a systematic move to digital and how software companies have been successfully making the shift.
Digitalization will Make Diagnosis Accessible by Commoners in Remote Areas: Dr Anjeli Misra
Dr. Angeli Misra is Director, DLifeline Laboratory, an advanced pathology laboratories of Delhi-NCR region. She brings with her an enormous experience of technical and service expertise spanning over 34 years in clinical pathology and 26 years as chief administrator and torchbearer in raising Lifeline Laboratory to meet the highest international standards. She has exhibited exceptional proficiency in Histopathology, Cytology, Microbiology, Biochemistry, Immunology, Oncology, and Hematology & Clinical Pathology.
Banks Need to Invest in Digitisation to Better Serve SMEs
If a person from the 1980s was somehow transported to present day, a lot about the world would astonish and amaze them. Our current era is nothing like the future that was imagined in popular culture at the time — there are no flying cars, we do not have the ability to teleport, and, sadly, as the last 22months have demonstrated, we still haves ignificant improvements to make when itcomes to healthcare and social equality. One thing, however, that this time traveller would not find surprising at all is the decision-making process used by banks when a small or medium-sized business applies for a loan.
5 Must Have Tech Innovations for Small Businesses to Boost Productivity & Profits
Leveraged Technology
