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The long wait for the new Goods and Services Tax (GST) anticipated by the government of India with the 122nd constitutional amendment has finally come to reality. Geographically India constitutes twenty-nine states and seven union territories which call for a large management and the introduction of GST as unified taxation system is obviously an exciting and the whole country is looking forward to how it will turn out. The motive of GST is to bring profit to the organizations both large and small. Apart from organizations, fresh startups can also hope to face a better ahead. In the present, India hosts forty-two thousand startups and also the third leading country in the world in terms of ecosystem startups with an impressive 40% development based on yearly achievement. GST is set to provide support it in every positive way possible for the Startup Ecosystem businesses in India.
However, to be practical, despite its shortcomings and disadvantages it is safe to say that GST registration is in fact, the first taxing revolution that India will witness. It is envisioned to bring together the different organizations’ works and government taxes under one roof. Hence, even with the disadvantage foreseen for in the case of startups, GST is still the best option to go with for a clear and bright venture road.
Read our article: How to Start a Profitable Small Business in India
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Red Herring Top 100 Asia enlists outstanding entrepreneurs and promising companies. It selects the award winners from approximately 2000 privately financed companies each year in the Asia. Since 1996, Red Herring has kept tabs on these up-and-comers. Red Herring editors were among the first to recognize that companies such as Google, Facebook, Kakao, Alibaba, Twitter, Rakuten, Salesforce.com, Xiaomi and YouTube would change the way we live and work.
Researchers have found out that organization using new technologies in their accounting and tax have better productivity as compared to those using the traditional methods. Complying with the recent technological trends in the accounting industry, Enterslice was formed to focus on the emerging start up companies and bring innovation in their traditional Chartered Accountants & Legal profession services, disrupt traditional Chartered Accountants practice mechanism & Lawyers.
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