India is among one of those countries with most start-ups or new businesses in the world.
Starting a new business in India has become easy that is why many people are starting a business of their own.
Here are some initiatives by the government to make it easy for small businesses:
1. Rules made easy
The government has made it easy by keeping only just a few rules to start a business. There are also some schemes that have been launched to support the start-ups.
2. The required information
If you want to start a business, you will have to provide information related to your income and all the other sources of income also. And, if you have taken any loan, you will have to provide information related to this as well. Apart from this, information about the number of properties you own also have to be provided to the government.
3. Rules to be followed
If you are starting your own business, you will have to follow the GST rules. The ITR has to be filed according to the annual income, all bills must be provided to your customers and taking a legal license to run the business is also important.
The government has also simplified the tax filing and GST rules.
All start-ups will have to submit GST and tax returns every month and also follow the other rules.
4. Important licenses
There are some important licenses that you will have to take according to the type of business. For example, if you want to start a medical store, you will have to get VAT registration. Getting a license is also important from the government, and also information about the drugs you sell to the drugs control department and seek their permission.
5. Government help
The government will also be launching a web service to help new businesses reserve the name of their proposed company. This service will be called as Reserve Unique Name (RUN). The name of the existing company can also be changed with this. Companies with capital up to Rs. 10 lakh will have 0 incorporation fees.
If you want to take a loan for your small business, get in touch with Gromor Finance for quick loans at attractive interest rates!