CA Paras Mehra is a co-founder of Hubco.in, a leading website for managing the business, especially for technepreneurs.
An associate member of ICAI and a passionate startup advisor. Love to read and write upon new legal things which are affecting the startups directly or indirectly. He can be reached at firstname.lastname@example.org.
In this post, we will discuss the impact of GST on small businesses and startups with a turnover of up to ₹50 lakh. Now, the GST has a concept of “composition scheme”, where one has to pay tax @1 or 2% on the total turnover with fewer compliances. However, this system is full of technical traps, and believe me, even a small mistake can cost you lakhs of rupees in penalties.