To start with, they don’t focus enough on paperwork!
CA Paras Mehra
Co-founder of Hubco.in
CA&amp;amp;nbsp;Paras&amp;amp;nbsp;Mehra is a co-founder of Hubco.in, a leading website for managing the business, especially for technepreneurs. An associate member of ICAI and&amp;amp;nbsp;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&amp;amp;nbsp;email@example.com. Facebook Profile:&amp;amp;nbsp;https://www.facebook.com/parasmehra1991.
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.
13/09/2016 2:50 PM IST
SIGN UP FOR THE DAILY BRIEF FROM HUFFPOST INDIA