With GST right around the corner, it’s probably time you get your small business registered under it. The government of India recently extended the last date of GST registration for businesses to 30th April 2017. Here is a step-by-step guide on how to go about this enrollment process.
Congratulations on building a successful business from scratch! Your services and products are in demand and the profit margins are good. But what next? ‘Scale-up’ of course! For any Small or Medium Enterprise (SME), the growth of their business is measured by scaling up while maintaining its profit margins. Most small businesses are in a hurry to grow, but the key is to take baby steps to ensure that you have both the operational and financial means to get through the next stage of growth. So, how do you go about it? Listed below are a few pointers every small business should bear in mind before scaling up.
Tech giant, Apple Inc.’s plans to set up an iPhone SE manufacturing plant in Bengaluru is still in talks. The iPhone maker’s request for tax relief and exemption from customs duty on imported components and equipment for 15 years is being looked into by the Ministry of Commerce and Industry, and the Ministry of Finance. The PMO is expected to make the final decision about the proposal, though it is expected to be a favorable one. If Apple has its way, would it have a positive impact for the country and the SME industry in particular?
If you’re anything like the vast majority of small businesses in the logistics industry, you too would probably find bookkeeping a daunting task. Putting it off could spell disaster as you could lose track of all the details and little expenses. So what should you do? Here are 6 bookkeeping secrets every logistics business needs to know!
The improving SME landscape in India is a testament to the efforts of the government through the years. In the past, applying for funding or availing loans for SME’s was no easy task. To help with this issue, the Government of India and the Small Industries Development Bank of India (SIDBI) set up the Credit Guarantee Fund Trust for Small and Micro Enterprises (CGTMSE) in August, 2000 under the Credit Guarantee Scheme (CGS). The CGTMSE was introduced with an intention to allay all issues surrounding loans and funding within the small, micro and medium enterprises segment. The scheme sent out directives to banks wherein they were required to sanction loans of up to Rs.1 Crore without collaterals or third party guarantee to SME’s. While the introduction of the scheme brought about some much needed changes within the sector, there were still a number of shortfalls.
Ever had a “Eureka” moment when you’ve hit upon a million dollar idea? But then you shrug off the idea because it’s completely absurd. Well, have we got news for you! Often, it’s the most ridiculous of ideas that work and go on to make millions! Below is a list of our favorite ridiculous business ideas that made their owners millionaires.
As most of us are aware, a good credit record is of utmost importance. But did you know that it is important for small businesses too? Not only should all owners of the business maintain a good credit record, but every SME too needs to have a healthy credit rating from an authorised agency such as CRISIL. Most people keep delaying applying for a credit rating for their companies because they find the paperwork daunting. We’re here to help you with just that and break down the paperwork involved.
It’s common knowledge that businesses face cash crunches and issues with capital from time to time. With money issues comes a myriad of other issues that may lead to defaulting of loans and economic offences. Such issues can come knocking on your door anytime, whether you are a seasoned businessman or a first time entrepreneur. And nobody wants to find themselves tagged as a “big time” economic offender. So what can you do to ensure that you don’t find yourself in such a situation?
The Budget focussed on bringing about a sustainable change for the country by promoting a more digital economy, ease of doing business, introducing measures to help the rural and agricultural sectors through NABARD and creating opportunities for the youth. Here are the key highlights for businesses from this year’s Budget session.
While the blockchain technology is still in exploratory stages, there is tremendous potential for it to transform into a mainstay in supply chain finance. It can help enterprises to process payments in real time and can bundle and sell invoices at a discount to manufacturer using a secured ledger mechanism.