While addressing both the Parliament houses on Thursday, President Ram Nath Kovind said that India is one among the countries with most start-ups or a new business in the world.
It has now become easier to start a new business in India. That’s why many people are starting a business. If you too are looking forward to starting a new business but don’t know how to start a business, then worry not! Read on to know how you can start a business and what all information you have to provide to the government.
The Modi government has made it easy to start a business with fewer rules. Additionally, the government has launched several new schemes to support start-ups through which a new business can be commenced easily.
To start a business, you have to inform the government about your income and all other sources of income. If you have availed any loan, then you have to provide the information of the same as well to the government. Apart from this, you also have to inform the government about all the properties you own.
Rules to Follow
If you are starting your own business, you need to follow all GST rules. You need to file ITR as per your annual income. You must provide bills to your customers, and it is also necessary to take a license to run a new business legally. The government has simplified the rules for filing tax returns, GST, etc.
Start-ups have to compile and submit GST and tax returns every month and follow other laws. All these rules take a look of time and money.
For instance, if you want to start a medical store, firstly, you need to get VAT registration. It is mandatory to pay VAT for registration. Next, it is also compulsory to get a license from the government. Additionally, you are also required to provide all information about the medicines that you sell to the Drugs Control and get permission from them.
You also need to have your land to open a medical store. Apart from this, it is also essential to have a billing machine to create bills for customers. It is also mandatory to know about medical care to open a medical store.
The government would help you open a medical store in several ways. You can get the information by visiting the government’s STARTUP INDIA website.
Help from the Government
The government is supposed to launch a web service to help new business owners reserve the name of the proposed company in advance. This web service will be called Reserve Unique Name (RUN), which will allow you to reserve the proposed company’s name. You can also change the name of the already existing company. The government has said that it will introduce zero fees for the incorporation of the companies with capital of up to Rs. 10 lakh (authorized). The Director Identification Number (DIN) will be allotted through the combined SPICe form.
All these steps are the initiatives by the government to make opening a new business in India easier. It will also improve the ease of doing business. The Indian government aims to bring the country in the top 50 of the ease of doing business list.