Indi͏a is home t͏o over 14 million registered͏ GST taxpayers as of 2024, refl͏ecting the v͏ast ͏scope of businesse͏s c͏om͏plyin͏g with indirect ta͏x la͏ws. Meanwhil͏e, bank acc͏ounts in India have crossed ͏65 crore, s͏howing͏ the scale of formal fi͏na͏ncial transactio͏ns. For b͏usin͏ess͏es, two critical f͏inancial documents dominate de͏cis͏i͏on-making: GST͏ ret͏urns and bank ͏statements. GST͏ re͏turn͏s […]
Around 2.74 million Medium and Small Enterprise (MSME) loans were sanctioned in the financial year 2023-2024, a 19.3% volume and 5.4% value growth compared to the same period in the previous financial year. Additionally, microfinance loans witnessed a 26.8% growth in the defined timelines, indicating a significant rise in the demand for credit in India. […]
GSTR Analysis for Fintech Startups: Why it’s Crucial for GST Review and Compliance The supply of goods and services in India is subject to the products and Services Tax (GST). In India, the GST law was enacted in July 2017 and has since replaced several indirect taxes, including VAT, service tax, excise duty, etc. Compliance […]
We are in 2022, and India’s economy is evolving amidst a global crisis. However, to achieve the $5 trillion economy dream by 2024-2025, the country certainly needs economic recalibrations. It wasn’t long ago when the pandemic caused an unprecedented downfall for the global economy, not to mention the MSME sector. Currently, the MSME sector is […]
