The Growth Of Small Business In India

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The remarkable growth of industries and small businesses have brought drastic changes in the market leading to high-end competition. This revolution in the present market has completely changed the scenario by inducing the rise of other complementary small scale companies with their innovative and competent introductions. We keep coming across plenty of creative and efficient platforms that walk hand in hand with the changes happening on a daily basis

The implementations come with difficulty but for a short time.

The government also keeps implementing new laws from time to time. The initiatives taken by the authority motivate the companies to rise with more deliberate and staunch products to attract more customers.

Recently the Indian government came up with a concept of GST (Goods and Service Tax) in the country after prolonged debate and reformation. Some wholeheartedly welcomed the concept while some criticized it with perfect rhyme and reasons. But with more people in favour of the decision made by the government brought the concept to life.

Set the concerned people at unrest for a while

The implementation of GST forced the accountants to shake their inertia for a while in order to get the hang of the nascent concept. Meanwhile, many small scale companies faced immense problem in developing the understanding. It was way different from the one they had before it. The small business owners though got the better of the complication that the concept of GST brought with it.

Creations that really helped

The government is still making changes in the existing GST. Meanwhile, the concerned companies are coming up with online GST calculator and similar platforms. The introduction of online GST calculator brought a sigh of relief on the faces of small business owners who had taken it as a financial hurt. They now can calculate the tax to be paid without hiring any account prowess who drags a fat amount during the process.

Stories that matter

I personally know a person who had to go through a lot while filing the GST and got ripped off by a private accountant. He had to pay a lot to the person as a part of his fees. Now with the introduction of such websites calculation of GST has become rather easy. He now does it all by himself without any difficulty.

The number of small scale businesses is increasing by leaps and bounds, ultimately creating even more jobs on every level. This will certainly help to fight unemployment and bring the vicious cycle of poverty to a halt.

Good news

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India has developed an ecosystem that gives startups and small business an opportunity to grow exponentially into big businesses. According to a report generated by KPMG, rising internet penetration blended with digital dividends for SMBs could help increase SMB contribution to India’s GDP by approximately 10 percentage points by 2020.

Government matters

We can see the market filled with lights hanging on the shops which itself screams out the growth statistics of the small business of any country. These businesses contribute to the country’s economy and push it forward. It is very important for the government to promote small business by providing them with financial support and tax relaxation. This liberal initiative will definitely motivate more businesses to come into existence.