Do you want to start a new business of your own? Are you frustrated about what to do and what not to? Well, here we brought eight essential tips you need to hold in your mind while starting any new business.

For a new start, it is very crucial to lessen the risks to stay in the long run in the future while maintaining steady cash flows for business operations. You can face many hindrances in the path but reducing their impact is the all-important job you have to perform. Here are some guiding principles to dress for your mission as a new entrepreneur.

CBIC had recently introduced Form PMT-09 for transfer of excess balance in cash ledger to another heads if a registered person had paid the amount in wrong head. However facility of Form PMT-09 was not active earlier, only the provisions were provided in the act and rules. Now GST Portal has activated the functionality of the form wherein it can be filed by the registered persons to transfer such wrongly paid taxes, fees or penalties into correct heads.

The Ministry of Corporate Affairs has introduced Companies Fresh Start Scheme, 2020 commences on 01.04.2020 and will last upto 30.09.2020 that enables companies who had made defaults in filing of necessary forms and documents prior to the scheme to make good all its filing related compliances and enjoy the status of compliant companies in so far as it relates to filing of forms and documents with MCA 21. This scheme has been introduced with the purpose of providing a fresh opportunity to start as a fully compliant entity.

Ease of Doing Business is the first and foremost priority of Government of India. Ministry of Corporate Affairs has recently notified a Web Form called ‘SPICe+’ in place of old SPICeForm.

With effect from 23.02.2020, New SPIC+ Form has startedoffering 10 services by following 3 Central Government Ministries & Departments:

1)Ministry of Corporate Affairs (MCA)

2)Ministry of Labour and Department of Revenue

3)One state Government (Maharashtra)

Its sole purpose is to save procedures, time and associated costs involved for starting a New Business in India. It will be applicable for all new company incorporations.

It is now about more than 2 years after implementation of GST in India. GST has been implemented from 1.07.2017. GST has its own flaws and glitches which are still faced by taxpayers and consultants. However government is trying their best to overcome the glitches faced in Goods and Service Tax Network.