Adapt Correct Tax Order
Adapt Correct Tax Order
Taxation is a complex subject. Every business is different because of the taxation system, so to a new entrepreneur, to adapt a correct taxation system is very important.
Ab initio, an entrepreneur enters into business without much knowledge of taxation. It is extremely important for him at the starting of his business to get through with all the tax related laws and take care, any of tax laws aren't violated.
First of all, the taxes which are important for new entrepreneurs are income tax and corporate tax. As well as, it is important to know which type of business is yours?
Is it a company?
Is it a proprietorship?
Is it a partnership?
According to the business structure, taxation process becomes more complex.
If the entrepreneur is in production, so keep in mind that which excise applies to its business and to apply or not for excise registration because there is some exemption for a small entrepreneur. If he feels that his annual turnover is in the same discounts, then it is not necessary to register for excise.
If the entrepreneur wants to export/import then to get the exporter-importer code is necessary from D.G.F.T. authorities. Generally this code is gettable in a week.
If the entrepreneur is in trading, then it will have to register for VAT incurred in the respective state. In addition, he has to register for central sales tax, if he is trading from one state to another .
Expert Opinion
A new entrepreneur has good knowledge of his business, while tax is a complex subject in which full compliance is necessary. As far as tax consultant is concerned to let entrepreneur to him or not, depends on two things if his business is very small, in that case he can get initial advice but if it is large business then it should not only consider tax compliance but also consider that in today's competitive age, how one can find competitive edge through tax provisions. It could be tax planning. All this is difficult for an ordinary entrepreneur, so for specific advice he should seek help from a business adviser.
Keep in mind, I am saying business adviser not tax adviser. Therefore, it is important that tax advice should be seen as business advice as the tax structure will affect the whole business.
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