2018-08-08 20:39:56Growing a businessEnglishhttps://quickbooks.intuit.com/in/resources/in_qrc/uploads/2018/08/Manager-and-employee-brainstorm-ways-to-combat-small-business-regulation-obstacles.jpghttps://quickbooks.intuit.com/in/resources/growing-a-business/overcome-regulation-obstacles-business/How to Overcome Regulation Obstacles in Small Business

How to Overcome Regulation Obstacles in Small Business

2 min read

Regulatory issues can take a toll on your health and deprive you of peace of mind. Devising coping strategies for government obstacles helps you overcome bureaucratic hurdles as quickly as possible.

Pick One Obstacle at a Time

It’s better to prioritize regulatory obstacles in order of importance. Work on the issue that is causing the most headaches first. For instance, if you’re struggling with goods and services tax registration, put that at the top of your to-do list. Focus all your effort into finding a government decision maker capable of resolving your most pressing issue. Prioritizing saves time and effort.

Keep Accurate Accounting Records

Adhering to strict government deadlines is a must when filing GST business taxes. Unfortunately, confusion about the process doesn’t stop those late filing penalties from accruing. Keep your business accounting records current buy maintaining daily and monthly accounting habits. Practicing this habit greatly reduces the time you spend on calculating taxes.

It’s no secret that tax form discrepancies under the GST system are a major problem for the government and small businesses. Due to a lack of record organization some businesses are not able to meet tax deadlines. Get ready to see some type of government response to this chronic under reporting of GST taxes. Engaging in good accounting practices now can protect you from future accusations of tax evasion. Consider using software to automate your bookkeeping tasks. While making accounting improvements, you can also set up a GST tax filing reminder list for important dates.

Simplify Your Products

Before GST was implemented, small Indian sellers had an easier time of reporting taxes. GST reporting rules increased the number of tax categories. You may need to fill out several tax forms covering a wide range of products. Keeping track of multiple GST rates and requirements can be frustrating. In fact, this mind-numbing complexity caused one sweet maker business to stop offering extra toppings such as fruit and nuts. Now it serves customers plain barfi, peda and Sandesh. Look for ways to simplify your tax burden by eliminating some extras.

Join a Supportive Organization

Consider joining one or more government supported organizations for entrepreneurs. Initiatives such as Startup India, Make in India and Digital India offer various supportive services. These organization can also steer you toward resources that can help you find your way through the regulatory maze.

Form an Alliance

Many businesses are in the same boat when it comes to regulation challenges. Consider forming pragmatic alliances with other local business owners to share insights and strategies for solving common problems. Your alliance can offer ongoing support when sudden rule changes threaten to throw your business off course.

When BroEx discovered that Indian real estate brokers lacked a proper real time networking platform, it sprang into action. BroEx created a platform that caters to the needs of over 100,000 brokers. Imagine what you can accomplish when brainstorming solutions to regulatory problems with like-minded business owners.

Successfully tackle any regulation challenge with a proactive approach. Resolve GST issues faster by staying organized and maintaining updated accounting records. Simplifying your products and seeking help from others are also winning strategies.

Information may be abridged and therefore incomplete. This document/information does not constitute, and should not be considered a substitute for, legal or financial advice. Each financial situation is different, the advice provided is intended to be general. Please contact your financial or legal advisors for information specific to your situation.

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