Impact Of GST On Startups – Business World

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  • By Taxmann
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  • Last Updated on 27 October, 2020
A decade ago, we may not be aware of the word ‘Startup’ but now it has become one of the most searched keywords on search engines. Startups are usually small and initially financed or operated by a handful of founders. These companies offer a product or service that is not currently being offered elsewhere in the market, or that the founders believe is being offered in an inferior or unorganized manner. To nurture the start-up entities, many new start-ups have also emerged to incubate them. The incubators are must support the start-ups in their initial phase. Though a start-up may take years to generate the profit, they start generating the revenue in initial years. Start-ups may defer the payment of income-tax but they are liable to pay GST from the moment they cross the threshold limit (Rs 20 lakh or Rs 10 lakh as the case may be).
 

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