Every country levies different kinds of taxes for the entrepreneurs. A business person should always pay tax and be punctual in paying taxes that are liable to his or her business. Not doing so is akin to inviting trouble which is an unwanted measure and should be avoided at all costs feels Jignesh Barasara.
Whatever kind of business you do whether its manufacturing goods, selling products or providing services you may have to pay relevant tax. It may be one or more from these categories like sales tax, excise duty, service tax and cess and so on. if you trade beyond shores there may be import and export duty to be paid. Now in India the tax paying process has been simplified and every kind of tax for businesses come under goods and services tax or the GST. This is an easy process so why avoid paying tax and invite undue trouble. Eventually you will be caught and then you may have to cough up the tax amount and pay it albeit with interest. Over and above that not paying your taxes will tarnish your image and reputation in the business world as well as lose customers. You have customers who would feel comfortable to deal only with honest and reputed people and so when such persons know about the case of a particular company avoiding taxes they may not want to buy products or avail services from that company. It is not the case of just one or two people. A large chunk of people may follow suit and your tarnished company will start losing customers on one side and garnering new customers would seem an impossible task. This would lead to huge losses and eventually you may have to close down. The reason just not paying taxes on time. Isn’t this enough lesson to learn to pay taxes on time. Indeed, it is. So when you set up your startup know what are the taxes liable and what is the procedure to pay them and when and how to pay them. You can hire a tax consultant to know all the details and pay the tax as and when you are liable to pay them. There is no reason to avoid paying them. In case of some trouble you can pay them a little late but never ever dodge payment. If you are startup you need to make a mark in the business world and you would not want any negativity to be associated with your brand name before it got a name. This evading policy will spell doom sooner than later. An established entrepreneur also needs to be doubly careful. All the effort and money spent on building a business will all go in vain for such a stupid act of not paying taxes. So avoiding taxes under any kind of circumstances is a big no at all costs.
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9/15/2022 12:58:37 am
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