Compliance can build trust with stakeholders
Hyderabad: World Trade CenterShamshabad in association with Federation of Telangana Chamber of Commerce (FTCCI), and The Association of Lady Entrepreneurs of India (ALEAP) organised a webinar on 'Year-end compliances for MSMEs &startups'. Dr BV Murali Krishna, Addl CCT(e-Governance), Karnataka was the chief guest for this online event.
During his inaugural speech, Dr Murali Krishan emphasised the importance for MSMEs and startups to have a thorough understanding of the various compliances involved in conducting business. Particularly with GST, he advised to ensure that they correctly classify their products or services and apply the appropriate tax rate. "Failure to do so could lead to potential litigation and the possibility of having to pay additional taxes if an item is invoiced at a lower rate. Such unexpected expenses could significantly impact a company's profits, making it crucial for entrepreneurs to remain vigilant about GST compliance," he informed.
S Swaminathan, Founder & CEO of IRIS Business Services Ltd, was the guest of honour. During his virtual address, he shared his perspective that compliance should not be viewed as a burden, but rather as an opportunity for businesses to make strategic decisions based on compliance data.
He emphasised that the digitalisation of tax departments has enabled banks and other lending agencies to cross-check data and provide funding to taxpayers rather than solely relying on audited financial statements. In addition, he pointed out that being compliant can build trust with business partners, ultimately leading to growth opportunities.
"By prioritising compliance and leveraging digital tools, companies can position themselves for success in a rapidly-evolving business landscape," Swaminathan said.
To gain a broad understanding of the compliance issues, WTC Shamshabad has organised an exclusive session with industry experts. CMA B Mallikarjuna Gupta,virtual chief financial officer and GST & Management Consultant, was the moderator of the session.