Startups are high on passion, but often low on legal and financial compliance.
“Common Mistakes:”
- Skipping Proper Registration: Leads to penalties, banking issues, and credibility loss.
- Ignoring GST Rules: Late returns or no filing blocks ITC and invites notices.
- No Audit Preparedness: Missed records, lack of documentation delay business growth.
- Not Taking IEC or MSME Benefits: Missed government schemes, tenders, and loans.
- No Advisory or Financial Planning: Leads to unplanned tax liabilities and cash crunch.