The lockdown imposed by the centre in the present period is an unprecedented situation. It has raised many uncertainties for businesses all over the globe, not only in terms of affecting the flow of revenue but also about compliance procedures. As people remain confined in their homes, local business owners face anxiety over the future of their operations.
If you are the owner of a local business in India, you might be disturbed over matters related to taxes as well, besides the apparent closure of trade operations.
Your apprehension is valid since a lack of compliance on a timely basis might attract penalties on your business. Fortunately, you can access the latest gst news with the help of modern innovations which are available today. Let’s explore the different methods with which you can stay updated with news about taxes during this COVID 19 lockdown.
Sources of Information About Taxes For Local Businesses
Official Website
Perhaps the most relevant and accurate source of information on taxes for your business during the lockdown is an official one! In India, since the inception of the GST tax regime, a dedicated website has been hosted by the Ministry of Finance. This website is a comprehensive, one-stop destination for all matters related to Goods and Services Tax.
The website is where all latest circulars and notices are uploaded. It is a reliable medium of information on all updates related to GST for local businesses.
Other Websites
Navigating through the official website can be a tedious job for some people. You can access various other websites such as KhataBook, to get the latest updates about GST.
These websites have specific blogs and news items on any new modifications in taxes, which may concern your local business. These websites are also an excellent source to read about the gst rates item wise list.
Consultation With Experts
If you are not comfortable browsing a website for information about taxes during the lockdown, you can get in touch with an expert in this field, such as a chartered accountant. Given their knowledge in this field, they will be able to support your questions about your local business and associated taxes.
Online Discussion Forums
If you wish to gain quick information about taxes and updates during the lockdown, another way is to browse and join discussion forums. Quora is an excellent platform for this purpose, where users post their views and opinions on various topics.
Social Media
Conventionally considered unreliable for information, online social media platforms such as LinkedIn can be a promising source of information. A significant chunk of current updates on trending taxation topics come from social media channels, which are quick to update its users with any modifications and latest news. For taxation related information on your local business, you may check these networks frequently.
Even several professionals consider it a good idea to update their network about news and updates through the medium of social media. It is a good idea to be connected with such people or follow them to get access to such posts.
Peer Network
Although this is not the most reliable method to obtain any information, sometimes your peer network, including fellow business owners and relatives, may give you a heads up in this matter.
The most you can get from them is an update on a headline or an inside story, but it is recommended that you discuss the same with an expert, before acting upon it.
Telephonic Updates
Nowadays, officially mandated sources are sending updates to people on their mobile phones through SMS and calls. Although these updates are not always timely, they are still a convenient source of information on changes and updates in taxation matters during a time when you cannot even step out of your home.
In Conclusion
The recommended way to update yourself with taxation matters during the lockdown would be through the official website, online blogs and news updates on different websites.
These websites are the quickest to be updated with accurate information and can also give you guidelines on what your course of action should be. It is vital to do proper research about information as these are pivotal in deciding the future of your business.
