In India, Micro, Small, and Medium Enterprises (MSMEs) are the backbone of the country’s economic growth, generating employment and contributing significantly to the GDP. However, accessing credit has often been a significant challenge for such enterprises, especially for startups and small-scale businesses. This is where responsible lending plays a transformative role. At LendingKart, responsible lending […]
When a business applies for financing, lenders need to assess its financial position and ability to repay the borrowed amount. For GST-registered businesses, GST returns can provide useful information about reported turnover and ongoing business activity. However, GST returns are not the only factor considered when determining business loan eligibility. Lenders may also review
Goods and Services Tax (GST) has streamlined indirect taxation in India, but businesses may sometimes end up paying more tax than their actual liability or accumulating input tax credit that cannot be utilised. In such situations, GST law provides a mechanism to claim a refund, subject to specific conditions. The GST refund process is
GST registration is an important compliance step for businesses that become liable to pay Goods and Services Tax. The process is completed online through the GST Common Portal and requires applicants to provide details about their business, PAN, authorised signatories, place of business and other relevant information. Understanding how to register for GST online
For exporters, paying IGST in advance can temporarily lock up funds until the corresponding refund is received. An LUT offers eligible businesses an alternative route for making zero-rated supplies without paying IGST upfront, subject to the prescribed GST conditions. But who can use this facility? How do you file an LUT, and when does
Running a business requires keeping revenue flowing, but under India’s tax framework, making a sale is only half the battle; properly reporting it is what keeps your operations running smoothly. GSTR-1 serves as the official record of outward supplies reported to the GST system. Your buyers may encounter delays in claiming or reconciling their
For many businesses, GST reconciliation is not difficult because of the rules alone, but because small invoice differences can create bigger compliance issues. Understanding what GSTR-2A means and how it works helps businesses stay ahead of these mismatches and maintain cleaner purchase records. What is GSTR-2A? The GST portal creates GSTR-2A automatically, showing purchase-related
