Bookkeeping is an obligatory procedure for every regulated business. It is a basic step for each association to outfit precise money related insights in regards to the in-bound or out-bound capacities conveyed by a business. Accounting is the backbone of every business. A strong financial tracking system ensures there are no loop holes for embezzlement. If the foundation of accounting i.e. book keeping is firm, the entire business can stand on the sturdy foundation.

Tax planning assists in reaping maximum benefits by retaining a major part of earnings whilst satisfying Income Tax compliance procedures. Effective Tax planning helps in improving the cash flow within the organisation. If a firm or business experiences scarcity of cash due to ineffective tax planning, its operational potential can be hindered.

tremendously improving ease of doing business and increasing the taxpayer base in India by bringing in millions of small businesses in India. By abolishing and subsuming multiple taxes into a single system, tax complexities would be reduced while tax base is increased substantially. Under the new GST regime, all entities involved in buying or selling goods or providing services or both are required to register for GST. Entities without GST registration would not be allowed to collect GST from a customer or claim an input tax credit of GST paid and/or could be penalised. Further, registration under GST is mandatory once an entity crosses the minimum threshold turnover of starts a new business that is expected to cross the prescribed turnover.