India is witnessing a surge in new business registrations, with companies up 10% and LLPs up 75% in November. Over 151,000 companies and 58,635 LLPs have registered this year. Easier taxes, strong demand, and simple rules are driving growth. The “base effect” explains why growth percentages look smaller now, but business energy remains strong.

The Indian government is planning to remove the mandatory annual audit requirement for companies earning up to 1 crore. This move may reduce paperwork, cost, and compliance pressure for small business owners. The proposal is under review and may soon be introduced in Parliament.

Significant changes were made to the GST this week (January 14–20, 2025) for both taxpayers and companies. Highlights include clarifications on e-invoicing thresholds, rate modifications for EV batteries and BPO services, GST Council meeting outcomes, and extensions for GSTR-3B reporting deadlines. To assist stakeholders in successfully navigating these changes, the blog discusses notices, compliance tactics, industry responses, and impending deadlines.