The recent times have witnessed several taxation reforms specific to the MSME sector, leading to challenges in integrating these formative processes into business operations. Introduced in 2017, GST is a revolutionary move that saw significant changes in the way businesses handle their taxes, aligning with the concept of ‘One Nation One Tax’. With the aim of providing MSMEs more clarity about tax and GST returns, the MSME-tech firm Instamojo partnered with Y-Combinator backed startup, ClearTax, to offer a short course pertaining to business taxation for small business owners.
The co-created course is structured such that learners are made aware of the concepts related to taxes and GST, providing for a strong understanding of the subject. This short course consists of a 5-10 minute video, followed by an assessment test and a course certificate at the time of completion.
Commenting on the partnership with ClearTax, Sampad Swain, Co-founder and CEO, Instamojo said: “India has a growing population of MSMEs, of which most have limited knowledge and access to information pertaining to tax filing. A total of 1,03,99,305 businesses are registered under GST which includes almost 64.42 lakh existing taxpayers and 39.56 lakh new registrations under GST. Through our collaboration with ClearTax, we hope to empower small business owners with relevant information on GST and tax filing, making them more aware and aiding in the ease of running a business.”
Archit Gupta, founder and CEO, ClearTax, said: “We are delighted to partner with Mojoversity as we are setting the pace for a committed self-learning organization within ClearTax. Our industry is undergoing rapid transformation with the overall GST roadmap, MSMEs find it challenging to understand and implement GST and adapt to them quickly. Instead of letting that be a barrier to their business, we are coming together with Mojoversity to provide direct access to high-quality online learning content created by ClearTax which will help MSMEs comply to GST norms with ease.”
GST replaced a large portion of indirect taxes levied by the Central and State Government. A registered small business has to file GST returns when they purchase or sell products, input tax credit against GST paid on purchases, and provide output GST on sales. To further help small business owners with GST filing, Instamojo also offers an online tool to track monthly invoice reports thereby helping in filing taxes at the end of each financial year. Additionally, mojoVersity – Instamojo’s online knowledge platform offers courses under various categories including Finance, Sales and Marketing, Digital and social media skills.