In just 1 year, small businesses saw the worst happen to their business and somehow managed to battle all the odds. However, the second wave of the coronavirus and another lockdown have upset several small businesses. While businesses are working on crisis strategies to keep business moving, they also want the Government to help them out.<\/p>\n
The retail and hospitality sector took the worst hit last year when the business shut down. Hotels and restaurants closed down, along with shopping malls. This time, the retail sector, dominated by MSMEs has submitted a plea to the Finance Minister requesting an extension on the Emergency Credit Line Guarantee Scheme<\/a>.<\/span><\/strong><\/em><\/p>\n Only recently, several sectors made back the losses they incurred in the last year, but once again, the new lockdown has had over 80% of stores and businesses closing shop.\u00a0<\/span><\/p>\n \u201c With zero revenues retailers are still expected to pay overheads such as salaries, electricity, and rentals. If a timely relief package is not provided by the government to ease the financial stress, then the industry will find it hard to survive this second wave.\u201d – Kumar Rajagopalan, CEO of Retailers Association of India\u00a0<\/span><\/p>\n<\/blockquote>\n The sectors have also asked Government to help ease compliance, especially with regard to income tax. On April 5th, The Punjab Government has already scrapped 479 compliances, earlier required for seeking various approvals and renewals by industrialists. A lot of compliance requirements require tons of paperwork and any delay in payment of fees results in huge penalties.\u00a0<\/span><\/p>\n Compliance norms may seem like a lot to process, fortunately, there are companies like Legalwiz.in<\/a> <\/span>and Vakilsearch who help with this. In fact, if you sign up on Instamojo, you get direct access to Legalwiz services via our app store. You can also take a free course on mojoVersity to understand compliance better and avoid penalties<\/a>.\u00a0<\/span><\/p>\n\n
2. Ease of compliance rules\u00a0<\/span><\/h3>\n