Mega MSME Summit

FLO Chennai had the privilege of collaborating with the Hindustan Chamber of Commerce to host an insightful workshop for MSMEs and small business entrepreneurs. The workshop aimed to equip participants with essential knowledge on topics such as the Basics of GST, strategies for timely payment retrieval from customers, access to low-cost loans, selecting the best business structure, and addressing recruitment challenges and solutions for MSMEs. The event commenced with introductory remarks from Ms. Divya Abhishek, FLO Chairperson, and Mr. Vijay Chordia, HCC President, followed by addresses from guest speakers.
The first speaker Dr. Rosy Fernandes is an accomplished educator and entrepreneur dedicated to empowering students and women in entrepreneurship. With extensive expertise in Commerce and Entrepreneurship, she holds a Ph.D. focused on women’s entrepreneurial potential. As the Founder & CEO of STARTUP SOLUTIONS and a certified Entrepreneurship Education Master Trainer/Consultant/Mentor from Stanford University, she guides aspiring entrepreneurs. Dr. Fernandes has received accolades including the prestigious MALALA AWARD 2014 for her societal contributions and is committed to nurturing ethical entrepreneurs.
She addressed the crucial issue of timely MSME payments under Section 43 H and highlighted various government schemes for MSMEs and startups. Dr. Fernandes’ insights shed light on navigating the complexities of entrepreneurship and leveraging available resources for success. With her passion for nurturing ethical entrepreneurs, she continues to make a profound impact on the entrepreneurial landscape.
The second speaker CA. Prasanna Krishnan. V is a founding partner of a Chennai-based firm specializing in Tax Laws, notably Goods and Service Tax (GST) and Customs. His expertise is widely recognized, with numerous representations to the government on GST matters. He’s also a founding member of non-profit societies focusing on tax law-related activities. An experienced speaker, he has lectured at prestigious government forums and participated in televised discussions on tax laws.
He delved into the foundational elements of GST, beginning with an overview of its basics. Then elucidated the process of company registration under GST regulations, emphasizing the importance of compliance. Furthermore, the various taxes applicable within the GST framework were outlined, providing clarity on their scope and implications for businesses. Additionally, the concept of credits was elucidated by him, highlighting how businesses can leverage Input Tax Credits (ITC) to offset their tax liabilities effectively. The intricate details of ITC utilization were discussed, offering insights into best practices for optimizing tax benefits. Furthermore, the concept of reverse charge mechanism was explained, shedding light on its implications for both suppliers and recipients of goods and services. Guidance on GST return filing procedures was provided, emphasizing the importance of timely and accurate submission. This comprehensive overview equipped attendees with a deeper understanding of GST compliance requirements and strategies for navigating the regulatory landscape effectively.
The third speaker Ms Divya Abhishek addressed the audience on selecting the optimal organizational structure, delving into the intricacies of sole proprietorship, partnerships, and LLPs. She provided detailed insights into the advantages and considerations of each structure, offering valuable guidance on making informed decisions. She emphasized the importance of strategic tax planning, providing attendees with actionable advice to minimize tax liabilities while maximizing compliance.
The fourth speaker Dr. Geetha Premkumar discussed the various challenges that MSMEs face in recruitment and proposed effective solutions to address these issues.
The event concluded with attendees gaining a deeper understanding of key business concepts, strategies, and best practices, essential for the success and growth of MSMEs and small businesses.
– Around 60 attendees, comprising members from FLO and HCC along with guests, notably included nearly 30 to 35 women