Tags Posts tagged with "Finance"

Finance

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It seems that though steadily but gradually, the revolutionery effects of the highly over ambitious executions of dear to heart projects like demonetisation and Goods and Services tax Tax are boomeranging not only amongst the common masses of the country but the prominent BJP leaders too are gathering courage to openly come out against the BJP leadership knowing very well that a huge price to be paid back is in the offing.

The statement of Yashwant Sinha, the former finance minister of BJP and father of the junior finance minister in the Modi government, who had to finally give up the finance portofolio, Jayant Sinha is unambiguosly a huge rebuff to not only the finance minister of India Arun Jaitley but to the prime minister Modi as well. Not is good terms with the top notch leadership of the party and the government former finance minister Yashwant Sinha has also expressed his ire against his bete noire PM Narendra Modi when he said that after the Gujarat elections the latter would be consigned to dust.

It needs a politician within BJP to gather enough courage to go against the party’s top leadership and the nation’s prime minister in particular. But even after Yashwant Sinha’s son losing the junior finance portfolio his tirade against the prime minister and his finance minister Arun Jaitley has not stopped putting the entire BJP and the government in utter surprise, dismay and subsequent dillemma.

His open accusation of finance minister Arun Jaitley blaming him for derailing the country’s economy and casting serious aspersions for the complete failure of demonetisation and improper implementation of GST resulting inflation, unemployment and discouragement to investment climate etc speaks of the fact that the former finance minister is playing the role of opposition party Congress and amounts to immense damage to the party and government’s reputation in the days to come.

His shocking revelations in the country’s leading daily Indian Express blaming PM Modi and FM Jaitley of sidelining the RBI’ s former n present governors and unilaterally going on for demonetisation thus derailing the nation’s economy and the investment climate compounded with large scale unemployment and inflation have indeed made tremendous mockery of the finance minister and the government giving enough encouragement and fuel to the opposition Congress and its UPA constituents to futher surround the former on failures of demonetisation and GST implementation.

While Yashwant Sinha seems to be prepared for the worst eventuality his state minister son Jayant Sinha may perhaps also fall prey to the ire of party and government’s top bosses in the near future exactly as Rahul Gandhi’s BJP friendly cousin Varun is in a dock for his anti government and anti BJP vociferous statements on ROHINGYA MUSLIM REFUGEE AFFAIR. What do you say friends?

SUNIL NEGI

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You should know that there is nothing more thrilling than giving an identity to something you formed, out in this highly competitive world. Bringing out your business in the market is an interesting, entertaining but at the same time a challenging and rewarding part. From this you can make this out that your future is really in your own hands. Ensure that you work really hard to attain success.

Taking out this mask of an “easy” image of your business, this is really important for you to notice that apart from all its positives it also has some negatives. There exist some bleak actualities that you need to know. You just need to know on how to face these challenges while running your business in order to make it a hit amongst your competitors.

Ÿ Finance Management

In order to let the small businesses survive cash flow is mandatory. It is the most vital component of a business, whether small or big. Entrepreneurs specially engaged in the small businesses face this financial issue. The main problem that stands here is “delayed payments”. Whenever you serve any of your customer, then the payment made by him/her may take a couple of days. Under these couple of days you have to pay your bills, hire employees, and give salaries and incentives to your employees. All this has to be done by you, whether you pay them from your pockets or business’s old earnings.

Ÿ Time planning

   The major obstacle faced by a small business entrepreneur is the “time management”. A small business has to work on so many products and the clients of varied nature that it many times fails to manage the time effectively. If you’d have more time, you’d have acquired more work and money. You just have to be smart enough on how to manage time and planning every task/operation accordingly. Managing your time leads to making money.

Ÿ Hiring staff members

The hiring procedure of the employees may consume a lot of time of yours. It includes examining your aspirants’ resumes, taking their interviews, mailing them the confirmation etc. After all this is done the only thing left with you is hoping that you can provide the best salary package and take out the best employee for your business to start working and take your enterprise to great heights. You just have to focus in how to build up the relationship between the boss and the employees.

Ÿ Impoverished Budget

Your cash budget seems fine, does it? But are you fully satisfied with this? One of the major problems for a small business is that even if your cash flow is doing fine you do not have enough budgets to take your company to its full potential. You need to spend your money in the areas where there are worthy to be spent. You can save the cash and keep it for all the other miscellaneous and operating expenses in the near future. Spend in those operating areas where you are sure of or are expecting the returns and ensure you are never in a loss.

Ÿ Choose what to deal in

   You should know what to sell. Just seek out in the market and see what your competitors are dealing in and what different and unique you can do to stand out in the crowd. You can examine the tastes, preferences and the trending things among your target customers. If you are weak in identifying the prosperous niches then choose the person who is stronger in this area to work on. You don’t need to spend a huge amount of money in this, just hire a freelance researcher who is an expert in the field you are interested to work on.

 

Thus, having a look at the above pointers you can conclude that an entrepreneur either of a small business or a big enterprise has to face many challenges while struggling to get his business to the new heights. Just keep this mind, you are not the sole person who is struggling there are much more like you but you can seek the help of people who can take you out of the darkest days of your struggling to the brightest day of Success.

 

 

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GST

GST was meant to create a “single nation and single tax”, however, it has ended up on creating approximately six tax rates apart from the fact that much items are still left with the responsibility of State and Centre. Petroleum and alcohol including all other similar items that have a contribution of approximately 40 percent in the state revenue are out of the concept of GST. The GST has led to a complete change in the financial structure of India with respect to the matters of Tax Collection in our country.

Need to know the difference between the current tax collection framework and the new GST taxation in India? Well, for that there is a need to recognize what precisely GST is about. GST has been introduced with an intention to bring consistency in the market arrangement of our country. This will lead to a reduction in the import and export taxes, thus, lessening the burden of the tax payer.

There is no need for a business incurring an income of fewer than 20 lakhs to register in GST. It is quite transparent and answerable. The tax payer will be facilitated by getting the information on what all taxes he is paying.

The existing Taxation System in our country is full of complications. GST is here to remove all these complications and make the Taxation System easier by replacing all the indirect taxes and bringing a common market. Nowadays, a tax on tax is imposed, but with the imposing of GST, this will become much lesser and easier.

On discussing the differences between the condition of taxation WITH NO GST and the condition of the taxation WITH GST, following points can be formulated:

ŸCommon Taxation

Normally, as the system says, VAT tax is levied on goods and Service tax is levied on Services. Here, the GST is playing a vital role by combining both the taxes and forming a COMMON TAXATION SYSTEM making it easier.

Related image

Ÿ No Separation

   Earlier, it happened that you have to pay taxes on goods as well as on the service offered. But the introduction of GST has truly changed the scene. Now you have to pay the taxes collectively without paying separately for the service offered.

Image result for no tax on tax in GST

Image Source: http://www.gstindia.com

Ÿ A sigh of Relief for the importers and exporters

During the time of transportation of goods from state to state, the tax rates reach heights. The taxes are highly rated due to the involvement various VAT and Service taxes adding on the various state taxes, the rates become the highest from the higher. This is a problem for the importers and exporters. With GST coming in the picture, there will be no separate taxes on goods and services and state borders which will be quite feasible for the importers and exporters.

Related image

Image Source: https://www.nrilegalservices.com

GST tax will have a major Impact on the Taxation System of our country-

Ÿ Having a transparent Tax system will lead to decrease the chances of corruption.

ŸIt will act as a support to the smaller organizations which have an income of fewer than 20 lakhs, as it won’t collect taxes from these companies according to the GST Rule.

ŸSMEs will be highly attracted and affected by the GST, thus they are having a wider base in the GST model.

ŸNo need for any poor state to pay any extra tax. They will pay the equal amount of taxes that will help them to develop.

ŸThe three accounts that will be maintained under GST Taxation System are CGST, SGST, and IGST.

Ÿ The new market formed will be free from any complications and easier. This is because, there will be no different separate taxes, a common system of taxpaying will be followed.

 

 

 

 

 

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Goods and Services Tax (GST) has been rolled out. From 1st July 2017, as the prices of goods and services are going to change, it will impact every Indian. The GST Council has fixed the tax rates for 1,211 items, keeping a majority of these in the 18% slab.

Below is the list of the goods and services that will become cheaper from 1st July, as GST goes LIVE:

Eatables

Milk powder, Curd, Butter milk , Unbranded natural honey, Dairy spreads, Cheese, Spices, Tea, Wheat, Rice, Flour, Groundnut oil, Palm oil, Sunflower oil, Coconut oil, Mustard oil, Sugar, Jaggery, Sugar confectionery, Pasta, Spaghetti, Macaroni, Noodles, Fruit and vegetables, Pickle, Murabba, Chutney, Sweetmeats, Ketchup, Sauces, Toppings and spreads, Instant food mixes, Mineral water, ice, Sugar, Khandsari, Biscuits, Raisins and gum, Baking powder, Margarine, Cashew nuts.

Items of daily use

Bathing soap, Hair oil, Detergent powder, Soap, Tissue papers, Napkins, Matchsticks, Candles, Coal, Kerosene, LG domestic, Spoons, Forks, Ladles, Skimmers, Cake servers, Fish knives, Tongs, Agarbatti, Toothpaste, Tooth powder, Hair oil, Kajal, LPG stove, Plastic tarpaulin.

Stationery

Notebook , Pens, All types of paper, Graph paper, School bag, Exercise books, Picture, Drawing and coloring books, Parchment Paper, Carbon paper, Printers

Healthcare

Insulin, X-ray films for medical use, Diagnostic kits, Glasses for corrective spectacles, Medicines for diabetes and cancer.

Apparels

Silk , Woollen fabrics, Khadi yarn, Gandhi topi, Footwear below Rs 500, Apparel up to Rs 1,000

Others

Diesel engines of power not exceeding 15HP, Tractor rear tyres and tubes, Weighing machinery, Static converters (UPS), Electric transformers, Winding wires, Helmet , Crackers and explosives, Lubricants, Bikes, Movie tickets less than Rs100, Kites, Luxury cars, Motorcycles, Scooters, Economy-class air tickets, Hotels with tariff below Rs7,500, Cement, Fly ash bricks and blocks