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asawari13 · 2 years

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GST Certification Course and Complete Guide to GST

"What is the GST Certification Course?"

Before getting into what is GST course, I want to provide a comprehensive understanding of the short-term term GST.

Everyone has an opinion about whether GST simplifies the taxes system or not. I'm providing you with information so you may form your view. Later in this post, I will explain "what is GST Certification Course" is and assist you in finding better online GST courses in Ahmedabad with certifications.

What exactly is GST?

Good night, Sweet dreams, and Take care in the whole form. I'm joking, of course. GST is a broad subject to cover. But I'll attempt to explain it to you in as few words as possible. To begin, GST is an initial Goods and Services Tax.

The federal government collects two types of taxes. They are as follows: -

Direct Tax: In this case, the government directly collects taxes from citizens, such as income tax, property tax, company tax, and so on.

Indirect Tax: Indirect taxes are levied on the purchase and sale of goods. Previously, there were 17 other types of indirect taxes, and the government merged all of them with the appropriate GST. As a result, GST is a mix of indirect taxes.

There were several taxes in India before the implementation of the GST. We had EXCISE TAX, service tax, customs tax, VAT (Value Added Tax), CST (Central Sales Tax), OCTROI, and a slew of additional taxes. So, to simplify all of the tax complexities, our government devised GST. On July 1, 2017, India's Prime Minister, Mr. Narendra Modi Ji, unveiled the ONE NATION ONE TAX policy known as the Goods and Services Tax.

Our Prime Minister, Mr. Narendra Modi Ji, has stated that GST will bring One Nation, One Tax, however, you must have seen this on any of your restaurant bills, mart bills, or any other bill. There are two or three taxes mentioned: the CGST tax, the SGST tax, and the IGST tax. So, does it adhere to the One Nation, One Tax policy? Yes, there are several components of GST, which include CGST, SGST, IGST, and UT- GST.

CGST is for Central Goods and Services Tax, SGST stands for State Goods and Services Tax, IGST stands for Integrated Goods and Services Tax, and UT- GST stands for Union Territory Goods and Services Tax.

I'm just summarizing these phrases with an example to help you understand them. In my viewpoint, you should buy an online course. If the course provider is also from your state, he will charge you CGST + SGST. That is, the state government will keep 9% of the tax, while the remaining 9% would be transferred to the Central Government's taxation budget.

Furthermore, if the course provider is not from your state, they will charge IGST, which is an 18% integrated tax. Now we come to UT-GST, which applies to all Union territories. We have nine union territories in all (Andaman and Nicobar Islands, Chandigarh, Dadra and Nagar Haveli, Daman and Diu, National Capital Territory of Delhi, Jammu, and Kashmir, Lakshadweep, Ladakh, and Puducherry).

In UT- GST, you must additionally pay 18% tax on your goods and services, with 9% retained by the Union Territory and 9% transferred to the Central Government. Because the Central Government oversees the states, interstates, and union territories, 9% of GST is always transferred to them. You may now check your prior statement to see if they charged CGST+SGST or just IGST.

GST Registration Information

You're probably wondering who will charge GST at this point. Is GST applicable to everyone who provides GOODS or SERVICES? The watchman in your building, for example, or the rickshaw driver, are both qualified to charge GST since they provide services to us. As a result, the response is No, this is not the scenario. It has a registration procedure. Only once you have completed the registration process will you be able to charge the GST. Furthermore, the registration process necessitates the use of minimal criteria. And whether anybody who meets the criteria is eligible to register for GST and charge GST.

For businesses, the minimum annual revenue is 20 lakhs. If someone is operating a business and their annual turnover is 20 lakhs, he or she must register for GST registration. And if a person's annual sales are less than 20 lakhs, he can still register for GST, but this is known as voluntary registration. Another essential aspect to highlight is that whenever someone sells items or services online or conducts interstate commerce, they must register for GST regardless of their turnover. When it comes to the internet, the 20 lakh turnover hurdle just vanishes. Again, these are extremely fundamental aspects; the narrative of GST and its Registrations is vast.

FORMS FOR GST:

A few pieces of paperwork are presently required to be filled out by businessmen. They are GSTR-1 and GSTR-3B, respectively. Just a short description. GSTR-1 is the form on which a businessman would communicate all of the facts of their business income from one business to the next and from one business to the client. GSTR-3B is a bit difficult, but I'll attempt to describe it as simply as possible.

Let me give you an example. You are a person who is selling some X product for 100 rupees and you have collected 18 rupees from your customer. You have also purchased this X product from some wholesale market at some price and you as a customer to the wholesaler have paid to suppose 8 rupees as a GST, so you are only supposed to pay the government 10 rupees as a tax. Now, in this form, you will give all of the information about how much GST you received from your clients and how much you paid as a consumer. I hope you understand what I mean.

Now we get to the main point: "What is a GST certification course?"

The answer is the same as the question's proposed name. It will provide you with a thorough understanding of GST and its many features. It will enhance your abilities and add a star to your résumé.

These are a few online GST classes in Ahmedabad that I found after a lot of searching, and I'm just providing them here for your convenience with all of the course details: -

Initiative Institute of Professional Training & Research(IIPTR) is a well-known and prominent online education company. In their precisely constructed Master GST Practitioner course, the institute provides an in-depth curriculum on GST. The GST training in Ahmedabad consists of studying the essential components of the GST Modules. The modules' implementation provides hands-on learning.

This intense training covers everything from the tiniest intricacies of GST to the major components.

The course syllabus contains

Module -1

GST

Types of GST

Exemptions in GST

GST Registration

Concept of supply under GST

Concept of Place of Supply

Concept of time of supply and Valuation under GST

Concept of branch Transfer

Export & Import in GST

Types of Invoices and Invoice format

Computation of GST

Input Tax Credit and set off

Concept of Reserve charge mechanism and compliance

Recording GST Liability

Filing of GST returns

Eway Bill requirement & compliance

E Invoicing

Composition Scheme in GST

Tax computation , payments and reports

GST annual return

GST Audit

Module-2

1- Detailing training on GST Software of partner GST for payment and filing of GST

2- Training on how to successfully run your business and client relations.

Initiative Institute of Professional Training & Research (IIPTR) in Ahmedabad will assists you in understanding GST and becoming an effective and confident GST Practitioner. Connect with a GST specialist at the institute to determine your eligibility for the course. All of your doubts will be answered, and you will be able to decide whether you want to pursue the online GST Course in Ahmedabad.

#gstindia #gst course #gst certification course #gst practitioner #gst training #gst online course

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s20classes · 3 years

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Goods and Services Tax And Its Impact On Business

After several countries over the world had implemented the Good and Services Tax, In 2017 with the support of both the houses of the Parliament and the consent of the President of India, the Goods and Services Tax finally came into being after going through almost a decade of scrutiny. It was Atal Bihari Vajpayee’ Government that introduced the GST bill and it was Arun Jaitley, the Finance Minister of the then newly appointed Modi Government, who made it a reality.

Earlier there was a clear demarcation between the Central and State Government with regards to the tax being levied. The existing tax regime only empowered one of the governments at a time to levy taxes. But the GST empowers both the Central and the State governments at the same time to levy taxes and brings a unified tax regime to the country.

What is GST?

GST or Goods and Services Tax, is a central government levied tax that replaces many indirect taxes like VAT, excise duty, services tax, etc. It is a comprehensive, destination-based tax that is multi-staged and levied on every value addition.

It is a single domestic indirect tax for the entire country. It was passed by the Parliament on 29th March 2017 and came into effect on 1st July 2017.

When Was GST implemented and why?

GST was first introduced by the Atal Bihari Vajpayee government but it was in 2017 that the Modi government became successful in implementing it. The earlier tax regime gave power to the central government or the state government one at a time but the GST bill would grant power to the central and state governments at the same time.

GST also sought to simplify the existing tax regime in the country, widening the tax-paying sectors and increase the government’s tax revenue.

What is the impact of GST on manufacturers, distributors and retailers?

For manufacturers, GST has come as a boon. It has helped reduce the tax on tax that manufacturers had to pay in the earlier tax regime. This allows manufacturers to produce goods that are cheaper thus increasing their sales. Manufacturers have to only pay one unified tax and this saves them expenses as compared to paying 25-26 % more in the earlier tax regime.

Most of the retail in India is unorganized so there is no huge impact of GST in this sector. But for small retailers, the ease of entry and the input tax credit facility offered by GST is the largest advantage. In the case of distributors, GST has gained a negative image. It is not true that GST has irrelevantly increased the tax on distributors but rather due to GST being transparent, there is no tax evasion as was happening earlier in the distribution sector.

What is the impact of GST on service providers?

Service providers have received a few benefits as well as disadvantages of the GST regime.

In terms of benefit, Service providers are free of cascading taxation as there is no excise tax or VAT, etc. Also, service providers can avail of the input tax credit on both their equipment as well as the services they offer. With extra taxes like excise and VAT, input costs have been reduced which means that service providers have to bear fewer costs for services they offer.

In terms of demerits, the decrease in cost to the service provided means that the tax has to be paid by the consumer which drives up the sale price of services. Again, service providers can avail ITC on the services they offer but at the same time, this means all the services they provide shall be taxed, even if they provide the services for free. The Certificate Program on GST Course in Ahmedabad to provide specialized and updated knowledge in the area of GST by skilling students and industry members.

Sector-wise GST Impact analysis

Agriculture

The agriculture sector is the largest contributor to the economy with almost 16%. Thus it was imperative that the government had to think about the effect on the agriculture sector. Initially many states like Maharashtra, Punjab, and Gujarat faced losses since there was no state collected VAT, etc.

But after the GST regime was solidly established farmers and agro-industries have begun seeing positive effects. Earlier common used materials like fertilizers had a tax rate of 5% but in the GST regime, this tax has been hiked to 12%.

The same increase is also seen in the case of machinery like tractors which attract a GST of 12%. This means that farmers and industries can claim ITC (Input Tax Credit) and reduce the overall cost of their supplies. According to many financial experts, GST has created a single unified agriculture market where farmers can sell their produce for the best price.

Automobiles

Earlier automobiles attracted Excise and VAT duties which collectively came out to be 26.5 to 44 %. Comparatively the present GST rates are very low and range from 18 to 28 %. Thus, GST has reduced the burden on the end consumer while paying the taxes for purchasing an automobile.

Also, importers and dealers of automobiles can rejoice as they can now claim ITC on the goods they sell and purchase. This was not possible in the earlier tax regime. Also, automobile parts have become cheaper as a result of the improved supply chain mechanism created by GST.

FMCG

A huge amount of logistics expense is saved by the FMCG sector, courtesy of the GST tax regime. The earlier tax regime saw the FMCG incurring a distribution cost equal to 2-7 % but the GST tax regime brought it down to 1.5%.

Due to smoother supply chain management, tax payment, input credit claim, and CST removal, consumer goods have reduced in prices which have led to consumer goods becoming cheaper and reduction in the cost of transportation and storage of goods.

Freelancers

The good news for freelancers is that under the new GST tax regime is, freelancers are exempted from taxes up to a turnover limit of INR 20 lakhs.

This proves beneficial as most freelancers do not have higher turnover rates than INR 20 lakhs. Software sold by freelancers is also exempted from taxes under the GST regime and this has made software cheaper for the consumers.

E-commerce

The impact of GST on E-commerce is a two-sided tale. On one hand, the E-commerce industry benefits from the efficient supply chain created by the GST regime reaping the benefits of a transparent transport system with less amount of paperwork and compliances to think about. On the other hand, E-commerce industries are taking a hit as costs of storing and warehousing goods have increased.

The taxes levied on E-commerce increase since the company has to pay taxes even for goods that are not sold. Additionally, they can claim ITC only after their goods have been sold. This has caused a spike in the pricing of goods on E-commerce sites.

Logistics

The logistics sector has been one of the best benefits of the GST regime. Under the GST regime, inter-state check posts have been removed and this has increased the speed and efficiency of the logistics chain throughout the country.

The logistics sector has also seen other improvements in terms of reduced transportation cycle times, enhanced supply chain & turnaround time, consolidation of warehouses, etc.

Pharma

In the case of Pharma industries, GST has done a huge positive impact but has also created a few negative effects. In terms of positive, many lifesaving drugs, oral hydration salts, and diagnostic kits have fallen under the minimum tax slab and this improves the health care of the society.

Also, the establishment of the GST regime means that pharma companies and industries do not have to pay repeated excise duties and VATs. But on the negative side, components for ayurvedic medicine have high taxes as they come under cosmetics and this poses a great difficulty in a nation that is very dependent on Ayurveda.

Real Estate

Under the new GST regime, the real estate industry has seen a solution to many of its problems like cascading of taxes. Under the earlier tax regime builder had to pay excise duties and VAT. But with the unified GST regime, sellers have to pay GST but will get ITC which they can pass on to the buyers. This reduces the overall tax incurred on properties.

Startups

Startups that are making a transition will incur some losses in the new GST regime as its implementation reduces the threshold to pay excise duties from 1.5 crores to 40 lakhs. This means that some startups that were earlier exempted from taxes will have to pay them now.

But in the longer run, startups will face much-wanted relief as the market becomes unified and there is the ease of movement of goods. Also, startups will have a lot fewer compliances to deal with in the new GST regime.

Telecommunication

GST regime for the telecommunications sector has been bitter-sweet. Though telecommunications can claim ITC on imported pieces of equipment and goods, they cannot avail ITC on diesel which attracts taxes of about 100 %. Telecommunication companies have to pay a higher tax rate also as the earlier tax rate has been bumped up from 15% to 18%. The woes of the telecommunication sector have also been increased with the added compliances that they have to adhere to under the new GST regime.

Textile

In the case of the textile sector, the GST regime looks to create some huge shifts in the industry. The first area GST affects is the ITC that a business can claim. Earlier, there was no option to claim ITC on imported pieces of equipment and materials which attracted heavy excise duties.

But under GST, the capital of a company shall be eligible for ITC. The catch here is ITC cannot be claimed if a company sources its raw materials from the unorganized sector or composition scheme taxpayers. Though initially there were high prices due to GST, in the long run, the unification of the market will help India compete in the foreign market.

Conclusion

The GST regime is relatively new in the country and still requires acclimatization on the consumer’s end. The successful implementation in all the aspects of the country can help provide the country’s economy a much-needed boost. GST can also help the local market become competent enough to compete with foreign markets. S20 provides the best certified GST course in Ahmedabad with practical training and case studies that help them in their careers.

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#GST Course in Ahmedabad #best GST coaching centres in Ahmedabad #GST Training Fees #S20 Classes #ahmedabad

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mantraandco · 3 years

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Taxation Online Courses, accounting course, GST course In Ahmedabad

Mantra & co provides best Taxation Online Courses, accounting & GST course in Ahmedabad with 9+ year of experience in this field

#PF and ESIC Registration in Gujarat #MSME Registration In Ahmedabad #Taxation Online Courses In Ahmedabad #GST registration consultant #Accounting Courses in Ahmedabad #Trademark registration Services in ahmedabad #Income Tax Consultants #Income tax return filing services in ahmedabad

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sixsenseedu-blog · 5 years

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Certificate Course in Professional Accounting (CCPA) In Ahmedabad

Certificate Course in Professional Accounting is a comprehensive course of Accounting & GST Training along with Practical Knowledge. CCPA will prepare you and will enable your skills to get exposure into accounting field. Practical training helps you to sharpen the skills during the training phase. This course will give you clarity about your career and you can choose your stream wisely.

Eligibility: Any Graduate/ Under Graduate, Accountant, Tax Practitioner, Inter CA/CS, MBA

Certificate: Provided By Six Sense Skill Development

Inquiry & Admission Assistance: +91 76239 21001, [email protected]

CCPA Course Curriculum :

Sense 1 – Accounting Fundamentals- Tally. ERP9

Accounting Convention and their Importance

Types of Accounts and Double Entry Accounting System

Journal Entries and Ledger Posting

Business Accounting

Types and Rectification of Mistakes

Bank Reconciliation

Finalisation of Accounts: Trading Accounts, P & LAIC and Balance Sheet

Sense II – GST- Tally. ERP9

History and Impact of GST

Understanding of GST (CGSTISGSTIIGST)

Important Definations under GST

Meaning and Scope of Supply

GST Registration Provision and Practical

Input Tax Credit & Transfer of Input Tax Credit

GST-Practical- Tally.ERP 9

Forward and Reverse Charge Mechanism

E Way Bill

Tax Invoice, Credit and Debit Note

Accounts and Records

Online and Offline Payment of Taxes & Interest-

How to File GST Return (GSTR-1,GSTR-2, GSTR-3 etc)

Tax Deducted at source

Penalty

Assessment & Audit

Sense III- Direct Tax (Income Tax-TDS)- Tally.ERP9

Type and Role of Direct Taxes in Business

Basic Understanding of Different Heads of Income

Advance Tax

Tax Deducted at Source (TDS) I Tax Collected and Tax Liability

Computation of Total Income and Tax Liability

Online Payment of TDS and Advance Tax

Types of Audit

Tax Return Preparation for Individuals

Income from Salary

Income from House property

Income from Business and Profession

Income from Capital Gain

Sense IV- Payroll – Prof. Tax, PF and ESI

Applicability of

Payroll Processing

Payroll Accounting

Maintenance of Record

Professional Tax

ESI For More Information all cource Contact to: +91 76239 21001 Click Now For All Course Details:- sixsenseedu.com

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psychicpatrolprince · 3 years

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Henry Harvin® GST Course is Ranked 1 in the industry by India Today and Tribune India. 100% Practical GST Course Training | India's 1st GST Certification Course | Featured by Aaj Tak, Hindustan Times | Delivered by Award Winning GST Speakers | 14,265+ GST Professionals Trained till date.

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s20marketing · 6 months

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5 New Capabilities Of TallyPrime That Simplifies GST Compliance for Your Business

Upgrade to the latest TallyPrime Release 3.0 for easier GST management. With a more simplified version from setting up GST to creating invoices, handling returns, and reconciling accounts.

It helps you with everything from setting GST details to filing the returns. What’s cool is it checks your filings against official records like GSTR-2A and GSTR-1 to ensure accuracy. Plus, it brings in other useful features to simplify your tasks and let you focus on your business. This means you can ensure accuracy and easily comply with GST regulations. Our online tally course with certificate will help you better.

TallyPrime Release 3.0 makes managing your GST and business needs simpler than ever. Check out these 5 new capabilities it offers.

1. Seamless Integration with GSTN

Now, you don’t have to spend hours manually matching your GST data with GST Network (GSTN). TallyPrime now links directly to GSTN, so your data updates instantly. No more mistakes or wasted time entering data. With TallyPrime, your GST filings will always be precise and on time, freeing up your resources for other tasks.

TallyPrime makes handling GST easier by doing away with manual work. It connects directly to GSTN, so you don’t have to enter data or match things up yourself. This helps make sure your GST filings are accurate and on time.

It also lets you share data instantly with GSTN. So, any updates or changes happen right away, without delay.

Using TallyPrime cuts down mistakes since it automates most of the work. This means you’re less likely to have errors that could cause problems with GST rules.

And because TallyPrime handles a lot of the work for you, it frees up time. You can use that time for other important tasks or planning for the future of your business.

2. Automated GST Returns Filing

No more stress about filling out those GST returns by hand! TallyPrime has made it super easy with automated filing. It does everything for you, from getting the data ready to sending it off. No more mistakes either – TallyPrime is super smart and makes sure everything is correct.

It covers all the bases, too. Even if it’s your monthly returns or the big annual one, TallyPrime has got you covered. So, you can relax and focus on growing your business instead.

No more worrying about making mistakes. TallyPrime is super smart and makes sure your GST returns are filed without any errors. That means no more fines or trouble with the taxman. Whether it’s the GSTR-1, GSTR-3B, or the yearly ones.

With TallyPrime release 3.0 on your side, you can find peace of mind. You don’t need to worry about deadlines and paperwork and concentrate on what really matters—running your business smoothly.

3. Dynamic GST Audit Trail

TallyPrime keeps track of all your GST transactions in a detailed log. This helps you easily see every move your business makes regarding taxes, like when you claim tax credits, sell goods, or adjust taxes. Having this record makes it easier for you to show tax officials if they ever ask.

When it’s time for a GST audit, having all your transactions neatly recorded makes the process smoother.

You can easily show the tax authorities everything they need to see, reducing the chances of any problems.

By using TallyPrime’s dynamic GST audit trail, You can tweak the “Track GST Return Activities” report in different ways. For instance, you can switch it from showing returns to showing periods. Also, you can filter it to see only pending tasks or completed ones.

4. Real-time GST Insights

TallyPrime gives you up-to-the-minute updates on your GST, so you can see exactly what taxes you owe and when. This helps you make smart choices about your finances and plan ahead for taxes. From payments to figuring out how much you’re spending versus earning, ensure you’re following all the rules.

It helps you to personalized dashboards for your business needs which suits you best.

By giving you real-time insights into your GST, TallyPrime helps you make smart choices about taxes, saving money, and following the rules.

TallyPrime makes it easy to keep up with the rules. It reminds you when deadlines are approaching, when there are new rules, and when things change, so you can stay on track.

5. Making Changes and Reporting in Tax Returns

With the new TallyPrime update, handling changes and reporting your tax returns is a breeze. All you have to do is mark your filed returns as ‘signed’ on the GST portal. Once signed, any changes or new entries are highlighted and kept track of for you to review and take action on. That means, if there’s a mistake in your invoices or transaction amounts after you’ve filed, you can’t directly fix it in the filed returns.

But, the GST portal does let you make corrections in the next returns you file. So, any changes or fixes you need to make can be reported in the following returns as amendments.

After filing your April 2023 invoice, if you spot a tax error:

– Mark the return as completed in TallyPrime. – Any future changes for that month will be tracked automatically.

Correct the tax amount in the April transaction. TallyPrime will note these changes and flag them in the ‘Uncertain Transactions’ section of GSTR-1.

Specify the date of correction (e.g., May 25th), and the adjustments will be included in the May GSTR-1’s ‘Amendments’ section and reflected in the May 2023 GSTR-3B.

In Simple Terms

TallyPrime’s latest updates are changing how businesses deal with GST rules in India. It connects smoothly with GSTN and handles things like filing returns automatically, and keeping track of changes, and providing instant updates on what’s happening.

TallyPrime gives a complete package to make dealing with GST Compliance easier for your Business needs. With the help of Super 20 Training Institute by your side, you can cut down on mistakes, follow the rules better, and concentrate on growing in a tough market.

#Best tally course #Best Tally Course in Ahmedabad #Tally Course #Tally prime #TallyPrime #GST

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perfectcomputer2 · 3 months

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How To Build Your Career With Perfect Computer Education Tally Training Institute In Ahmedabad

Perfect Computer Curriculum Ahmedabad's Tally Training Institute is a notable option for anyone seeking to build a prosperous career in computerized accounting.

This esteemed institution has a reputation for creating highly qualified individuals and for its unwavering commitment to quality. You'll embark on a revolutionary learning adventure at this institute thanks to well-created curricula, state-of-the-art facilities, and a group of knowledgeable faculty members. Students learn both the academic knowledge and the practical skills necessary to succeed in computerized accounting using Tally software in this course.

The Perfect Computer Tally Training Institute in Ahmedabad If you are interested in finding a Tally institute in Ahmedabad or any specific information about "Perfect Computer, such as conducting online searches, checking local directories, asking for recommendations, and contacting the institute directly if you have more specific details. This will help you gather more information about the institute, its courses, and its reputation in the field of Tally training.

Everything You Need to Know About Tally Certification in Ahmedabad By Perfect Computer Education

Tally is a popular accounting and business management software used by businesses for financial accounting, inventory management, and other related functions. Tally solutions are widely used in various industries for their accounting and reporting needs.

Tally Certification programs are typically offered by authorized training centers or institutes to provide individuals with the necessary skills and knowledge to effectively use Tally software for various business processes. These programs can vary in duration and content, but they generally cover topics such as

The Tally program and its functions are introduced.

Account creation and management for the company.

Create and maintain ledgers.

Inventory control.

Transactions and voucher entry.

Implementation and compliance with the Goods and Services Tax (GST).

Creating financial statements and reports.

Exploring the Benefits of Learning Accounting By Perfect Computer Education

Accuracy and Precision:

Perfect Computer ensures meticulous calculations and data processing, enhancing the accuracy of accounting tasks, minimizing errors, and providing reliable financial records.

Efficiency: Learning accounting with Perfect Computer:

Streamlines processes, reduces manual effort, and accelerates data entry, enabling accountants to complete tasks more efficiently.

Automation:

Perfect Computer automates repetitive tasks like data entry, transaction categorization, and report generation, freeing up time for accountants to focus on strategic analysis and decision-making.

Real-time Updates:

Accounting with Perfect Computer allows for immediate access to financial data, allowing for rapid decision-making and decreasing the time it takes to update financial statements.

Data Analysis:

Perfect Computer's computational power facilitates complex data analysis, allowing accountants to uncover insights, trends, and anomalies in financial data for better business planning.

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Learning to account with Perfect Computer supports business growth by handling increased transaction volumes and maintaining accurate records without the need for extensive manual intervention.

If you have any questions or inquiries, please visit our website at https://perfecteducation.net/ For assistance, you can contact us by telephone at +91 82646 39365 or send us an email at [email protected] We look forward to addressing your queries and providing the information you need.

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thewrosper · 4 years

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States want longer lockdown, want clarity on movement of workers

West Bengal accused the Centre of sending mixed signals with the relaxation of some curbs, while Bihar, Jharkhand and Odisha, facing the prospect of hundreds of migrant labourers returning, asked it to specify guidelines in this regard. Most states on Monday indicated at the videoconference with Prime Minister Narendra Modi that they wanted the lockdown to continue in some form post-May 3, while adding that they would follow the Centre’s lead on the matter. West Bengal accused the Centre of sending mixed signals with the relaxation of some curbs, while Bihar, Jharkhand and Odisha, facing the prospect of hundreds of migrant labourers returning, asked it to specify guidelines in this regard. The PM, one Chief Minister said, did not respond to demands for an economic package. “The mood was in favour of continuing the lockdown with concessions,” Puducherry CM V Narayanasamy said, while telling The Indian Express that Modi praised Rajasthan CM Ashok Gehlot for his handling of the coronavirus issue. Again, Andhra Pradesh was among the few states to seek relaxation. Chief Minister Y S Jagan Mohan Reddy said that with 80% of the state a virus-free “green zone”, this may be considered. However, Jagan did not say if the state would lift restrictions after May 3. In a televised address later in the day, the CM said that with a vaccine not likely for a year, developing herd immunity was the only option.

Prime Minister Narendra Modi during the interaction with Chief Ministers. (Twitter/PIB) Maharashtra, the state with the most coronavirus numbers, indicated that it could continue the lockdown. Bihar CM Nitish Kumar sought directions on the issue of its students stuck in Kota and other places, as well as on migrant labourers, while leaving a decision on extension of the lockdown to the Centre. Facing flak for not bringing back students from Kota, he said unless there was a direction from the Centre, it amounted to violation of the curbs. On whether the lockdown should go on after May 3, Nitish said, “Experts should be consulted. Bihar will abide by whatever decision the Centre takes.” It also expressed concern over people returning to the state without screening. Odisha CM Naveen Patnaik sought framing of a national SOP for movement of people stranded across the country. The state estimates that over five lakh of its workers are stranded in different parts of the country. Narayanasamy, who raised the issue of students stuck abroad, said the PM made a “passing remark” saying the migrant labour issue has to be considered, but did not offer any solution.

Bihar, Jharkhand and Odisha, facing the prospect of hundreds of migrant labourers returning, asked it to specify guidelines in this regard. (Express File Photo) “The Chief Ministers were unanimous in telling the PM that the way in which the coronavirus cases are increasing, there should be a cautious approach and the PM has to take a call on the basis of observations by CMs. Most of the BJP-ruled CMs said the lockdown should continue and economic activity should be slowly started,” he said. Narayanasamy said he was among the CMs who sought an economic package, as well as the states’ share of GST revenues. “The PM did not respond to that directly. He praised state governments for doing a Herculean task… He praised the Rajasthan CM for his handling of the coronavirus issue,” the CM said. According to him, the PM said, “Every state has some party in power, which realises that it has a chance to take the country forward. Hamein reform bhi karna hai. Agar reform karne ki disha mein rajya initiative leta hai, aap dekhiye yeh sankat ko hum bohot bade avsar main palat sakte hain. Main Ashok Gehlotji ko badhai dunga. Unhone kai initiative liye. Unhone labour ke liye samay seema ki bi badotri ki hai. Theek hai alochana thodi hue hogi, lekin Rajasthan ne disha dikhayi hai (We have to carry out reforms. If a state takes an initiative for reform, we can turn this crisis into a big opportunity. I want to congratulate Ashok Gehlot. He has taken many initiatives. He has increased the time limit for labourers as well. There must have some criticism, but Rajasthan has shown the way).” The Prime Minister was apparently referring to the Rajasthan government’s decision to increase working time in factories from 8 hours to 12 hours. Naryanasamy also said there should no general policy regarding opening of shops with states given the freedom to decide on this. Accusing the Centre of making contradictory statements, West Bengal CM Mamata Banerjee wanted greater clarity on the Home Ministry order regarding this. “We are in favour of the lockdown. But the Centre on one hand emphasises on this, and on other hand, issues orders to open shops. If you open shops, how will you enforce the lockdown?” Banerjee said. She added that the state would plan up to May 21. “From the Prime Minister’s speech, it was clear that this will continue for long.” Fighting a surge in numbers and a high fatality rate, Gujarat CM Vijay Rupani called for a “phased” lifting of the lockdown, “citing the interests of small and medium entrepreneurs and labourers”. He said at the video-conference that most of the deaths in the state were due to co-morbidities. Having directed opening of single-unit shops except in containment zones on Saturday, Gujarat has revoked the order for Ahmedabad, Vadodara, Rajkot and Surat. Rupani said he had received representations from shopkeepers saying they preferred staying closed till May 3, while adding that the state would go by what the Centre decides. Uttar Pradesh CM Yogi Adityanath did not give any indication of the state’s plan, even as he ordered officials on Monday to create facilities to quarantine about 10-15 lakh people. Significantly, it also arranged to bring home about 10,000 students from different districts of the state stuck in Prayagraj. Jharkhand CM Hemant Soren, however, said the state was in no position to bring back its students or labourers. “We Jharkhandis are being punished for following the Central government orders… We have been saying that we want to bring (stranded students, labourers) back. But the MHA issued orders that ban inter-state travel till May 3… Other states are flouting the orders and we have been left helpless,” Soren said at a press conference. He added that the state won’t open shops as yet, but would follow the Cente’s decision on lifting the lockdown. Haryana CM Manohar Lal Khattar urged the government to remove the uncertainty around dates of competitive examinations. Punjab sought the Centre’s permission for reopening of small shops, businesses and industries in all areas except containment zones. CM Amarinder Singh also wrote a letter to Home Minister Amit Shah, as he was not among the nine CMs to speak at the video-conference, where he mentioned the state’s financial health. Kerala CM Pinarayi Vijayan said the state had told the Centre that the lockdown can continue partially till May 15, advising “a cautious approach” on lifting restrictions. “Considering the peculiar situation in Kerala, partial lockdown can be continued until May 15. The course after May 15 can be decided reviewing the then situation,” the CM said. Tamil Nadu CM K Palaniswami sought more RT-PCR kits for the state to take testing up from 10,000 a day from 7,500. Its stand on extension of the lockdown curbs, however, was unclear. Meghalaya CM Conrad Sangma said the lockdown in the state will continue post May 3 with relaxation in non-COVID-19 districts. Meghalaya has 11 active positive cases. Sangma also suggested an “Economic Task Force” including all states to suggest solutions to initiate economic activities. “There is an economic state-to-state dependence. The establishment of an economic task force will help states,” he said. Madhya Pradesh said it would wait for the Centre’s guidelines to decide its post-May 3 plan, while Telangana CM K Chandrashekar Rao said the lockdown should be extended if necessary as it was the only weapon against the virus. (with inputs from Kolkata, Ranchi, Hyderabad, Lucknow, Ahmedabad, Chandigarh, Thiruvananthapuram, Guwahati, Bhopal, Mumbai) Read the full article

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s20classes · 4 years

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mantraandco · 3 years

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vsplusonline · 4 years

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Small biz, big trouble: Covid-19 disruption might prove fatal for many of India’s MSME units

New Post has been published on https://apzweb.com/small-biz-big-trouble-covid-19-disruption-might-prove-fatal-for-many-of-indias-msme-units/

Small biz, big trouble: Covid-19 disruption might prove fatal for many of India’s MSME units

In the afternoon of April 23, Thursday, more than 100 small businessmen around Mumbai and Thane met through a conference call over the online conferencing software Zoom, to discuss the reopening of businesses after the lockdown. There was a quick consensus in the meeting that went on for nearly two hours — no one is ready to restart immediately. The supply chains for raw material simply do not exist at this point, even though some units have permissions to operate and others are expecting it in early May.

The meeting, organised by the Mumbai-based IMC Chamber of Commerce and Industry, had businessmen seeing May-end as a plausible date for reopening. But there was another, more startling, consensus emerging at the meeting organised to discuss a reopening playbook — at least 25-30% of the businesses would not survive the crisis created by the Covid-19 pandemic.

ET Magazine spoke to a dozen businessmen from across India — owners of businesses that fit into the category of micro, small and medium enterprises (MSME) — and found that this feeling of staring at an abyss was pervasive. The biggest worry is, of course, a liquidity crunch, followed by a disrupted supply chain and labour availability. The sector employs almost 12 crore people, making a large number of the country’s households dependent on the 63 million MSME units. It also accounts for a third of India’s manufacturing output and 45% of exports.

Many units have paid their workers wages for March in full and are prepared for April payments. While there are no revenues now, there is a government mandate to keep paying salaries and wages. There are other bills like electricity and water that also have to be paid. But without revenues or substantial government support, there is no way they can carry on in May and beyond. “Wages and salaries are the biggest issue, and everyone is sweeping it under the carpet,” says Ashish Vaid, president of the IMC that is also a federation of 170 industry associations from western India.

Labour Lost Vaid, himself a realtor with annual sales of Rs 200 crore, says all MSMEs should be eligible for bank loans equivalent to three months wages at repo rates. Multiple industry associations, including the Confederation of Indian Industry, have petitioned the government for a bailout package for the MSME sector (essentially all businesses with capital investments up to a maximum of Rs 10 crore).

Apart from loans to cover wages, there are othercommon requests like suspension of contributions to employee’s provident fund and Employee State Insurance Corporation (ESIC) for six months. Some demand that there should be a clawback of GST that has already been paid. Easier access to bank loans, especially at low rates, with help from the state and central governments, is another common theme, as is a moratorium on repayments for six months and a 25% increase in working capital loans. Seeking more loans and a simultaneous moratorium on repayments are also a sign of underlying desperation in the sector.

Take first-generation entrepreneur Raja Shanmugam of Tiruppur. His 31-year-old knitted T-shirts manufacturing unit Warsaw International employs 650-800 workers. At least 150 workers are currently lodged in the company’s hostels at Tiruppur. It is a labour-intensive industry and the annual wages bill is almost 30% of sales. Payment from his Indian as well as European buyers stopped in March, and Shanmugam has not been able to ship completed orders either. He wants the government to use ESIC money to take care of the workers’ wages from April onwards.

DK Aggarwal, president of PHD Chamber of Commerce and Industry, an association of MSME organisations across states, says restarting units won’t be easy because of the liquidity crunch that the sector is facing. “Cash flow has stopped.

After paying April salaries, all MSMEs will be hand-to mouth.

Plus, there will be no demand, and workers would have also left for their villages.”

Reopening plants in May could lead to revenue flows restarting. But things won’t be so smooth. While there is general consensus that businesses should pay their workers through the lockdown, there are several restrictions on the use of the same workforce once a factory reopens.

Strict rules for social distancing while reopening are not viable for manufacturing units, especially MSME units that have small premises. Nayan Patel, a former president of IMC, explained that his own business, which makes motion control devices, needs a 150-member shift, with multiple processes, that cannot operate with fewer people.

The layout and configuration of machinery and workstations are such that it cannot be done. Many from across the country echo Patel’s view. For Jaipur-based switchgear maker Anil Saboo, the biggest worry is labour shortage, as many employees have left for their states in eastern India.

“There are 15 men living inside my factory today, but the moment the lockdown is lifted, they want to leave for home,” Saboo says.

Gurgaon-based Dev Goel, who runs a package substations and switchboard plant from Manesar, sees a big worry in maintaining social distance inside the factory while labourers work as welders, or lift large items. There was a fear of police action and FIRs being registered against factory owners if these norms were not followed and negligence led to Covid-19 infections in workers. The central government clarified last week that no businessperson will be arrested for workers getting infected with Covid-19 after reopening. However, restrictions have created impediments. Goel said almost 95% of the members of the Manesar Industries Welfare Association have decided to wait and watch and not rush into reopening their plants, in spite of having permission to restart.

Or, take the case of Chetanbhai Makwana, who runs a medicated soap manufacturing unit at Gheekanta, Ahmedabad. Makwana had started his soap unit as an essential service, with 20% staff, but had to shut it down on Friday as only one worker turned up for work.

Broken Chains Apart from cash crunches and labour dislocation, there are serious supply chain and regulatory issues that have affected the MSME sector.

For instance, permissions to restart operations do not come easily, even if you are deemed as an essential service. Amit Seksaria, managing director of RRL Steels Group in Kolkata, says he received a letter from Coal India on April 8, asking him to restart operations. His unit makes ground engaging tools for coal mining and hence is deemed to be an essential service linked to the power sector. However, his application for restarting, filed with the state government, is yet to elicit a reply. While one of his units is in a Covid-19 hotspot, the other one is in a rural area. Seksaria also exports to the Netherlands and Spain and export consignments have been loaded on containers at his factory near Kolkata for orders from these countries. “I am receiving urgent missives from my European buyers but I am not able to send these containers to the Haldia port, which I am told is operating,” Seksaria says.

An injection-moulding unit owner in Daman said he is in a similar predicament, as he manufactures packaging material for the pharmaceuticals industry, but his application for restarting his unit has been stuck at the collector’s office, while some of the larger plants have got permission. Unwilling to be quoted, he says that as a buyer of polypropylene from very large petrochemical companies and a supplier of bottle caps to big pharmaceutical companies, his cash flow is usually squeezed as he has to buy with cash and supply on credit. The crisis has aggravated his problem.

In large parts of Uttar Pradesh, while there is no ban, the non-vegetarian food chain has virtually shut down. Eggs, though, are selling. Mukul Tandon, president of the Merchant’s Chamber of Uttar Pradesh, owns a poultry business, with 75,000 eggs per day. “The retail channels have collapsed and we do not know how to sell the eggs. The industry as a whole in the state produces almost 6 lakh eggs per day. While costs are Rs 3.75 per egg, I am forced to sell them at Rs 2-2.5,” Tandon told ET Magazine.

Nitin Gadkari’s interview by Prerna Katiyar Various MSME chambers have sought relief measures. Is the government thinking of a package for MSMEs? To mitigate the impact on MSME sector, the RBI (Reserve Bank of India) has announced a set of relief measures on March 27. A second set of measures was announced on April 17. These measures were primarily meant to maintain adequate liquidity in the system, facilitate and incentivise bank credit flows, ease financial stress and enable the normal functioning of the sector.

The road ahead is not easy. As a nation, we need to fight this together. Industry associations have highlighted their demands in my interactions. Some suggestions require total government support, while others require policy changes and facilitation. We can’t be guided only by the response of other countries. Our economy has its own unique features and hence its own requirements for a return to normalcy. I can assure you that PM Modiji is fully aware of the situation and under his leadership we will be able to chalk a way forward for supporting MSMEs in the best possible way.

Is there any plan to help MSME units with wage payment if lockdown continues beyond May 3? The government on March 26 announced a Rs 1.7 lakh crore relief package under the Pradhan Mantri Garib Kalyan Yojana (PMGKY) for the poor to help them fight the battle against the coronavirus pandemic. As part of the said package, the Centre proposes to pay the EPF (Employees’ Provident Fund) contribution for next three months of certain categories of employees.

Our objective is to get the best impact of government support not only for MSMEs but also for the poor. There has to be a balance and the result should be the highest impact of government support on society.

The threat of an FIR in case a new infection is detected at a factory has scared many MSME owners. Would you like to reassure them? Social distancing is a reality. The Home Ministry has issued several orders and guidelines, which provide the framework for economic activity to resume, respecting norms of social distancing and personal hygiene. Industrial units and business establishments need to reinvent their workspaces to comply with the guidelines for their own safety as well as the safety of the workers. The Home Ministry has also clarified that the lockdown guidelines should not be misused to harass the management of manufacturing and commercial establishments. That should help in addressing any fears. We are proactively dealing with such issues.

Once business is disrupted, it is difficult for smaller players to recoup and restart. Seksaria says that unless there is an opportunity to start production in May, businesses will start crumbling. Goel of Manesar adds, the lockdown may be followed by lockouts.

Not every MSME business owner is pessimistic.

Bhopal-based entrepreneur Kunal Giani says his motto of constantly focusing on cash flows and staying debt free has held him in good stead today. Giani started his business in rebonded foam, a raw material for mattresses, in 2011, straight out of college. Giani’s father, a banker, had taken voluntary retirement in 2006 to start the business. Bad luck struck and he died in an accident before he could start.

Young Kunal completed his engineering education and took on the mantle.

No one was ready to lend to a young man selling mattress foam on a bike. The company is a debt-free operation today.

With sales of Rs 110-135 crore and two plants, one in Bhopal and another in Uttar Pradesh’s Secunderabad, Giani says he is in a good position to pay salaries for April. The raw material stock, chemicals imported from Southeast Asia, can also last a few months. The lockdown has, of course, impacted his plans to start a new factory in Colombo to supply the south Indian markets. It has also affected the launch of a new product, a mattress that comes in a box, priced at Rs 1,000.

Giani’s firm Sarva Foam Industries is an exception.

But he, too, wants to borrow today and is seeking easier access to credit. However, most small businesses in India are not built like that, points out Nayan Patel. “MSME businesses are usually a month-to-month operation, with little reserves for the future. A disruption like this might just mean restarting everything,” Patel says.

Therefore, a lot of hope is now pinned on moves by the government of India and state governments. Various MSME bodies have even sought income-tax sops. Many MSMEs operate as sole proprietorship firms or partnerships, and are not eligible for the lower corporate tax rates, announced by the finance minister in mid-2019. The US has announced a $484 billion stimulus package for small businesses. The MSME entrepreneurs are hoping that Finance Minister Nirmala Sitharaman will draw some inspiration from it and announce a package for Indian small businesses too. After all, her first package of Rs 1.7 lakh crore also drew inspiration from US action. Others, knowing the Indian government has little leeway, have set their eyes on social security funds like the EPF or the ESIC. For a large and critically important sector that generates a large number of jobs and supplies components for nearly every product that we use, no easy solutions are in sight.

In a Fix Over Accommodation by Prerna Katiyar It is 6 am when a bus pulls into Bhangel in Noida. A handful of employees of Medico Electrodes International Limited form a queue to board the vehicle provided by their employer. But first, an attender checks if they are wearing masks properly and sprays sanitisers on their hands. The bus is filled from the back — one in each seat, every other row. Except for the occasional ringing of mobile phones, the ride to office is eerily silent.

Medico, which makes disposable ECG electrodes, picks up its workers from multiple locations in a 3-4 km radius around its factory in Noida special economic zone (SEZ). It takes adequate precautions. “The buses are disinfected after every trip,” says company’s CMD Amit Mehra. “So is the factory after every shift.”

Before they enter the factory, workers also go through a thermal screening and hand washing-sanitising routine. They also get fresh masks are head caps.

In the shop floor, they work on alternate machines to ensure social distancing.

Employees maintain social distancing on the work floor

Medico, classified as an essential service unit, has been working at 50% staff capacity with 300 workers across three shifts since the lockdown. CMD Mehra has been busier than ever, juggling between video-conferencing with staff working from home and domestic and foreign clients. He visits the production floor regularly to check social distancing and other sanitation arrangements. “We give free ration to all workers every fortnight, provided additional Rs 3 lakh Covid-19 insurance cover and are providing transportation services,” he says. Regular counselling is also provided to help workers.

But Mehra, who managed to run his operations through the severe lockdown, faces a serious problem as the government partly opens economic activities.

An order issued on April 22 by the deputy commissioner of the district industries centre, Gautam Buddh Nagar, to provide accommodation to workers within or nearby factory has put him in a bind. “We have three days to comply with the order or shut shop. How can we make such arrangements for 250 people so fast? Besides, will the families of our 60-odd women workers allow them to stay at factories? We are a healthcare unit. Do we shut down now?” says Mehra.

As such, the operations at Medico had slowed due to social distancing. During lunchtime, only one worker is allowed to sit in a table. So it takes almost three hours for the entire team to finish their meals and return to work after a round of sanitisation.

Medico employees undergo a temperature check before boarding the company buses

The situation is almost same at the 13 essential sector units among the 250 factories operational at Noida SEZ now. As the morning shift comes to an end at Medico, workers toss the used head caps and masks in a bin, wash and sanitise their hands and wear fresh face covers. Soon they line up a metre apart to board the buses for a ride back home. All in a day’s work now.

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mahindralifespaces · 5 years

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Factors boosting the Indian real estate sector

Real estate has emerged as one of the most promising sectors in terms of growth potential. Shedding the slump, and a roller coaster of ups and downs, that had gripped the segment for the past few years, the realty market is showing promising signs of not just revival but also growth. So what are the key factors that are driving this revival?

Growing population, growing demand

India’s growing population is fueling housing demand. Primarily, the urban housing demand has risen steadily over the years. Rising salaries has meant that potential home buyers have more disposable incomes to spend on property purchase. Breakdown of joint families and the emergence of more nuclear families has naturally meant a rising demand for more quality housing.

Development of smaller cities (Tier II & Tier III)

Despite having driven the real estate markets for long, the top-tier cities of Delhi, Mumbai, Kolkata, Chennai and Bengaluru have started plateauing in terms of increasing land and labour costs, limited growth options, very high property prices, waning demand etc. In this backdrop the government’s efforts towards pushing rapid development plans for Tier II and Tier III cities have meant that the focus of the real estate sector has shifted. Cities such as Chandigarh, Coimbatore, Vadodara, Jamshedpur, Ahmedabad, Surat, Vadodara, Coimbatore have home buyers with disposable incomes ready to invest in valuable real estate, better ROI for investors including property appreciation & assured rentals, consumers ready to spend on quality commercial options including retail & entertainment, lower land and building costs etc. all these reasons have made the real estate market in these smaller cities a lucrative prospect.

Government policy implementation

The government has implemented some key policies relevant to the real estate sector such as RERA, GST and the Benami Property Act. After initial hiccups, the real estate sector has integrated the newer rules and regulations which have made the home buying process smoother for both the buyers and sellers. Of course, RERA has made the builders liable for timely completion of projects, providing flexible payment options to buyers, as well as clarity in pricing. In fact, these policies have provided home buyers with much needed rights and protection, accountability, transparency while processing property purchases.

Affordable Housing Loans

The more attractive Housing loan rates the higher the demand in the property market. Housing loan rates are one of the key factors that impact the real estate sector. With the RBI slashing Repo rates, tax relief on home loan interest announced in the current budget as well as multiple housing loan options for the homebuyer to choose from, the time is right for the real estate segment to benefit from first time buyers as well as affordable housing unit purchases.

In India’s real estate growth story, Chennai has emerged as one of the favorite cities to invest in properties. Chennai real estate is attractive to buyers mainly because of its cosmopolitan society, sound infrastructure, higher standard of living and more. Chennai properties offer good property appreciation, ease of selling, assured rental incomes to home buyers.

So, if you are looking to buy a property in Chennai, look no further than Mahindra Lifespaces. It offers multiple projects in Chennai including Happinest Avadi which offers ready-to-move-in 1 & 2 BHK flats in Chennai, Aqualily, an exclusive gated community of elegant and well-designed 1 & 3 BHK apartments in Chengalpattu and Lakewoods that consists of 2 & 3 BHK ready-to-move-in flats in Chengalpattu.

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