Category Archives: Managerial Finance

technology and quality upgradation support

It aims to improve the production quality of MSMEs to encourage them to adopt global manufacturing standards.
The main aim of this scheme is to sensitize the manufacturing MSME sector to make use of energy sufficient technologies
And also the manufacturing processes to reduce manufacturing cost and emissions of harmful gasses that can hamper the environment
The Indian government provides financial support to the extent of 75% of the actual expenditure to assist manufacturing sector purchase energy efficient technologies for production.

MINI TOOLS ROOM AND TRAINING CENTRE SCHEME

The mission of this scheme is to develop more tool room facilities to provide technological support to the MSMEs
The training in tool manufacturing and tool design to create a skilled workforce of workers, supervisors, engineers/designers.
90% of the cost of machinery/equipment in case a new Mini tool room is to be created.
In case an existing room to be upgraded � 75% of the cost is funded.

MUDRA LOAN (Micro Units Development and Refinance Agency Ltd.)

The vision of Funding the Unfunded.
It is established by Government of India for development and refinancing activities relating to micro units.
It provides low cost funding for MFI (Micro Finance Institutes)
It also supporting to the institutions , societies, trusts section 8 companies, co-operative societies, small Banks, Scheduled commercial Banks and Rural Banks which are in the business of lending to micro or small business etc.

indirect tax system

The current indirect taxation system comprising service tax, state vat and central sales tax(CST) is not geared up to recognize and accommodate the evolving business models of e-commerce. But there are no specific provisions for the e-commerce operators to pay taxes on sale of goods or to make any deductions from the payments being made by them to actual seller of the goods.
A return is a document that a taxpayer is required to file as per the law with the tax administrative authorities. Under the GST law, a normal taxpayer will be required to furnish three returns monthly and one annual return. Similarly there are separate returns for a taxpayer registered under the composition scheme, taxpayer registered as an input service Distributor, a person liable to deduct or collect the tax (TDS/TCS)
TYPES OF RETURNS
GSTR-1 (Registered taxable supplier)
– Details of outward supplies of taxable goods and/or services effected.
– 10th of the next month
GSTR-2 (Registered taxable recipient)
– Details of inward supplies of taxable goods and/or services effected claiming input tax credit.
– 15th of the next month
GSTR-3 (Registered taxable person)
– Monthly return on the basis of finalization of details of outward supplies and inward supplies along with the payment of amount of tax.
– 20th of the next month
GSTR-4 (Composition supplier)
-Quarterly return for compounding taxable person
-18th of the month succeeding quarter
GSTR-5 (Non-Resident Taxable Person)
– Return for non-resident foreign taxable person
– 20th of the next month
GSTR-6 (Input Service Distributor)
– Return for input service Distributor
– 13th of the next month
GSTR-7 (Tax Deductor)
– Return for authorities deducting tax at source.
– 10th of the next month
GSTR-8 (E-Commerce operator/Tax collector)
– Details of supplies effected through e-commerce operator and the amount of tax collected
– 10th of the next month
GSTR-9 (Registered Taxable Person)
– Annual Return
– 31st December of next financial year
GSTR-10 (Taxable person whose registration has been surrendered or cancelled)
– Final Return
– within three month of the date of cancellation or date of cancellation order, whichever is later.
GSTR-11 (Person having UIN and claiming refund)
– Details of inward supplies to be furnished by a person having UIN
– 28th of the month following the month for which statement is filed.

Inclusion Of Anti Profiteering Clause

Anti-profiteering means to stop a person from earning unreasonable profit through sale of goods and services It mandates a manufacturer and others in the supply of chain to pass on the benefits arising out to input credit and lower taxes to consumers at the pain of penalty. The main intention is to protect consumers from inflation after GST implementation.

MAIN REASONS FOR ANTI-PROFITEERING CLAUSE

There are three main reasons which make this clause necessary is

To set up honest pricing policy, this will help to retain consumers in the GST regime.
To examine whether input tax credits or lower tax rates actually result in a commensurate reduction in price.
To observe the inflationary trends during the initial stages of GST introduction and to analyze and control its long-term effects.

FEATURES OF ANTI-PROFITEERING CLAUSE

A state wise single registration for a taxpayer for filing returns, paying taxes and to fulfill other compliance requirements.
(Most of the compliance requirements would be fulfilled through online)
A taxpayer has to file one single return state wise to report all his supplies, whether made within or outside the state or exported out of the country and pay the applicable taxes on them. (CGST, SGST, IGST etc.)
A business entity with an annual turnover of up to Rs 20 lakh would not be required to take registration in the GST regime, unless it voluntarily chooses to do so to be a part of the input tax credit (ITC) chain.
In order to prevent cascading of taxes, ITC would be admissible on all goods and services used in the course of business except on a few items listed in the law.
In order to ensure that ITC can be used seamlessly for payment of taxes under the Central and the State law, it has been provided that the ITC entitlement arising out of taxes paid under the central law can be cross utilized for payment of taxes under the laws of the states or union territories.
Detailed transitional provisions have been provided to ensure migration of existing taxpayers and seamless transfer of unutilized ITC in the GST regime.
In order to mitigate any financial hardship being suffered by a taxpayer, commissioner has been empowered to allow payment of taxes in installments.
To provide certainty in tax matters, a provision has been made for an Advance Ruling Authority.

6 Ingenious Ways To Organize Your Small Business

Staying organized seems easier with plenty of money & volume of employees but what about the small business who are running out of both? That’s true! Every one of us had been started as a small startup and raised our business to a massive level. But what are the major strategies that followed by businesses to transform into huge-enterprises?

Proper organization & keen planning are two big things that normally have been followed by each highly ranked business. The pain of handling all activities on your own is not hidden to any, but the relief of having an organized business can be acknowledged by each person effortlessly. Are you lagging in the business growth game even after using all the tools? Don’t worry. These below mentioned seven ingenious ways will definitely help you to stay organized in 2018.

1. Say Hello To Cloud, Go Paperless

Most of the Startups don’t actually deal with volumes of documents but it is better to stay away from clutter and work digitally. cloud based quickbooks is one of the most renowned accounting software, powered and designed by Intuit, of today’s era which is simplifying data related tasks for millions of SMBs. Keeping balance sheets and reports over excel alike software were old talks, businesses nowadays are falling rapidly for accounting software that will organize reports, bookkeeping, invoices, Payroll etc. on a single place and reduces the use of paper within business premises.

2. Decrease Your Issues, Increase Business Productivity

It is equally important, to claim that business growth, to forecast alike environment within the business that supports your vision of growth. The engaging of QuickBooks software actually helps you to lower your daily hassles that fetched while working on-site. Including with, hosting QuickBooks on a server of the third party allows your business to have a 24*7 backend support. Any business with no worry of technical issues do perform better than others who aren’t engaged with the same support.

3. Track Upcoming Tasks In The Cloud

Usually, it sounds quite hectic to remember all the work that you need to do in the coming time. Using cloud computing QuickBooks is yet another ease any business can avail effortlessly. Tracking of data files & remembering due payment dates will be nothing to worry about after allowing QuickBooks accounting software. The issue of offering lots of time in scheduling events, dues & tasks will be not there in the year 2018 anymore.

4. Manage Business Working Space & Storage

It is equally important to manage your office’s physical space even if you’re integrated over the cloud computing network. The best approach to arrange things vertically in the office space. Though most of the businesses are now dealing with less paperwork as they’ve working digitally now. Mitigating data to cloud helps SMBs to save the expenses of having on-site resources as all the cloud-stored data can be accessible to as many members as required. Using proper space & storage management, businesses can efficiently organize their small start to gain more of what they are inputting.

5. Precisely Plan For Your Quarterly Taxes

It is vital for business persons to be compliance with tax regulations 2018 that will be revealed soon by respective authorities. The QuickBooks software helps SMBs to acknowledge all the needed information right on their dashboard. Organizing your tax is yet another vital task to be an organized business claiming for growth. Pre-planning of your quarterly taxes saves you from the penalty and helps you to know the deductions over tax.

6. Manage & Free Space In Your Inbox

If your business email inbox is overflowing then, it is better to filter the important emails first and delete the rest ones. As full inbox doesn’t allow new emails to arrive and many times it could be dangerous for businesses. Another main reason for having empty and full read inbox is that you’ll concentrate on useful bundles of emails and stay away from irritation while working.