Sunday, 25 September 2016

Latest Updates on GST Bill in India

Latest Updates on GST Bill In India

Latest Updates on GST Bill in India

In Association with
GST stands for Goods and services Tax Bill in India. This is Much awaited type of Tax therefore we all look for latest updates on GST Bill in India. GST will cover all other Indirect Taxes. All other Indirect Taxes Like Excise duty, VAT, Central VAT, Entertainment Tax, Service Tax etc will be end.

Companies and Businessman need not to charge many types of Taxes and only one GST will help. GST council has been founded after the approval from majority of States. No Doubt that this is biggest tax reform after many decades.

Following are the major Latest Updates and News on GST Bill in India

GST Bill had been passed from Both Central Assemblies in August 2016. All political Parties has supported this Bill.

Majority of States including the most BJP ruled States had approved the GST bill. Bihar and New Delhi was the most surprising States where the BJP opposition Parties.

President of India had approved the GST Bill and the way to GST council was cleared. With this step Govt is in full force to apply it from 1st April 2017.

Central Government had founded the GST council in the month of September 2016.
The Latest Updates on GST Bill is First Meeting of GST council is held in New Delhi for two days.

In this meeting the Major conclusion is the Limit for covered under GST. For all states other than the North-east the Limit is Rs. 20 Lakh Per Annum. For Seven States this Limit is 10 Lakh.

The Turnover limit is a bit relaxation for the small traders in India. This latest News Gst council is good for them.

This meeting is represented By our Finance Minister Shri Arun Jaitley says that the base year for losses for states will be 2015-16.

Meeting between the State and central representative voluntary decides that the power will remain with the sates.

As the First Meeting of GST council is come to an end with some fruitful decisions. Lets see the Second meeting on GST will be held on 30th September 2016 for finalising drafts and Exemption.  

After the surgical strike by the Indian Army the government onto a High Note. Second GST council Meeting was held on Friday in New Delhi and this meeting has not given any fruitful decisions with the rates of GST. Now rates of GST will be decided in later meetings of GST council. 

"Time will decide that what will be the merits and Demerits of GST bill in India"

Also Read

Monday, 19 September 2016

Approval of GST Bill

Approval of GST Bill

Approval of GST Bill

After Approval from the president of India, the government has created the GST council. 
GST council will decide the rate of GST and rules of the GST for state and central.

It is good news for the Modi’s Government that Honourable President of India has given his approval to GST Bill which is a indirect Tax revolution Bill on 8th of September 2016. 

By this the process of implication of this Goods and services tax bill has taken a step ahead.

After the clearance of the Bill from Rajya sabha and Lok sabha it was a major problem to get it passed from at least 50% of the states in India as early as possible but the same has done in less than a month.

The bill was passed from Lok sabha on 8 august 2016 and before a month the GST bill has already get the approval from the following 17 states.

following are the 17 States where Approval of GST Bill is happened :

1.       Assam (BJP),
2.     Jharkhand (BJP),
3.     Chhattisgarh (BJP),
4.     Bihar (Non BJP Govt),
5.     Himachal Pradesh,
6.     Gujarat (BJP),
7.     Madhya Pradesh (BJP),
8.     Delhi (AAP),
9.     Nagaland,
10.  Maharashtra (BJP-Shivsena),
11.   Haryana (BJP),
12. Sikkim (BJP)
13.  Mizoram (congress),
14.  Telangana (Congress),
15.  Goa(BJP),
16.  Odisha (BJD)
17.  Rajasthan(BJP)

We have shown that Non BJP government has also taken initiative to pass the bill from their assembly as early as possible to roll it from next financial year.
This government would like to apply the GST from 1st April 2017 therefore the Prime minister itself is looking after the GST committee.

India is a Big country with 29 states with different governments and needs. Therefore there will be dual GST Model . Central GST and State goods and services tax act. There is always a contradiction about the advantages and disadvantages of the GST in India.

As the rates of Tax is not same in all states and there is different prices from one state border to other. GST in India will make single price of product and services in all states.

Now we are into the process of GST and there is little to go for it. If the government will act fast then it will be applicable by April 2017. India wishes that Approval of GST Bill will done As soon as possible.

Comment Below to Know more

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Friday, 16 September 2016

Investment in startup Business ideas

investment in startup business ideas

Why should one invest in startups Business Ideas?

Undoubtedly Indian Government startup movement has encouraged our youth. we had seen that there is positive mindset to grow the startup ideas and investors are also interested in helping the startup business ideas with their investments

It is also running very efficiently and has benefited people on a large scale. People start their business, some reach to the heights and some get failed.

There can be infinite number of reasons behind a startup failure and same behind its success.
Our young minds are full of innovative and creative ideas. But generally they don’t have assets. To implement their idea they need capital which they are short of.

Some startups fail because they do not get investors. 

Those ideas that could have run a great business in future get ruined but we at business batao wants to build a chain where the good startups can get investment to run their business.

Now the question arises that why one should invest in a startup? Why should one take risk of his money getting wasted?

First of all no business gets failed until you have a proper strategy and smart working attitude. What you need to check is that the startup you are investing in has a passionate leader. If the person who is giving the idea is himself confused then there is no benefit of investing in that startup.

A well managed startup can boon up your career and an ill managed one could become the reason of your career’s backdrop. You should invest in a startup if you get an opportunity. 

It is not mandatory that you invest a large amount. It could be a small amount. Get more investors so that if the business fails one does not get burdened due to the loss.

earlier, investing in startups was meant for rich and wealthy people as a sign of their luxury and grandness. But now things have got changed. Everyone wants to have a safe and cozy future for which they are working really hard.

With jobs people want a side business so that their income gets enhanced and nothing could be better than investing in a startup.

It is obvious that everyone wants a safe and secure future. For that people get insurance and various other facilities. They save their money for future. But do you think that money gives them something in return? No, they just get a fixed amount which they deposited for years.

On the other hand investing in a startup could give you a fine return and could also help an entrepreneur to explore his career with his idea. You get your own well settled business and can work on it to take it to the peaks. You little investment can change your future and can take you to the heaven of business.

In today’s competitive market it is very tough to run your business effectively. More than running your business you need to survive first. Running a business with a blurred idea cannot be termed as a good decision. If you have assets it is better to invest them into passionate ideas to get fruitful results.

Also Read

Saturday, 13 August 2016

what is GST Bill in India

What is GST Bill in INdia

I think you all had heard about the GST Bill which is in news from last many days. 

But What is GST Bill in India and how it will effect the Economy.

GST means Goods and services Tax

This is a Type of tax which evades all other indirect taxes in India. This clearly means that you have to pay only one Indirect Tax in India.

Many economist suppose that after the application of GST the GDP of India will be raise up to 2-3%. This will really make a significant change in economy. 

what is GST Bill ?
GST means a comprehensive Indirect Tax on Sellers and manufacturers. This will apply on Sell and purchase of goods n services in India. This will replace all other types of Indirect taxes levied by the Central and state Government. 

Like Excise Duty, Entertainment Tax, VAT, CVAT, Service Tax etc. 
GST will be applicable and collected at every point of service, sale, and purchase of Products on the basis of input tax.

GST bill in India is a type of tax which supersedes all other Indirect Taxes stated as above. 

GST Bill will gives a comfort of paying only a single tax. This also getting the input tax credits of what earlier paid on the the same. By this it will save tax on tax.

There are many advantages and disadvantages of GST . but the main benefit of it is the relief and peace of mind which gives you more business and more revenue. A Big Demerit of GST will be hike in prices of some services and goods.

This kind of Tax system is already adopted by the major developed countries. I also personally think that there must not be too many type of Taxes. 

GST Bill has already approved from Rajya-sabha and Lok-sabha and now it is in to the process of approval of gst Bill from states.

I believe that GST bill in India will give a boom to economy and there will be more business and more jobs. 

Also Read and Comment Below
Benefits of GST on tax payers 
Latest Updates on GST Bill In India

Wednesday, 10 August 2016

effect of GST on products and Services

How Products and Services react after the GST and how the prices will be effected is the biggest question in everyone's Mind.

we all are very happy that GST is going to applicable soon in India but do we know what is the effect of GST on Products and Services.

at present when there is no GST, we are paying different taxes on product and services wise but with the GST all will be taxed in the same manner. 

Thus the Products and Services which were taxed at lower rate will be costlier after the GST and the Products which where there is high tax rates will be cheaper with GST effect.

Currently there are 119 Services which are covered under service Tax act and the rate of service Tax is 15%. But it is expected that the GST rate will be 18-20 % So, all the services will be costlier by 3-5% .

common man has to pay services on every thing like mobile Bill, DTH bill, Bank charges, Hotels Bill, Transportation etc. So all will be costlier. This is the biggest effect of GST on common persons.

But the products where earlier EXCISE and VAT both are applicable has to pay about 32-40% tax to the government and there is a big relief because of the GST. Like Small Cars, Cement sector, Cinema Halls, consumer durable Like Fridge , television etc. so there is good effect of GST on Products and services.

Whenever there is a statuary changes will happens is always painful for a shorter period but in the long run it will give always fruitful results. No one knows what will be the rate of GST while government of India assures that it will be in the reach of everyone.
effect of GST on Products and services

Specially the prime minister of India sh Narendra Modi assures that all the products and services which is basic need of poor will kept out of the GST and GST will not effect those. He also says this is a very good change going to happen in India and we all will see thee best result of GST effect.

We all were Discussing the advantages and Disadvantages of GST but PM clarify that there is only the benefits of GST and it will ease the business in INDIA

Also Read

When will GST will Apply with Details

What is GST and Its Laws

Tuesday, 9 August 2016

Steps to apply GST Bill in India

goods & service Tax in india
GST means Goods and Services Tax and This Bill which is pending from last 12 years.

After a long Period and so many discussions, Now this Bill has passed from both the assemblies i.e. Rajya Sabha and Lok Sabha. 

But do you think that GST Bill is now easily applied in India. 

No.... there is a long way to go.

& the question in mind is what are the steps to apply the GST Bill in India

As we all know that people are discussing about the advantages and disadvantages of GST Bill in India. This is also true whenever there is major change happens in the systems all have to suffer for a short time.

Let  me clarify you :-

Steps to Apply goods & services Tax Bill in India

Firstly it had been Passed from RajyaSabha and then all the amendments of the Bill had also passed from Loksabha. This process is already successfully over..
Now the GST bill will go to all states assembly and as per the constitution of India.
This bill must be passed and supported by 50% States of India, means at least 15 states have to approve this GST Bill to be applied in India.
This is the Biggest steps to apply GST Bill.

After this GST Bill will go to Presidents Office for his assent as per the law. After the Approval of the President It will be a Law and proceed Further.  
Now the Process of GST will Start. The structure of Goods & Service Tax Council will be follow to creating a constitutional body. This GST council have members from centre as well as from states.
This GST Bill council also make a decision on the GST Rate to be applicable.
If all the things goes well then again it has to be table on Rajya Sabha and Lok Sabha for Final Approval to apply GST Bill In India.

All the process of charging the GST and mechanism has to be setup.

Finally The GST will apply in all the state and hope for the good days of not paying Tax on Tax. 
so Above were the steps to apply GST Bill in India and we all hope that this will apply by 1st April 2017. Current government is trying Hardly to make it happen by the 1st April 2017. Prime Minister and Finance Minister is personally looking after this.

Also Read and comment Below for any Information.

Advantage and Disadvantages of GST bill

GST Bill Importance and Benefits in India