Blog

Archive


2016
  • GST is one of the most revolutionary tax systems to be rolled-out in the country. However, as with all tax things, there exists some confusion like division of taxation powers between the Central and State government. But, producers and manufacturers believe it would make the entire taxation system more fair, transparent and efficient. This blog throws light on how GST will operate in India.
  • Indian government is set to implement dual GST tax system, which would be administered at both Central and the State Government levels. Dual GST will comprise of SGST (collected by the State government), CGST (collected by the Central government) and IGST (collected by the central government on inter-State supply of goods and services).
  • Under the new levy, a transaction of sale within the state shall have the following taxation structure:
    1. SGST, collected by the State government
    2. CGST collected by the Central government
    3. Sale from one state to another shall have only one type of tax i.e., IGST collected to the Central government.

2016
  • Please find the answers to the various frequently asked questions relating to GST in the document attached herewith:

2016
  • The Wednesday of 3rd Aug 2016, a day when Rajya Sabha finally took the big step in, by passing the GST bill in India, after a period long wait and arrays of debates and discussions over it. GST is the biggest transformation in tax reforms India has seen in years and has left everyone, from a common consumer to business entrepreneurs, curious over what changes it may bring upon.
  • So let us dig in further, beginning with how GST is different from VAT

2016
  • The Income Tax Department has announced that it will bring up new ASKs (Aayakar Seva Kendra) soon in its endeavor to improve its services. ASKs were introduced by the tax department with the aim to make its services more accessible to common people. Now tax department will add 60 more centres to in several third tier cities like Goalpara, Morigaon, Siliguri, Haldia, Dharmapuri, Hardoi, Neemuch, Mandsar, Rewari, Sonepat, etc. covering areas from Assam to Madhya Pradesh. More than 300 ASKs are already operational in many prominent cities out of which 58 were added last year by the government.
  • CBDT has taken up the task of creating new ASKs on priority. CBDT has also asked the field offices of the tax department to create teams to undertake the task and speed up the process. This step will make common tax related services more accessible to the people. For those of you who do not know about ASK, here is a brief description about it:

2016
  • You have probably heard this a hundred times, “you have got to work smart not hard to succeed”.
  • How do you define working smart though? Would working smart mean less work and not working hard to be smart? If we work hard does that have nothing to do with working smart? Do smart people not work hard? Or do hard workers not work smartly? Confusing, right! Let’s take a deeper look.
  • Traditionally, working hard is considered to be the cornerstone of achievement. You work hard at something, burn midnight oil, sweat and out run everyone else around you, to reach your goal. Maybe it’s school, or grad school, or looking for a job. Maybe it’s learning a new skill, or improving an existing one for that manner.

2016
  • It’s easy to assume that as society becomes wealthier and healthier people would become more fulfilled and happy, but this is not the case. Despite all the advancements in technology and increasing access to information and resources people are not becoming happier.

    increase your happiness

  • Maybe this is why happiness has become such a popular topic in self-help over the past decade. We are in search of a path leading to true fulfilment and satisfaction and we don’t know which direction to turn.

Financial Management