The union government which is under tremendous pressure from the recent failures of “demonetisation” and GST, has slashed the prescribed rates on certain consumer items and services. The move which comes in the wake of Gujarat elections is supposed to rejuvenate the failing industries and encourage consumer confidence. The 23rd GST Council meeting, held in…
Cashless economy embodies the ultimate end product of cohesive social structuring. The idea itself represents the zenith of technological and economic amalgamation. When citizens deal in electronically chronicled cash networks as their sole means for monetary transactions, it is a sign of social upliftment. It means that as a species, humanity has travelled a fair…
Amidst the entire economic crisis across the globe, India is demonstrating hope with determined growth targets, supported by a slew of important projects like “Make in India”, “Digital India”, etc. The biggest tax reform since Independence, the Goods and Service Tax (GST), is all set to transform the Indian tax system.
The Goods and Services Tax (GST) is expected to act as the much-needed catalyst for economic growth in India and is expected to alter the indirect taxes levied on goods and services within the economy and also eliminate the cascading effect of the tax system. GST has created high anticipation not only in India but also among all the neighboring and developed economies of the world. India will be playing a vital role in the global economy in the coming years because of GST implementation. Among all the rumours about the negative impact of this bill on the SME sector, would the pros outweigh all the cons?
This is Part II of a two-part series
Recently, KredX had an opportunity to chat with the man responsible for the introduction of digital payment services in India, Dr. R. B. Barman, who is also an advisor to KredX. Dr. Barman is the Chairman of the National Statistical Commission, Advisor to the National Payments Corporation of India (NPCI) and has also served as the Executive Director of RBI, among the various positions he has held during the span of his illustrious career.
With India shifting towards a cashless economy, digital payments are the need of the hour. The government has introduced several schemes and projects to further provide an impetus to the fast-growing digital payment sector of the country. To think that RTGS, NEFT, NECS, Mobile Payments, ATMs were introduced only in the 2000’s, India certainly has come a long way since then in mobile and digital payments! Recently, KredX had an opportunity to chat with the mastermind responsible for the introduction of these payment services in India, Dr. R. B. Barman, who is also an advisor to KredX.
As the country inches closer to the final rollout of GST, economists, financial experts and entire industries are preparing themselves for the potential impact GST would have on the various sectors. GST, touted as one of the most revolutionary bills to ever be implemented, is expected to benefit the common man and make a positive impact on most industries barring a few. Let’s take a quick look at the tax rates and tax slabs recently announced by the GST Council.
India’s startup ecosystem has seen an exponential rise since the startup culture first took over the country. The country is reported to have been teeming with close to 19,000 technology-enabled startups in the year 2016. Clearly, this number is expected to multiply by manyfold in the coming years. However, most of them fail and shut shop due to operational and financial difficulties. To help address this problem, the Government of India under the leadership of PM Narendra Modi launched the Startup India program on 16 January 2016. The program was launched with a view to promote the growth of startups in India, encourage entrepreneurship and create more jobs, thereby, contributing to the development of the Indian economy.
Incorporating your company is one of the first steps of making your business a recognised legal entity. Not only are the owners protected from personal liability for company debts or obligations, but this also improves the credibility of your company. Earlier, the entire process of incorporation took anywhere between a few weeks to over a month and this has now been reduced to under a day owing to the efforts of the Government of India. The advantages are many and it’s probably high time you as a business owner incorporate your company to avail the benefits.
With GST right around the corner, it’s probably time you get your small business registered under it. The government of India recently extended the last date of GST registration for businesses to 30th April 2017. Here is a step-by-step guide on how to go about this enrollment process.
Tech giant, Apple Inc.’s plans to set up an iPhone SE manufacturing plant in Bengaluru is still in talks. The iPhone maker’s request for tax relief and exemption from customs duty on imported components and equipment for 15 years is being looked into by the Ministry of Commerce and Industry, and the Ministry of Finance. The PMO is expected to make the final decision about the proposal, though it is expected to be a favorable one. If Apple has its way, would it have a positive impact for the country and the SME industry in particular?