#MoneyArth

GOODS AND SERVICES TAX (GST) 👉  Brief Information ✍  It replaces Central Excise Duty/ Additional Duties of Excise/ Excise Duty under MTPA/ CVD/ SAD/ Service Tax/ Surcharge & Cesses/ VAT/ CST/ Purchase Tax/ Entertainment Tax/ Luxury Tax/ Entry Tax/ Taxes on Lottery. ✍  GST Council is the apex body created by Parliament for governance of this Act. It includes Finance Secretaries of Central as well as various State Governments. ✍  GST Rates- 0%, 5%, 12%, 18% & 28%. ✍  Old Sales Tax/ Manufacturing Tax/ Service Tax Registration Numbers will go and new PAN based Registration Number for GST is essential. Structure of this number is as under: 07AAAAA0000A1ZZ Out of which first two digits are state code (in which Registration is taken)- '07' is for Delhi, Next 10 digits (AAAAA0000A) are PAN number of the assessee and last 3 digits are serial number. ✍  Incidence of GST is on following: 1. Supply of Goods or Services. 2. Agreed to Supply Goods or Services f...

जीएसटी को सरल रूप में जानिए: सरकार 1 जुलाई को गुड्स ऐंड सर्विसेज टैक्स (जीएसटी) लागू करने जा रही है। सभी वस्तुओं एवं सेवाओं के लिए टैक्स की दरें तय हो गईं और करीब-करीब सभी नियमों को भी हरी झंडी मिल गई। लॉन्चिंग के लिहाज से अब जो थोड़ी-बहुत कमियां बच गई होंगी, उन्हें दूर करने के लिए 30 जून को जीएसटी काउंसिल की एक और मीटिंग होगी। आइये सब जानते हैं जीएसटी के बारे में सबकुछ... 1. क्या है जीएसटी? वस्तु एवं सेवा कर (जीएसटी) एकीकृत कर प्रणाली है। इसमें सभी अप्रत्यक्ष कर को मिला दिया गया है। अब हर राज्य में अलग-अलग कर नहीं लगेगा बल्कि देशभर के लिए एक जीएसटी होगा। 2. क्या जीएसटी उपभोक्ता को भी देना होगा? इसमें सेवा कर भी शामिल है। इसलिए एसी रेस्त्रां में खाने, ट्रेन-हवाई यात्रा और अन्य सेवाओं पर उपभोक्ता को भी जीएसटी चुकाना होगा। लेकिन इसे संबंधित सेवा प्रदाता वसूलेंगे और जमा करेंगे। 3. क्या जीएसटी में सबको रिटर्न भरना होगा? नहीं। केवल 20 लाख रुपये से अधिक का कारोबार करने वाले व्यक्ति या संस्थाएं ही जीएसटी चुकाएंगी। 4. आम आदमी को जीएसटी से कैसे फायदा होगा? एक कर होने से कर के ऊपर कर नहीं च...

जी एस टी की तैय्यारी कैसे करें  १. ३१-०३-१७ और ३०-०६-२०१७ की तारीख़ पर अपने दुकान का क्लोजिंग स्टाक को बिल अनुसार एवं उस पर वैट दर के अनुसार निकालें ..।। २. अपने दुकान के स्टाक को उनकी मात्रा के रूप में विभाजित करते हुये सूची बनायें ...।। ३. आप जिस भी व्यापारी से लेन देन करते है उनसे उनका स्टेटमेन्ट मँगाकर अपने खाते का उचित मिलान कर लें ..॥ ४. समस्त खरीदी को बिल अनुसार एवं वैट अनुसार सूचीबध्द करें ..।। ५. यदि आवश्यकता हो तो समय पूर्व अपने वैट के रिर्टन को रिवाइज कर लें..।। ६. यदि आपका कोई सी फ़ार्म या एच फ़ार्म पेंडिंग हो तो उसे भी ३०जून के पूर्व कर लें ..।। ७. अपने खाता बही को सही सही मेन्टेन करें तथा ३१-०३-२०१७ तक की स्थिति विवरण तैय्यार कर लें तथा सही सही पूरी जानकारी विभाग को प्रदान करें..।। ८. सबसे महत्वपूर्ण बात यह है कि आप जो माल ३० जून तक नहीं बिका है या जो बचत में रह गया है उसे ख़रीदी बिल एवं वैट दर के अनुसार सूची बनायें साथ ही उन बचत सामानों की ख़रीदी बिल भी साथ में लगायें ताकि आपको इनपुट मिल सके..।। ९. यदि कोई बचत माल १ वर्ष से ऊपर का है तो उसे ३० जून तक विक्र...

In two big concessions the Goods and Service Tax (GST) Council has announced relief for small and medium enterprises in trading and manufacturing and for restaurants, and reduced the previously determined GST rates on 66 categories. Finance Minister Arun Jaitley, speaking to the media in a briefing after the 16th GST Council meeting this Sunday, said that 133 industry representations were received after the rates were announced in previous council meetings. These were considered by the council at length with the objective to maintain equivalence - that is, to keep the GST rates close to current effective tax rates. GST Rates Lowered For 66 Categories After consideration the council has decided to reduce the GST rate applicable to 66 categories including cashew nuts, pickles, ketchup, agarbattis, children’s drawing books, insulin, tractor components and others. A full list has yet to be shared by the GST Council or government but the minister did share some of the ...

Given below is a list of Top 5 gst software in India which can help you with GST Compliances, Invoicing and Auto-Calculation of GST. The list is in no specific order and makes a comparison showing the good with the bad for you to choose what is best for you.   Tally ERP 9 Tally ERP 9 is a well-known accounting software that manages inventory and payroll. It is one of the most economical software available. With the complexity of tax structure in India you require a simple but helpful gst software and that is Tally ERP 9. This software has a very wide range of software. Pricing Single User – Rs. 21,780 Multi-user – Rs. 65,340 Annual Renewal of 25% Features: HR and payroll Investment Multiple company Financial management Inventory management Invoice Product database Supplier and purchase order management Taxation management Advantages Accountant Friendly Does not need internet to operate Disadvantages Needs LAN to oper...

The government recently made it compulsory to link your Aadhaar card with PAN. It was reported that taxpayers were finding it difficult as their names did not match in both systems (Eg. Names with initials in one and expanded initials in another). Responding to such grievances,the Department has come out with a simple solution now. The Income Tax Department has made it easy for taxpayers to link their PAN with Aadhaar with just a 2 step process which does not even require  to login or register at the e- filing website. This facility can be used by anyone to link their Aadhaar with PAN. Please click the following link to go forward. https://www.incometaxindiaefiling.gov.in/

It is better to start early, keep each other in the loop when it comes to money matters of the family. Regular savings can help build large funds without getting pinched.   Varun(34) and Seema (31) have been married for 6 years now and they both work in the IT sector in Mumbai. Having come from financially sound families, they have always preferred to maintain a good lifestyle and most of their weekends are spent in malls and outings. Inspite of earning a joint income of Rs. 1.40 lakh a month, their investments comprise of a few insurance policies and a bank balance of Rs. 2 lakh. A closer look at their finances reveal that nearly 80% of their monthly income goes away as expenses towards grocery, home and car loan EMI and other lifestyle expenses. Whatever remains gets accumulated in the savings account which again gets utilized for vacations and festival purchases, leaving the family precariously placed if any financial emergency were to strike. They dream of prov...

The safety that bank fixed deposits offer is too expensive. This illustration can be an eye-opener.  A majority of Indians do not save. Yes, now a majority has a bank account, and many receive their salaries or income via a bank account. But most of it is immediately withdrawn and spent. For a minority of investors, the money is left in the savings account until it is spent. A still smaller minority does not spend all the income and has some savings. These are the heroes of the Indian financial industry; they put their savings primarily in bank fixed deposits. Some of our heroes shop around for banks and invest in the ones that provide higher interest on their deposits. The bank deposits give them a feeling of safety. (Practically all of us, including the most sophisticated financial and investment experts among us, indulge in this.) How exactly are banks providing the returns or interest on fixed deposits? What is the ultimate source of these returns? ...

The first step to your financial plan is to prepare a budget based on both current and expected income and expenses. It is very important to understand and monitor one‘s cash flows, i.e. from where the cash comes in and where it gets expended. First job is a very important milestone in one’s life - no longer is one a student, but you are earning, and with it comes financial freedom. However, it is important to keep in mind that this is only the first step towards financial planning and meeting your goals and dreams. Planning your finances from the time you start earning will ensure that your savings benefit from the power of compounding. For example, if a 25 year old saves Rs. 5,000 per month at 10% interest, your corpus will be around Rs. 1 Cr when you are in your mid fifties. On the other hand, if one starts savings Rs. 5,000 a month at 30 years (with the same 10% interest), the corpus after 30 years will be only Rs. 60 lakhs. Hence, it is advisable to ...

For some college education may mean education loan. However, if one plans his college days well, he can put in place a solid foundation for his money matters Are you all set to enter your life’s new and most exciting phase, ‘the college’? College is an exhilarating period in every student’s life. This may let many of us move away from home and take some important decisions for ourselves. Managing one’s own finances at this age may be challenging. The most important thing to remember about planning finances is ‘to start early’. Financial planning does not have to be detailed or complicated. There are just a few questions that one should think over. 1. How do you lay a strong foundation for long-term earnings and wealth? Many students have negative net worth during college, which means they have a loan like an education loan running. Many a time, these debts exceed what is owned. Being in college, potential for future earnings is not counted in this ph...

For NRIs, the investment sentiment is greatly boosted by the RERA, GST, Benami Act, REIT and government initiatives like demonetisation. The Indian property market has always been quite attractive for non-resident Indians (NRIs) who are keen to have some roots in their home country. Reasons for NRI investments could be varied right from upgrading their family home, to offering a better lifestyle to parents, to having a signature property to come back to. To address whether the current spate of reforms would have a positive impact on NRIs it’s essential to understand what are the typical concerns of NRIs investing in India. So far, the common concerns of the NRIs investing in India, have been the opaque nature of the business, lack of information, no concept of standardised due diligence, untimely delivery and completion of projects with tedious or no legal recourse for buyers. Especially for NRIs the cumbersome nature of follow-ups with developers where projects...

Equity markets need much more attention than just clicking the button to complete the transaction. If you have not invested in equity until now then probably you would be disappointed with the missed opportunity. It has to be the case, since this one asset class helps you in generating long-term wealth beating inflation. But this is also a known fact that most investors enter equities when they see it rising. Many commit mistakes of making a wrong choice because in growing markets even the worst investments can be seen giving good returns. Equity markets need much more attention than just clicking the button to complete the transaction. Choosing of the right option and with your risk appetite is a key to create wealth. For retail investors investing without worrying about the market levels may be a good strategy. But this is easier said than done when emotions rule investing decisions. For investors who are enjoying this upside dilemma comes in with their existing inv...

Too many choices can lead to information overload and therefore decision paralysis What is behavioural finance? Traditional finance theory assumed that investors are well-informed, careful and rational when making financial decisions. However, in reality humans are emotional beings and beautifully irrational, especially in long term activities such as investing. Behavioural finance takes into account research from psychology and empirical evidence to develop an understanding of financial decision making. Below are five common behavioural finance-related mistakes that most us make when investing: Optimism bias:  Behavioral research indicates that investors are  overconfident  with respect to making gains and  oversensitive  to making losses. There is also a tendency for individuals to place too much confidence in their own opinions & investment decisions, ignoring the real and alternative possibilities of their decisions....

Don’t alter your investment strategy or goals just because a new fund is launched in the market In financial planning/wealth management requirements, one thing is common. Most families just want to know one thing, "Am I doing ok?". We have validated the same with countless other families and advisors that we have met with over the years. However,billions of dollars are spent every year by Wall Street and every other such street to get people to think about investing as returns, products, benchmarks and so on.It's not a surprise that making investment decisions by thinking about the product first leads to poor clarity on why are you really investing (Seriously Why ?). And people cannot be blamed for having developed this kind of attitude because most wealth management solutions,banks, experts and even the media solidly focus on Returns,Products, Kitna Deti Hai, Large Cap, Mid Cap, Benchmark, Active, Passive, Index and so on. Despite this, people still w...

A valid concern is that dependence on AI may cause us to forfeit human creativity   Artificial Intelligence (AI) is advancing so rapidly that even its developers are being caught off guard. Google co-founder Sergey Brin said in Davos, Switzerland, in January that it “touches every single one of our main projects, ranging from search to photos to ads … everything we do … it definitely surprised me, even though I was sitting right there.” The long-promised AI, the stuff we’ve seen in science fiction, is coming and we need to be prepared. Today, AI is powering voice assistants such as Google Home, Amazon Alexa and Apple Siri, allowing them to have increasingly natural conversations with us and manage our lights, order food and schedule meetings. Businesses are infusing AI into their products to analyse the vast amounts of data and improve decision-making. In a decade or two, we will have robotic assistants that remind us of Rosie from “The Jetsons” and R2-D2 of “...