GST Implemented :- What should i do ?

Dear Readers , 

Greetings !!

From today 1st July 2017 , India is entering into a new era of a single Indirect Tax regime , where in we all know that we will get rid off various different types and rates of Indirect taxation and the whole nation will be under One Nation , One Tax , One Rate. 

We all know that this is one of the biggest reforms by India since independence for ease of doing business in India, and its success is very important for Indian Economy. 

We must understand that there is noting 100% Right , 100% wrong, Correct or Incorrect time for implementation of any plan for betterment, hence there would be many things which might not go well and may create inconvenience for the Indian Citizen. But We have to take it in the right prospective to have smooth implementation of GST in India. 

In the past few days we have heard and seen so many provisions about GST which were completely incorrect and base less, creating a weak confidence in stakeholders, at the same time there were many provisions which were correct , but not practical for government to implement. The government has issuing clarifications , notification about these things and things are being sorted out. 

The objective of this article as well is to request people to have patience and do not jump to negative conclusions about GST. We know its a new law for India and people are not ready immidiately to grasp it. Things will take time to be on track, hence give it some time. 

Here are some guide for you to have smooth transition of your business into GST Regime. 

1.  Invoicing :-

The most important thing for you to implement is to have right Invoice , immediately after GST coming into force. Because the business or sales is the only and most important thing that should not stop. Hence first of all understand the method of Invoicing and keep your invoicing part on track.

2. Aggregating Inventory Position :- 

Government has allowed to carry forward the taxes and duties paid on your stock in hand on 30th June 2017. Hence the 2nd important thing to do is Aggregating your inventory , relevant documentation and reconciliation. 

Understand the provision relating to carry forward of these credit and then file your TRAN - 1 Form , do not be in hurry to file early without understanding the provisions. There is a timeline of 90 Days provided by Government for Filling TRAN - 1 & TRAN - 2. So don't be in hurry. 

3. Understanding Returns & Input Invoices :- 

Filling of First Return of GST will be after end of July 17 , the government has already extended the due date of filling the first two return by a month almost   , the due dates are 
>> Due date for Filling GST of July is extended to 5th September

>> Due date for Filling GST of August is extended to 20th September

Hence you have sufficient time to understand the method and manner of filling of the return and procedure. 

4. Self Education about Law :- 

There are many routers and incorrect methods and rules floating in the social media about GST Law. Educate your self about the Law , access the government website for the help and support , refer government sites and by laws and rules for the right manner of doing things. Ask for relevant extract of provisions from your Chartered Accountant or Lawyer to have authenticity of the information. so that you don't end up doing unrequited activities. 

We believe the above for factors are important for the smooth transition of your business in to GST , hence keep them in mind. Following are the government related sites for your reference. 

Sites :- http://cbec.gov.in/htdocs-cbec/gst/index
Sites :- http://gstcouncil.gov.in 
Sites :- https://www.gst.gov.in
Email :- helpdesk@gst.gov.in
Email :- cbecmitra.helpdesk@icegate.gov.in
Phone :- 0120 4888999
Twitter handles: @askGST_GOI, @askGSTech

I hope this will help you in resolving your queries , if you wish to connect to us mail @ rakesh@srcorporate.com 

Amendment in Disclosure Requirement Cash in Hand by Auditors under Companies Act , 2013

Pursuant to the Demonetisation in Indian Economy , the government has not come up with the new disclosure requirement for the Company to be included in the Audit disclosure under Schedule III of Companies Act 2013. Every company has to disclose the details of Specified Bank Notes held and transacted by them during the period up to 30 December 2016. Copy of the Notification attached herewith.

In the Companies Act, 2013 (hereinafter referred to as the principal Act), in Schedule III, in Division I, in Part I under the heading “General instructions for preparation of Balance Sheet” in paragraph 6, after clause ‘W’, the following clause shall be inserted namely:-

 “X. Every company shall disclose the details of Specified Bank Notes (SBN) held and transacted during the period from 8th November, 2016 to 30th December, 2016 as provided in the Table below:- 

	SBNs	Other denomination notes	Total
Closing cash in hand as on 08.11.2016
(+) Permitted receipts
(-) Permitted payments
(-) Amount deposited in Banks
Closing cash in hand as on 30.12.2016

Explanation : For the purposes of this clause, the term ‘Specified Bank Notes’ shall have the same meaning provided in the notification of the Government of India, in the Ministry of Finance, Department of Economic Affairs number S.O. 3407(E), dated the 8th November, 2016.”.  

SBNs as per the notification of the Government of India, in the Ministry of Finance, Department of Economic Affairs number S.O. 3407(E), dated the 8th November, 2016: 

"Bank notes of denominations of the existing series of the value of five hundred rupees and one thousand rupees (hereinafter referred to as specified bank notes)."

Download Notification

New Trade Mark Application form TM A in word Format

Hello Readers , 

Under the trademark Act 1999, Many forms have been changed and all the forms are in the PDF format, and its really difficult to fill the form. 

You can Download New Trade Mark Application Form TM-A In Word Format , The form is as per The Trade Marks Act, 1999. 
Application for registration of a trademark. ([The relevant information must be filled up in coloured box against the respective head]. Now scroll down below n Download New Trade Mark Application Form TM-A In Word Format. The form is completely pasted here , you can copy and paste in word file. Download TM A Form Word

The Nine Point Agenda” Before Entering India

Introduction to India !!! 

The basic information regarding the geography of India , Literacy rate , population , GDP can be accessed from various online portals , hence we are not focusing on these factors here. We will look at the more practical aspects that are important for the International Companies targeting Indian market.

Indian economy is one of the rapidly growing economies on globe, with huge opportunities available in almost all sectors specifically in infrastructure development and Technology. Also having largest young  & Working populatio

Through this presentation we intend to bring you the “NINE POINT AGENDA” for you to understand & succeed in the Indian market.

The views are based on the feed back & reviews of various international Companies established in India , collaborated with our practical experience in handling these companies.

Keeping yourself close to these factors will assure you success in cracking Indian market. 

1. Do not , take it easy !!

Never underestimate the Indian market, India is a huge market with very high number of population growing. It might crave you, looking at the market size.

But never take it easy, the dynamics of population in there cultures , habits , way of living can really surprise you to a great extent.

India has accommodated all religion of the world with six major religion , they speak 780 Languages , There are many tradition and cultural differences & different classes of people , its not easy to cater to such wide variety of population. Hence

“Precisely understand your customers, market segment, their requirement ,  behaviors and the market size before entering Indian market. Do your Homework”

2. Right Legal & Capital Structure

Precise understanding of right legal structure for your organization is the one of the key factor & it completely depends on your short term & long term plans for India. Selection of right legal structure is important and has to be done with proper understanding of its features & Characteristics.

Assessing the right capital structure i.e equity , preference or debt is another key factor for India operation. Factors like Cost of Capital , High interest rates in India & repatriation of capital and profits shall be well studied to have right combination of your capital structure.

“Assess your vision for India and the financial commitment you can provide for the growth of your organization in the Indian market. “

3. India moves at its own pace

International Companies have their plans , deadline & schedule for completing the job. Sometime these are prepared based on the information and understanding as per their home markets or its received online or thorugh consultants. But for India its not same , India moves at its own pace , so always have additional cushion to your deadlines. Many time its difficult for foreign companies to move faster then India allowed them ,

Bureaucracy does exists and its sometimes difficult to manage by foreign nationals, hence take help of the local people and consultants having expertise in the relevant area.

“Always have significant provision to your deadlines assessed”

4. Seek Advice :- Existing Companies

It is always advisable to have an opinion and advice from the companies already established in Indian market , Connect to the Companies from your Country or neighbor countries  Connect to Bilateral chamber of commerce & Commercial Office of your embassy.

Discuss the practical issues faced by them, having a understanding from them could save you a of time , energy & Cost.

Choose your Consultants with references , proper feed back & background check if possible. Hence

“Do Seek advices & Understanding from already existing companies”

5. Think Global & Act local

India Being a business nations , It is really important to Blend in the Indian Knowledge & Approach with your experience and approach. You need to act locally in order to move things faster and in a better way , keeping in mind your global agenda ,targets and Strategies.

Implementing & Replicting the global practices may effect the implimetation plan & Delay lot of things.Hence always customise the things as per the Indian environment. So

“Understand Indian philisophy & Make it Indianised “

6. Have right people &  show confidence in them

Manpower resource in India has huge potential and has capacity to execute the things in a better , practical and efficient way keeping in mind the local environment.

Showing no faith in Indian team may create dis guise situations where in people at site could not do anything even after understanding the whole situation,  So constantly work on delegation of Indian operation in the hands of Indian resource and show confidence in them, give them responsibility and work. Hence ”Show Confidence in people, Give Rewards , they will perform !!"

7. Operate from India , then your country

Being a international Company , many times the companies carry out many of their activities from their HQ , and they have concerns over handling various matters from India & Delegating to Indian manpower.

It is important for companies to handle India related matters from India itself. To have more strong understanding of Indian market environment & Its people. This will give you a edge in many respect over the growth and prosperity of your business in India.

“Make India your second destination , to have best results”

8. Have clarity on Compliances & Taxation

One of the Key factors for the long term success of Indian operation is understanding the tax structures and Compliance applicable to your organization. Indian Tax structure and Compliance could look to be complex to foreigners , But Indians can handle & Manage them well, Understand this. For any non compliance or non clarity have direct contact with the authorities. They will guide you.

“So keep your compliance in check , do not hesitate to connect to government agencies” 

9. Have patience & be persistent

Being a international company , the people are used to the simple process and way of doing things.

The most important and key behind the success in Indian market is to have patience & persistence in each and every activity be it marketing , licenses , reporting , operations & Handling resources.

Keep yourself focused and on the job , things will be on the track gradually. As informed India has its own pace of doing things, So

“Your presence in India is the most important factor, so be there”

  

Privacy Policy - S R Corporate Services

At S R Corporate, we recognize that privacy is an important issue, so we design and operate our services with the protection of your privacy in mind at all times. This Privacy Policy outlines the types of personal protection we assure when you use S R Corporate’s website, as well as some of the steps we take to safeguard it.

Information Sharing

We do not rent or sell your personally identifying information to other companies or individuals, unless we have your consent. We may share such information in any of the following limited circumstances:

• We have your consent.
• We provide such information to trusted businesses or persons for the sole purpose of processing personally identifying information on our behalf. When this is done, it is subject to agreements that oblige those parties to process such information only on our instructions and in compliance with this Privacy Policy and appropriate confidentiality and security measures.
• We conclude that we are required by law or have a good faith belief that access, preservation or disclosure of such information is reasonably necessary to protect the rights, property or safety of Precision Consulting, its users or the public.

If you have an account, we may share the information submitted under your account among all of our services in order to provide you with a seamless experience and to improve the quality of our services. We will not disclose your account information to other people or non-affiliated companies, except in the limited circumstances described in this Policy or with your consent.

In the event of a transfer of ownership of Precision Consulting, such as acquisition by or merger with another company, we will provide notice before any personally identifying information is transferred and becomes subject to a different privacy policy.

We may share aggregated information with others.

Information Security

We take appropriate security measures to protect against unauthorized access to or unauthorized alteration, disclosure or destruction of data.

S R Corporate Services Private Limited

Hey People , 

Greetings , I am glad to share my interview on one of the Online business channel , Indiabusinesstv.net , The interview was part of the drive to focus on the Growing SME companies with a difference of approach. The interview basically focuses on the what are the activities of S R Corporate and its futures plans. 

Also i have started my own youtube channel rakeshparik , The channel will regularly provide you with various updates relating to India business environment , Indian reforms , Guide to do business in India, Taxation Structures in India, legal updation , clarifications, India reforms , Business management and my views on various many more topics. so keep in touch by clicking subscribe. 

I will be interacting with you through this channel & Blog, keep motivating.