Thursday, July 28, 2016
Wednesday, July 27, 2016
GST Constitutional Act 2016
GST..! the name buzzing around the minds, States and specially Markets!!!
What is GST! Why is it so Loud! What is in it for the Common Man!
Here we go, to walk through the Act.
'Goods and services tax would be levied and collected at each stage of sale or purchase of goods or services based on the input tax credit method. This method allows GST-registered businesses to claim tax credit to the value of GST they paid on purchase of goods or services as part of their normal commercial activity.'
The catch here being, Taxable Goods and Services are not distinguished from one another and are taxed at a single rate in a supply chain till the goods or services reach the consumer. Supply chain, terming the life of a Good or Service from the point of existence till consumption or service.
As stated by pro's, GST would help in clubbing the State and Central level taxes to a single factor reducing the stress on Tax calculation and complex understanding of the structures at different levels and would simplify the facilitation of Single Common Market concept, also helping the de-burdening of the tax on goods which is currently estimated to be around an average of 25% overall.
There are many features of the GST Act, which we would refrain from feeding into our brains for now :)
How it started and where are the roots!!
The thought to introduce a national-level Goods and Services Tax (GST) by April 1, 2010 was first mooted in the Budget Speech for the financial year 2006-07. This responsibility was headed through preparing a Design and Road Map for the implementation of GST was assigned to the Empowered Committee of State Finance Ministers (EC). The committee released its First Discussion Paper on GST in India on the 10th of November, 2009. Dr. Nandan Nilekani has also played an empowered role in development of IT(information Technology) systems for GST.
One most accepted reason for the delay being the ambiguity on the sharing of burden between States and Central. The Goods and Service Tax Bill or GST Bill, officially known as "The Constitution (122nd Amendment) Bill, 2014", would be a Value added Tax (VAT) to be implemented in India, from April 2016, which we believe would be effective from July, 2016.
India is not the only country implementing GST, India is among the flock consisting Australia, Canada, Hong Kong, New Zealand, Singapore, United Kingdom(then)
Important catch being, may be a tribute to the legendary, The Rocket Man! Dr. Avul Pakir Jainulabdeen "A. P. J." Abdul Kalam remembering people's president, the GST Constitutional Act Amendments is approved by Cabinet(India) on 27th July.
*Disclaimer - Opinions expressed for knowledge share only. Not to be offended.
What is GST! Why is it so Loud! What is in it for the Common Man!
Here we go, to walk through the Act.
The Goods and Services Tax Bill or GST Bill officially known as The Constitution (One Hundred and Twenty-Second Amendment) Bill, 2014, proposes a national Value added Tax to be implemented in India. A simple comprehensive Tax, to be particular Indirect Tax on Goods and Services levied for the Value Addition on the Good and Services brought as a replacement for Taxes Levied by the Central and State Governments at each level as their discretion.
'Goods and services tax would be levied and collected at each stage of sale or purchase of goods or services based on the input tax credit method. This method allows GST-registered businesses to claim tax credit to the value of GST they paid on purchase of goods or services as part of their normal commercial activity.'
The catch here being, Taxable Goods and Services are not distinguished from one another and are taxed at a single rate in a supply chain till the goods or services reach the consumer. Supply chain, terming the life of a Good or Service from the point of existence till consumption or service.
As stated by pro's, GST would help in clubbing the State and Central level taxes to a single factor reducing the stress on Tax calculation and complex understanding of the structures at different levels and would simplify the facilitation of Single Common Market concept, also helping the de-burdening of the tax on goods which is currently estimated to be around an average of 25% overall.
There are many features of the GST Act, which we would refrain from feeding into our brains for now :)
How it started and where are the roots!!
The thought to introduce a national-level Goods and Services Tax (GST) by April 1, 2010 was first mooted in the Budget Speech for the financial year 2006-07. This responsibility was headed through preparing a Design and Road Map for the implementation of GST was assigned to the Empowered Committee of State Finance Ministers (EC). The committee released its First Discussion Paper on GST in India on the 10th of November, 2009. Dr. Nandan Nilekani has also played an empowered role in development of IT(information Technology) systems for GST.
One most accepted reason for the delay being the ambiguity on the sharing of burden between States and Central. The Goods and Service Tax Bill or GST Bill, officially known as "The Constitution (122nd Amendment) Bill, 2014", would be a Value added Tax (VAT) to be implemented in India, from April 2016, which we believe would be effective from July, 2016.
India is not the only country implementing GST, India is among the flock consisting Australia, Canada, Hong Kong, New Zealand, Singapore, United Kingdom(then)
Important catch being, may be a tribute to the legendary, The Rocket Man! Dr. Avul Pakir Jainulabdeen "A. P. J." Abdul Kalam remembering people's president, the GST Constitutional Act Amendments is approved by Cabinet(India) on 27th July.
*Disclaimer - Opinions expressed for knowledge share only. Not to be offended.
Sunday, January 24, 2016
Wednesday, January 26, 2011
MicroFinance is all about....!!
Microfinance is the provision of financial services to low-income clients or solidarity lending groups including consumers and the self-employed, who traditionally lack access to banking and related services.
More broadly, it is a movement whose object is "a world in which as many poor and near-poor households as possible have permanent access to an appropriate range of high quality financial services, including not just credit but also savings, insurance, and fund transfers." Those who promote microfinance generally believe that such access will help poor people out of poverty.
BOUNDARIES AND PRINCIPLES
Poor people borrow from informal moneylenders and save with informal collectors. They receive loans and grants from charities. They buy insurance from state-owned companies. They receive funds transfers through formal or informal remittance networks. It is not easy to distinguish microfinance from similar activities. It could be claimed that a government that orders state banks to open deposit accounts for poor consumers, or a moneylender that engages in usury, or a charity that runs a heifer pool are engaged in microfinance.
CURRENT SCALE OF MICROFINANCE OPERATIONS
No systematic effort to map the distribution of microfinance has yet been undertaken. A useful recent benchmark was established by an analysis of 'alternative financial institutions' in the developing world in 2004. The authors counted approximately 665 million client accounts at over 3,000 institutions that are serving people who are poorer than those served by the commercial banks. Of these accounts, 120 million were with institutions normally understood to practice microfinance. Reflecting the diverse historical roots of the movement, however, they also included postal savings banks (318 million accounts), state agricultural and development banks (172 million accounts), financial cooperatives and credit unions (35 million accounts) and specialized rural banks (19 million accounts).
OTHER CRITICISMS
Most criticisms of microfinance have actually been criticisms of microcredit, delivered in the absence of other microfinance services such as savings, remittances, payments and insurance.
For example, there has been much criticism of the high interest rates charged to borrowers. The real average portfolio yield cited by the sample of 704 microfinance institutions that voluntarily submitted reports to the MicroBanking Bulletin in 2006 was 22.3% annually. However, annual rates charged to clients are higher, as they also include local inflation and the bad debt expenses of the microfinance institution.[38] Muhammad Yunus has recently made much of this point, and in his latest book argues that microfinance institutions that charge more than 15% above their long-term operating costs should face penalties.
Milford Bateman, the author of Why Doesn't Microfinance Work?, argues that microcredit offers only an "illusion of poverty reduction".
To read & know completely(78KB) click here
More broadly, it is a movement whose object is "a world in which as many poor and near-poor households as possible have permanent access to an appropriate range of high quality financial services, including not just credit but also savings, insurance, and fund transfers." Those who promote microfinance generally believe that such access will help poor people out of poverty.
BOUNDARIES AND PRINCIPLES
Poor people borrow from informal moneylenders and save with informal collectors. They receive loans and grants from charities. They buy insurance from state-owned companies. They receive funds transfers through formal or informal remittance networks. It is not easy to distinguish microfinance from similar activities. It could be claimed that a government that orders state banks to open deposit accounts for poor consumers, or a moneylender that engages in usury, or a charity that runs a heifer pool are engaged in microfinance.
CURRENT SCALE OF MICROFINANCE OPERATIONS
No systematic effort to map the distribution of microfinance has yet been undertaken. A useful recent benchmark was established by an analysis of 'alternative financial institutions' in the developing world in 2004. The authors counted approximately 665 million client accounts at over 3,000 institutions that are serving people who are poorer than those served by the commercial banks. Of these accounts, 120 million were with institutions normally understood to practice microfinance. Reflecting the diverse historical roots of the movement, however, they also included postal savings banks (318 million accounts), state agricultural and development banks (172 million accounts), financial cooperatives and credit unions (35 million accounts) and specialized rural banks (19 million accounts).
OTHER CRITICISMS
Most criticisms of microfinance have actually been criticisms of microcredit, delivered in the absence of other microfinance services such as savings, remittances, payments and insurance.
For example, there has been much criticism of the high interest rates charged to borrowers. The real average portfolio yield cited by the sample of 704 microfinance institutions that voluntarily submitted reports to the MicroBanking Bulletin in 2006 was 22.3% annually. However, annual rates charged to clients are higher, as they also include local inflation and the bad debt expenses of the microfinance institution.[38] Muhammad Yunus has recently made much of this point, and in his latest book argues that microfinance institutions that charge more than 15% above their long-term operating costs should face penalties.
Milford Bateman, the author of Why Doesn't Microfinance Work?, argues that microcredit offers only an "illusion of poverty reduction".
To read & know completely(78KB) click here
Tuesday, January 25, 2011
The Secret of My Success......... Christopher Reeve
The Secret of My Success.........
Christopher Reeve
Acting role as Superman
"What is the secret of my success?" This is something we often hear from wealthy or famous people, usually in response to an interview question.
What follows is sometimes interesting, sometimes predictable. However, when the late Christopher Reeve discussed the secret of his success, he moved his audience to tears.
How do you define success?
In his excellent book: "Fast Food Nation", Eric Schlosser recalls going with a fast-food chain manager, and some of his employees, to an event entitled "success". It was a large-scale event with big-name speakers, all giving advice or encouragement for an eager audience. All seemed hungry for success and it's hardly surprising that the words "success" and "wealth" seemed almost synonymous.
Speaker after speaker addressed the audience. Each was making the link between money and success until finally, accompanied by the theme tune from the film "Chariots of Fire", actor Christopher Reeve was wheeled onto the stage. Despite his tragic physical condition, Reeve talked clearly, though with pauses to allow his respirator to work.
He thanked the audience for their welcome and began by explaining that he donates his speaking fees to groups that conduct spinal cord research. This set the tone for what was to follow....
The Secret of My Success......"None of it Matters"
Famous for his acting role as Superman, Christopher Reeve was critically injured by a riding accident in 1995. This accident left him fighting for life and permanently paralyzed. Reeve had often been asked: "what is the secret of my success", but tragically his answer was totally different now. Schlosser recounted that, in the midst of what had been a non-stop celebration of wealth-related success, Reeve hushed the crowd with some thoughtful words.......
Click here to read full (38.6KB): Download the pdf
Acting role as Superman
"What is the secret of my success?" This is something we often hear from wealthy or famous people, usually in response to an interview question.
What follows is sometimes interesting, sometimes predictable. However, when the late Christopher Reeve discussed the secret of his success, he moved his audience to tears.
How do you define success?
In his excellent book: "Fast Food Nation", Eric Schlosser recalls going with a fast-food chain manager, and some of his employees, to an event entitled "success". It was a large-scale event with big-name speakers, all giving advice or encouragement for an eager audience. All seemed hungry for success and it's hardly surprising that the words "success" and "wealth" seemed almost synonymous.
Speaker after speaker addressed the audience. Each was making the link between money and success until finally, accompanied by the theme tune from the film "Chariots of Fire", actor Christopher Reeve was wheeled onto the stage. Despite his tragic physical condition, Reeve talked clearly, though with pauses to allow his respirator to work.
He thanked the audience for their welcome and began by explaining that he donates his speaking fees to groups that conduct spinal cord research. This set the tone for what was to follow....
The Secret of My Success......"None of it Matters"
Famous for his acting role as Superman, Christopher Reeve was critically injured by a riding accident in 1995. This accident left him fighting for life and permanently paralyzed. Reeve had often been asked: "what is the secret of my success", but tragically his answer was totally different now. Schlosser recounted that, in the midst of what had been a non-stop celebration of wealth-related success, Reeve hushed the crowd with some thoughtful words.......
Click here to read full (38.6KB): Download the pdf
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