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HOW GOODS AND SERVICES TAX (GST) HAS IMPACTED BUSINESSES IN INDIA

gst registration by biatconsultant

It has been quite some time since GST has been implemented in India. The
main objective of the new tax regime was to make one tax system in one
nation. Let us look at the way goods and services tax has impacted business in
India.

Small and medium businesses
The central goods & service tax (CGST) and state goods & service tax (SGST) has been combined in the new tax system. According to the new system, all the companies that have a turnover more than 20 lakh (10 lakh in some states) have come under the GST scanner. Previously the tax exemption for the SMEs was 5 lakh while the new tax exemption is increased to 20 lakh. This has created a positive impact and generated lot of revenue for the government.
Ease of doing business has been increased as double taxation policies have
been removed. Tax burden on new business has been reduced and faster
delivery of the services has been the positive effects in the implementation of
GST.

How GST impacted real estate industry?
Real Sector is one of the most important sectors in India. GST has brought lot
of transparency and relief in real estate sector of India.
Under GST 12% tax has been levied which was 6.5% before GST tax. Due to
GST, the developer either has to bear high tax burden or will have to increase
the net price of the infrastructure to meet the new tax requirements. As the
ready-to-move-in projects are kept out of GST, developers can get some
benefit for the construction that are in initial stages. Cost of cement and other
building material has increased with the new tax system. So the impact has
been neutral in real estate industry because although some building material
prices have been increased but it has cut down additional costs and provided a
transparent medium.

Impact on automobile sector

Automobile sector is one of the most important sectors. This sector produces a very large number of cars and bikes annually. The central and state
government imposed several taxes like excise tax, road tax, VAT etc. under the
GST tax. GST has hugely impacted the automobile industry. The government
increased the tax from 15% to 25% on mid-sized vehicles. There is some good
news for the importers as they would be able to claim excise duty and VAT.
GST on the cars and bikes was set under the 28% mark. The overall result is
that the implementation of GST has reduced the cost of buying bikes and cars.
GST has resulted in a good growth in this sector.

How GST has impacted FMCG companies?
The GST has impacted FMCG companies very strongly. GST has made possible more purchase of FMCG products in the festive season. The FMCG companies like Pepsico, Dabur has generated lots of profit in the festive season. Companies have been dependent on the advertisement to boost their revenue during the non-festive season.

 

So in case you are looking for GST registration for selling of goods or services ,  consult BIATConsultant experts to guide you throughout the process and will get your GST number registered

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WHY IS YOUR CREDIT REPORT IMPORTANT?

biat credit report important why

When we go for financial advice, first thing we get is advice about checking the credit report. But what is credit report? And why is it so important? Let’s find
out!
What is credit report?
Credit report is the report of all your borrowings. It contains details about all
your current and past loans, credit cards. It sums up the entire details of your
life regarding loans and credit cards. It contains a 3 digit number ranging from
300 to 900 which is assigned by the credit bureaus. It is similar to grading of
your credit history as good, average and bad.
What is considered a good and bad credit report?
A good credit report shows all the positive feedback of your credit history. If
you have a score more than 700, then you are considered to have a good credit report. A good credit score mean that you have paid all you instalments timely.

However, less credit score ranges from 300 to 500. If you have a bad score
then it means that you have not paid instalments at proper times. If a person
has a credit score ranging from 500 to 700, then he has moderate credit score.

Why is credit report essential?
Credit report is essential if you want to take a loan or want to take
responsibility to pay someone else’s loan. The banks check that you have a
good credit score or not and accordingly they allow you to take loan. Let us
look at some points and understand why credit report is important.
 Approval for your loan is much simpler with good credit report as the
banks trust the person who has good credit score
 Lower Interest rates are available for loans
 You are able to negotiate better loan terms
 You can easily get best credit cards.
When you are co-signing a loan for you relative or friend, it is essential to have
a good credit score because the co-signer is responsible for paying the loan or credit if the loan borrower fails to pay. So this is very essential when someone
is co-signing.

Why it is important to check your credit report regularly?
It is important to check the report regularly because it is updated periodically
by financial institutions. There are various benefits of checking your credit
report regularly. Some of them are:
 You will always know the credit score so there is no need to worry
about.
 If the credit score is decreasing, you can always increase it by paying the
credits timely.
 You can correct the errors if there are any in your reports. This may
improve the score if your error is corrected.
Inference
As we can see how much the credit report is valuable in taking financial
decisions. You must consult a chartered accountant before taking any financial decision. These are designated people that will guide you to take better decisions. Maintain a good credit score and it will assist you in taking financial decisions like taking a loan etc.

 

BIATconsultant is providing financial consultant to small , medium as well as large enterprises since 2004 .

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THINGS TO CONSIDER BEFORE COSIGNING A LOAN

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What is meant by co-signing?
A co-signer is a person who agrees to pay the debt of a borrower if he/she fails
to pay the loan and this process is known as co-signing. A co-signer generally
have huge amount of credits which increase the loan approval chances of a
borrower. Co-signers play a huge role in this world as many people will find it
difficult to get their loan approved without the help of co-signers.
People generally co-sign a loan to assist the family members, siblings, friends
and others. However, helping the family member by co-signing for a loan can
feel rewarding but it come with its own drawbacks. Let us look at some of the
things to consider before co-signing a loan.

”Why would someone ask me to co-sign a loan?”
It is very important to think about the question- why would someone ask me
to co-sign a loan? There might be possibility that the person has a very bad
record of past loan credit, missed EMI etc. However, there can also be a case
where a person like you own children, who are new to credit or who haven’t
taken a loan before may need you to co-sign a loan.

“How does co-signing a loan affect your credit score?”
Co-signing a loan is a very important step and it must be done cautiously. You
have co-signed for the loan means that you have good credit score. When the
borrower fails to pay the loan, you will have to pay the loan. If you also fail to
pay the loan or miss the EMI, then it will impact negatively on your credit
score. On the credit score, it will add to your debt. More debt means that it will
reduce your credit score and you may face a problem while taking another
loan.
However if you pay the loan and pay the instalments timely, it will improve
your credit score. It will help you in taking loans in future. You can always
check the credit score online.

“What are the disadvantages of co-signing a loan?”

Here are the following disadvantages of co-signing a loan
 If the borrower fails to pay the loan, you will have to pay the remaining
loan
 If the borrower defaults the loan, your credit score will decrease
 In case of default, if a loan donor like bank file a suit for the loan, they
are likely to sue the co-signer due to their high credit score
 Co-signer cannot take the name off the loan agreement once the loan is
approved
 If the borrower delays the instalments, it will decrease your credits
“How to be safe while co-signing a loan?”
You can never feel safe while co-signing a loan, there is always a danger lying
around. However, you can take following precautions to reduce risks
 Always co-sign for a person who you know better. Ensure that they are
capable of paying the loan by themselves.
 Be prepared for paying the loan if the borrower defaults the loan
 Ensure that you have all the copies of everything related to the loan
agreement.

 

Contact BIATConsultant.com to have a consigning loan services in India.

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BRUTAL MISTAKES WHICH INVESTORS MAKE THAT CAN DESTROY THEIR LIFE

deadly mistake biatconsultant

 

Investing is a tricky concept. It can lead you to huge business revenues.
However, if proper steps are not followed while investing, it can lead to huge
losses. It has the ability to completely destroy someone’s life if investing is not
done cautiously. Let us look at some of the mistakes which investors make that destroy their lives:
 Depending too much on the company’s health cover
There are some people who depend too much on the company’s health
cover. If a person is caught up with a very serious disease, it may
happen that the cost of the medication is too much. The bank will be
pay only a part of the patient’s expenses which can lead to huge
financial trouble. This results in huge financial loss and will eat away all
your savings. So it is better to have ‘personal’ health cover rather than
depending on company’s health cover.
 Excessive use of credit card and loans
Sometimes people are so involved in taking loans that they end up in
deep trouble. Their saving becomes nil and they become bankrupt.
People are attracted towards various schemes to buy things in low cost
EMIs and using credit card to pay for things. Excessive use and addiction
of these things may lead you into big debts which are difficult to pay
later on. So it is very essential to makes proper and judicial use of the
credit card and loans.
 Overspending due to social pressure
People have the trait to show off. This can be very dangerous
sometimes. People spend so much in buying big houses, big cars and in
weddings just to show off. They do it to feel superior over the others.
This can lead to the downfall of a person and make his finances go down
sharply. So we must invest in only those things which are productive in
future or in those things which we need. Spending just to show off is
stupidity.

 Heavy spending problems
Some people are so much addicted towards spending that they do not
even calculate the future savings. If you spend on unrequired things,
then one day you may have to sell things you need. This is very essential
to see whether buying something is valuable to you or not. If it is
essential, then only we must buy it, otherwise not as it may drain all
your savings.
 Attracted toward free advice
People have the tendency to get easily attracted towards the free
advice. In India, everyone has an advice for you. Even the person who
doesn’t have any knowledge about a certain profession will have advice
for you. These advices may cost you deeply. So, it is always better to
take advice from the professionals.
As we have observed that there are certain mistakes which investors make
that destroys their lives. So it is better to have some precautions while taking
an investing decisions or you will fall into dept. Advice must be taken from
professionals like chartered accountant who will give you the best advice
although every advice is subject to market risk. But mostly they will show you
the right way and process to invest.

 

Consult BIATconsultant to get best investing guide for your business .

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FINANCIAL ADVISORY SERVICES TO MAXIMISE PROFITS

financial advisory services biat

Handling big firms and organizations is a very challenging task especially the
financial aspects of the company. Every organization requires financial advices
for the growth and expansion of the company. These are valuable advices that
contribute in the betterment of the firm. Chartered Accountants are normally
hired to give their valuable advices.

Confidentiality of advices is essential
It is very vital that the advisory services which an organization is getting must
have high confidentiality. This is because the information shared is very
precious and the information should not be leaked to the third party.
Organizations must make sure that the chartered accountants who they hire
are trustworthy because leaking of information means that company’s stakes
are at risk. Another company may exploit that information to its own benefit
leading to the downfall of the company whose private information has been
compromised.

Financial Advisory is subject to market risks…
Advisory Services are subject to the current market trends and the stock
market. The growth or downfall of stocks is unpredictable. It is very difficult to
guess whether there will be growth or downfall of a certain stock. These are
subject to market risk. That is exactly why the best brains in the business are
hired to give advisory services.
According to the past history and the probability of success of the product in
the market, they give their valuable advice to the customer. They need to
ensure that the greater part of the information is given to the person giving
the guidance to get valuable advice. They have to see the financial history and
where the organization is going.

Benefits of Advisory Services:

Helps in the growth of a company
There are numerous benefits of hiring a Chartered Accountant for advisory
services. Not only they help in providing a best solution to a certain situation but they also help in the growth of the company. They help the company to expand itself by giving an edge over other companies.
Advisory services are life saviours of a company!!
Sometimes, in critical times, during a downfall of a company, these advisory
services can act as saviours. These services help these drowning organization to take positive steps and survive. The world follows the policy “Survival of the fittest”. So only fittest of the fit companies excel in today’s times. That is why these services play a vital role in the development of a company.

Helps in investing money
Investment is another prospect that a company is very cautious about. We
know that money is an integral part of company. Their aim is to generate huge
amount of revenues. To generate these revenues, huge amount of investments are required like purchasing an office for a company etc. So, these are the areas, where good advisory services are needed. Expenses are regularly monitored by chartered accountants who help in keeping an eye on the financial situation of the company.

Tax, Loan issues
There are many consultancy firms that provide advisory services on whether to take a loan or not? From which bank, loan should be taken so that the interest rate is less when compared to others which will ultimately benefit the
company. Tax related issues are important. Even for these issues, advisory
services are needed.

These services come at a cost…
As explained above, you can see how valuable these advices are to a company.
Obviously, these services are not offered for free of cost. A big amount of fees
is charged by chartered accountants for providing these services. Despite
having high fees, these services are advisable to have if you are running a
company. Not having these services may result in the downfall of the
organisation.

 

BIATconsultant.com is leading financial advisory consultant with presence in India , prividing expert guidance since 2004 .

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WHAT IS THE MEANING OF TRADEMARK STATUS?

trademark registration in India

Getting a trademark is not an easy task. It has to go to through several stages
in order to get registered. Trademark can be done of various things like
company’s logo, company’s symbol or name etc. In order to get it trademark it
has to go through a serious inspection before it is approved. There are various
status that can be granted to trademark application. Some of them are as
follows:

Online new application
This status appears when you are filling up the application. Online new
application is available when you are filling it online.

Send To Vienna Codification
There are different categories in which the trademark is applied. If the
trademark consists of symbol, logo or any other design, it is assigned a code
called “Vienna Codification” and this stage is termed as “Send to Vienna
Codification”.

Formalities Chk Pass
This is a very important stage in which all the important formalities are
checked such that it meets all the basic requirements. This stage is termed as
“Formalities chk pass”.

Formalities Chk Fail
As we have already discussed what is formality chk pass status. Now if in that
stage if all the formalities fail to pass, then this stage is termed as “formalities
chk fail”.

Marked For Exam
After all the formality checks, the trademark is passed to the examiner. The
examiner approves in according to various sections of the Trade Marks Act and the status at this stage is termed as “Marked For Exam”.

Exam report issued/accepted
After checking and validation of the trademark, the examiner issues a report as accepted and the status of this stage is known as “Exam report
issued/accepted”. This is a very crucial stage because the examiner gives his
final report on its publication in Trademark Journal.

Objected
If your trademark has some problems, the examiner does not accept the
trademark. The examiner gives objection in a very detailed report to the user
informing about each and every objection in the trademark. An on paper reply
is offered to trade mark registry and the status of this stage is known as
objected.

Advertised or Accepted and advertised
When a trademark application is presented in the Journal, it is given the status
of “advertised or Accepted and Advertised”. This is a very vital status as the
third party has the right to compete with it within 4 months. The trademark
registration certificate is granted if there is no opposition.

Opposed
This is a very important stage as if the opposition stage opposes the
trademark, then the status of the application is termed as “Opposed”.

Send back to EDP
If there are any data entry errors in the application, the application have to be
corrected and is send back to EDP for correction. Once all the errors are
corrected, the entire process starts again for getting the trademark done.

Send to PRAS
PRAS stands for “Pre-Registration Amendment Section”. This status is given
when there are any changes in registration that require attention of the
customer. If that is the case, application is passed to the PRAS department.

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COMPANY INCORPORATION – IS IT EXPENSIVE AND DIFFICULT?

company registration

Several entrepreneurs ignore the importance and significance of company
incorporation before they even begin. They have heard from uncle’s father’s
brother that the incorporation of a company is very expensive and a very
complicated process. So the question arises-why do the big firms and
companies own corporations if incorporation of company is full of spikes?

What is Company Incorporation?
A company generally comes into existence by a process known as
incorporation. After a company has been incorporated legally, it becomes a
distinct entity for those who invest their labour, assets and capital to run the
company. After promotion, the next stage in the establishment of a company is the incorporation or registration. The promoter of a company must perform
the following functions for getting the company registered under the
Companies Act.
First step is the approval of the proposed name of the company. Next step is
filling up the documents that are required during the registration. The third
step is the payment of the required fees as mentioned in the companies Act
1956. The final step is the registration of company. After these four steps, the
company is incorporated.

Incorporation of company offers something to everyone

Whether it is a well-established company or it is fresh new start-up,
incorporation of company has something to offer to everyone. There are heaps of advantages and benefits of company incorporation. Incorporating a business is like making a new entity inside the eye of legal system. This adds value to the business which is incorporated. General population is worried about the financial security of their money. After a business is incorporated in the company form, security is offered to greater part of population.

For the starters, company incorporation can be a real stress. Even for the
veteran entrepreneurs, incorporation of a company can be a challenging task
because there are certain formalities and paperwork that is required for it.

Help of company registration consultant must be taken to implement company incorporation. Even the highly experienced business associates and investors have no clue when it comes to company incorporation.

Company registration consultant makes incorporation easier

As we saw, how cumbersome and hectic the incorporation of company can be?
However, the incorporation can be made easier with some assistance. There
are company registration consultancy firms that assist in the registration of
company. These firms have in-depth knowledge of the process and the
paperwork that is required for registration. When a company is registered, it
becomes a legal company and follows the rules and regulation established by
the government.

That is the reason why the people take help of these professionals for
company incorporation. By exploiting the services of experts and advocates,
company incorporation will not be tough task for you. If we talk about
management fees for company incorporation, it differs from state to state
depending on the lawful share assets of the company. Likewise, fees charged
by specialists for company registration may vary from place to place.
With the expertise of these professional, the company incorporation can be
done with a blink of an eye.

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