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GST Migration Procedure for Individual & Business

Incometax

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June 10, 2017

GST Migration Procedure for Individual & Business

If you have not yet started GST migration process, you should do it now. The government has finalized roll out of GST from 1st July, 2017. GST Migration is a first step you should take as a business owner now. GST is about to replace all other taxes like service tax, sales tax, central excise etc. If you are existing PAN based Service Tax (ST) and Central Excise (CE) assesse you have to enroll and get provisional ID and password to complete GST migration process. In this post, I will explain step by step procedure of GST Migration.

What is GST Migration?

GST migration means enrolment of existing indirect tax assesse (VAT, Service tax, central excise) to single tax regime GST via GST portal.

GST Migration Procedure for Business

1) Log on to www.aces.gov.in using your existing Automation of Central Excise and Service (ACES) ID and password.

2) On login you will see link saying Click Here to view your Provisional ID and Password to access GSTN Common portal.

3) You can login to GST portal www.gst.gov.in and click on New user Login. Enter your provisional ID, password captcha code and login.

4) Enter e-mail ID and mobile number to receive OTP (One Time Password).

5) Enter OTP and continue to create new user ID and password

6) Fill security questions and submit

7) Fill all details like ‘Business Details’, ‘Promoters and Partners’, ‘Authorised Signatory’, “place of business’, ‘Additional Business’, ‘Bank Account’ ‘Goods and Services’ etc. in Form 20

Also Read –What is GST input tax credit? How to claim it?

8) Upload supporting details and submit using Digital Signature Certificate (DSC) or e-signature

The mandatory documents required for GST registration are registration certificate, photograph, address proof and bank account statement.

9) This will fetch you your Application Reference Number (ARN).

10) You will get provisional GSTIN on appointed date.

For any assistance with GSTN Common Portal, contact GSTN helpdesk: 0124-4688999 or helpdesk@gst.gov.in

Does GST is applicable to me?

GST is applicable to a business owner in the following cases.

If your turnover in a financial year exceeds Rs.20 Lakhs.
If you supply goods are services within state or inter-state.
You are an agent or similar person who act on behalf of other registered taxable person.
You are e-commerce operator.
A person who supplies via e-commerce operator.
Distributor or input service distributors.
Aggregator supplying services under the brand name.

GST is applicable to all businesses like trade, commerce, manufacturing, a supply of goods/services, profession or any other similar activity irrespective of volume and frequency.

GST is not applicable if you are involved in agriculture based activities like horticulture, sericulture, raising of crops, grass or garden produce.

Hope information given above will help you in GST migration.

15 Tips to Survive a Job Loss condition

Career

Shitanshu Kapadia

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June 8, 2017

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A Job Loss condition is quite common today. My friend recently lost a job. He was in IT sector and he could not withstand the layoff. He is struggling to get a new job and also fighting to bring his finance in order. If you have recently lost your job and you are passing through bad time. Here are tips that will assist you to address your financial compulsion and keep your credit score intact, until you get your job or start a new business.

15 Tips to Survive a Job Loss condition

Take a stock of your finance

The first thing you need to do is to take a stock of your finance. How much money you have in your kitty? How many months can you survive without any additional income? This will help you to decide the way ahead for job search. Once you identify this tally up your monthly expense and make survival budget.

Take your family in confidence

You should make your family aware of your employment situation. Thus they will help you out in controlling household expense. They will also suggest you way ahead of finding a job or generating a new source of income.

Also Read – 40 Small Town Business Ideas with low investments

Prepare weekly cash flow plan

If you find your finance situation very weak, you should prepare weekly cash flow plan. The advance forecast for expense will help you in arranging money for the requirement.

Prioritize your Expense

The next tip is you should prioritize your expense and purchase only necessary items. As it is money crunch situation make sure your household expense are limited and as per your priorities. Divide your expense into two categories must and good to have. Spend your money on item defined in must category.

Avoid unnecessary expenses

This point is more or less similar to above point. You should avoid any unnecessary expense like entertainment, movie, and dine out frequently. If possible try to avoid extra tariff on the mobile phone.

Track your spending

If you are not tracking your expense, you should start it now. This will help you in deciding and cutting your unnecessary expenses.

Also Read – 20 Online Data Entry Jobs from Home

Don’t be in hurry to pay off your debt

It is generally seen that in job loss condition, people are in hurry to pay off debt. As per me, it is the wrong move. As you are not making money you should not pay off your debt. In case you need a loan you will not get it as you are not earning money.

Take care of yourself – health

Stress and depression are common enemies that come when you are undergoing job loss condition. You need to be extra cautious about your health when you passing through job loss condition. Start daily exercise and Yoga to stay fit.

Quit saving

If you have loss your job you should temporarily stop saving money. Once your monthly income is restored you can start saving again.

Avoid excessive use of credit card

As you don’t have any source of income in job loss condition, you should avoid excessive use of a credit card. Usage of credit card means increasing your debt. You need to pay credit card bill well in time else you have to pay several charges.

Also Read – 10 Online Business Ideas for Beginner

Don’t spoil relation with your boss

In the condition of layoff don’t lose your temper, don’t spoil relation with your boss. keep up a good relation with your boss. The reference of your boss matters a lot in order to get a new job.

Seek help from your former employer

You can seek a help from your former employer in order to get a job. You can directly approach them to get a job in the previous organization or you can ask them to help you in getting a job.

Network for new employment

As you are jobless it is time to network for new employment. Approach your friends, relatives and old collogue to get a new job. You can also choose to approach job consultant to get a good job.

Plan to become self-employed

In case you have decided not to do a job in future, you can plan to become a self-employed. You can start a small business with help of your family or friend and generate good income.

Plan for alternative part time online job or business

Never wait for a job. Find out an alternative option of part-time job or business. You can select any of online part time job or business idea in order to earn money.

I am sure that above tips will surely help you in jobless condition. If you are seeking any help or if you have any query don’t forget to post it in a comment section given below.

Top 5 Best Business Credit Card in India

Credit Cards

Shitanshu Kapadia

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May 29, 2017

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A Business Credit Card is one of the fast and convenient ways to get finance to run your business. A business credit card differs from a personal credit card. It offers higher credit limit and also offers multiple other benefits. However, like any other source of financing business credit card comes with a cost and must be managed carefully. Business credit cards can be used for establishing and developing business such as buying furniture, computer, stationery and other raw material required for the business. In this post, I will share information about Top 5 Best Business Credit Card in India.

business credit card

Key Features and Benefit of Business Credit Cards

Multipurpose Expenses – You can use a business credit card to spend money on travel, entertainment, utilities, repair, maintenance and other business operations.

Expense Monitor – You can track and control your business expense with expense monitor and spend tool provided by credit card.

Secure Transaction – Business credit card helps you to secure transaction. You need not worry about carrying cash.

Rewards – Some Bank offers reward points, cash back and discount for using a business credit card.

Higher Credit Limit – A credit limit offered by these type of card is very high. It will help you in dealing with working capital management and emergency business requirement.

Credit rating boost – A use of credit card also boost your business credit rating. It will help you for getting a business loan in future.

Eligibility of Business credit cards

These type of cards are issued to small business, companies including partnership and proprietorship organization.
Bank issuing credit card demands certain documents like income tax returns, profit and loss statement.
A track record of your business should be satisfactory.

Also Read – Best Forex Cards in India – Features & Comparison

Top 5 Best Business Credit Card in India

SBI Corporate Platinum Card

SBI Corporate Platinum Card is one of the best business credit card in India. This card helps you to track your expense with spend management tool. You can set spend limit in order to ensure better control. This card is widely accepted in India and even abroad.

Joining and Annual Fees – NIL
Interest Free Credit days – 20-25 days
Finance charges – Up to 3.35% per month

Business MoneyBack HDFC Card

Business MoneyBack HDFC Card offers higher rewards on business spending. This card also offers benefits like fuel surcharge waiver, zero liability on lost card and Interest free credit.

Joining and Annual Fees – Variable
Interest Free Credit days – 50 days
Finance charges – Up to 3.49% per month

My Business Credit card Axis Bank

My Business Credit card Axis Bank helps you to manage your business efficiently with business saving plan. This card also offers multiple other benefits to customer.

Joining Fees – Rs.999
Annual Fee – NIL for first year
Finance charges – Up to 3.25% per month

Citibank Corporate Card

Citibank Corporate card is business credit card with multiple benefits. It also offers online tool to manage all expenses. You can also opt for exclusive saving offers.

Joining and Annual Fees – Variable
Finance charges – Up to 2%

ICICI Bank Corporate Card

ICICI Corporate card offers complete travel and entertainment package of business class people. This card is available in platinum and gold variants.

Joining and Annual Fees – NIL
Interest Free Credit days – 48 days
Finance charges – Up to 2.5%

At last, I would like to say that business credit card is a boon for an entrepreneur looking for short term loan option. However, before selecting any credit card you should look at charges and fees applicable to the card.

Simplified facility of Linking Aadhaar with PAN

Incometax

Shitanshu Kapadia

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May 12, 2017

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Simplified facility of Linking Aadhaar with PAN

A simplified facility for linking Aadhaar with PAN Card is launched by Income Tax department. This new facility will enable anyone to Link Aadhaar with PAN in three simple steps. The prime purpose of linking Aadhaar with PAN is to fight against tax evaders who holds multiple PAN card for evading tax. This exercise will bring transparency and also reduce misuse of PAN card. It will also increase tax compliance. Looking at benefits the government has decided to make it compulsory for every individual to Link Aadhaar card with PAN card by 31^st July, 2017.

The facility of Linking Aadhaar with PAN was already available. However, it was given only to register users of Income tax e-filing portal. An individual not coming under income tax regime or those who have not registered income tax e-filing account was not able to use this facility. Apart from this many people were facing a challenge of data mismatch while linking Aadhaar with PAN. For all of them who are unable to link PAN with Aadhaar new simplified facility is available on Income tax portal. A process for using this facility is given below.

Also Read – How to link Aadhaar to EPF Online on UAN Portal?

Process of Linking Aadhaar with PAN

Step 1 – Visit e-filing portal of income tax India by clicking on https://incometaxindiaefiling.gov.in

Step 2 – In left pane navigation, you will find Link Aadhaar link.

Step 3 – Click on the link and you will be prompted to provide information about PAN, Aadhaar Number and Name as per Aadhaar Card. Enter exact information as per Aadhaar card, avoid spelling mistakes or capital small wording.

Step 4 – After providing all the information you have to click on Link Aadhaar button. After verification from UIDAI, the linking will be confirmed.

The screen will show Aadhaar PAN linking is completed successfully.

In case of any minor mismatch in Aadhaar name provided by taxpayer when compared to the actual data in Aadhaar, One Time Password (Aadhaar OTP) will be sent to the mobile registered with Aadhaar. Taxpayers should ensure that the date of birth and gender in PAN and Aadhaar are exactly same. In a rare case where Aadhaar name is completely different from name in PAN, then the linking will fail and taxpayer will be prompted to change the name in either Aadhaar or in PAN database.

This facility is also available after login on the e-filing website under Profile settings.

How to verify Linking of Aadhaar with PAN?

You can also verify that linking of Aadhaar with PAN is successfully completed or not. In order to do that you need to login income tax e-filing portal.

After login go to Profile Setting >> Link Aadhaar

If your aadhaar linking with PAN is successful you will able to see a message like -“Your PAN is linked to Aadhaar Number XXXXXXX”.

Press release on Aadhaar PAN linkage is available on income tax portal.

I hope above information will help you in linking your Aadhaar with PAN.