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20 Most Critical Facts About GST

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The Goods and Services Tax (GST) is considered the biggest fiscal reform in India, since Independence. The main change that GST has brought in India is the application of one single tax law across the whole country.

After the implementation of GST, several indirect taxes such as the Excise Duty, Service Tax, Additional Custom Duty, Special Additional Custom Duty, Central Sales Tax, Value Added Tax (VAT), Entertainment Tax, Sales Tax, and some other taxes are replaced. There are several interesting facts about the Goods and Services Tax law.

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Also Read: Mobile Apps for Being Tech Savvy with Management Finances
Some important and critical facts about GST are discussed in this article.

  1. GST is a relief for SMEs (Small and Medium Enterprises). Under the tax regime that existed previously, any business having operations across multiple states was required to register for VAT to carry out business. The process of VAT registration was quite complicated but now GST has made the registration centralized, and the rules remain uniform for all countries. Apart from that, the entire process of taxation has become much simpler and the overall cost for logistics has gone down.
  2. The GST took around two decades to be entirely conceptualized in India. An empowered committee of Finance Ministers under the Vajpayee government started the discussion in the year 2007 and the GST was finally implemented in the year 2017.
  3. India has a dual-GST structure- the Central GST and the State GST. Apart from India, there are around 160 countries that follow the GST law in some form or the other. The only country other than India with a dual-GST structure is Canada.
  4. The GST council has decided a four-tier tax rate structure. The slabs are- 5%, a lower rate for essential goods and services, 12% and 18%, a standard rate for goods and services and 28%, a higher rate for luxury and sin goods.
  5. To insert articles that would empower the Government of India to levy Goods and Services Tax, the Constitution of India was amended. Before this amendment, the State and the Centre could not tax the same transaction simultaneously but GST has explicitly allowed both the Centre and the State the power of taxation.
  6. According to GST law, any movable property is considered as “goods” and anything other than that i.e. immovable properties are classified as “services.”
  7. Previously, the tax revenue collected by high manufacturing states was more than the high consumption states. But since GST is a consumption-based tax, now the high consumption states collect more taxes than the high manufacturing states.
  8. State excise duties and Value Added Tax is still applicable on alcohol for human consumption but it is kept outside the scope of GST along with a few other goods and services such as petroleum, real estate.
  9. The GST has eliminated the cascading effect by ensuring the seamless flow of credit across all the supply chains. This helps in overcoming the inflationary effect caused by the previous “tax-on-tax” or “cascading” effect.
  10. GST has given a boost to the Indian market with respect to foreign trade. It has opened up the Indian economy to foreign investors who were previously reluctant but are now willing to invest in India.
  11. The registration for GST or return filing can be done online whereas in the earlier tax regime, the business owner had to get separate registrations done for various indirect taxes. Every taxpayer registered under GST needs to file GSTR-9 which is an annual return. It is a consolidation of all the returns filed in a single year.
  12. After the implementation of GST, the number of indirect taxpayers has increased. There has also been an increase in voluntary registrations. Especially by the small enterprises who sell goods to large enterprises.
  13. The GSTN system makes sure that the tax paid by the supplier matches the details of credit claimed by the recipient. This system ensures that the recipient keeps a check on his supplier.
  14. The taxable events under the indirect taxes are sales, manufacture, provision of service/import. Whereas the taxable even for GST is the supply of goods and services. It covers within its bounds all types of existing taxable events.
  15. A Composition Scheme was introduced to encourage a reduction in taxes and tax compliances. It is an easy and simple scheme for taxpayers. Any taxpayer who has turnover less than Rs.1 Crore can opt for this scheme. With this scheme, small taxpayers can pay. The GST at a fixed rate of turnover and avoid tedious formalities.
  16. The tax rates under the Composition Scheme are: i) 1% for small businesses with a turnover of Rs. 1.50 crores & ii) 6% for small service providers with a turnover of Rs. 50 Lakh per annum.
  17. The GST has reduced tax rates, eliminated multiple point taxation and increased revenues. Together these have accelerated economic growth and given a boost to the GDP of the country of India.
  18. The complexity of the indirect tax structure prevented transparency but GST being a unified tax, has helped create a transparent environment.
  19. The previously existing multiple indirect taxes at both central and state levels led to a lot of complications. This made the administration difficult. The administration of indirect tax is much simpler under GST due to the strong and simple IT system.
  20. GST has also faced a lot of criticism but is also considered to be a game-changer for the Indian economy as it has generated a common market and reduced the overall effect of taxes on goods and services.

Conclusion

As the short term effect, the GST is predicted to reduce inflation. In the previous system, the tax was paid on the value of goods at every step of its production process. This meant a higher amount of total tax paid and as a result, inflation in the prices of goods and services. But GST has helped in an elimination that cascading effect.

GST has also faced a lot of criticism but is also considered to be a game-changer for the Indian economy as it has generated

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Why B2B Digital Marketing is Important?

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Aside from having seamlessly integrated the web into everyday work, it is likely that some businesses do not take full advantage of online marketing or maybe even create a webpage.

It is a fairly common trend among B2B businesses to do so. If this is the situation for you, you are losing out on significant business possibilities, and you need a B2B digital marketing agency to help you.

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Below are five factors why all B2B companies need to have a content marketing campaign to help B2B digital marketing:

Brand Awareness

With all that online competition nowadays, developing a comprehensive approach to digital marketing is of enormous benefit to companies. A B2B digital marketing agency can create brand awareness with a well-run platform, and international online visibility will hold your company at the forefront of your potential consumer base. For starters, if a prospective buyer is used to reading your helpful blog material, receive your weekly newsletters, and see regular social media posts, they’re more likely to recognize you once the opportunity comes to for an actual sale.

Enhance Credibility

All the material that you have released creates consumer awareness by appealing to your customers in various ways. Still, there is also a great benefit: it strengthens the integrity of your company and your personnel. When employees are actively producing new and exciting material on significant industry subjects, they have all the potential to establish themselves as specialists in their particular field of knowledge. Original content may also open doors to trade shows, exhibitions, and seminars, as the staff who are known industry experts show potential clients that they are knowledgeable and informed on what the consumer needs.

Also Read: 6 Most Common Digital Marketing Misconceptions, and the Truths Behind

Collect Feedback

If achieved through the correct channels such as online advertising, social networks, and even live shows such as conventions, B2B marketing may make for an excellent way to collect input and direct reviews from actual customers and prospective leads. For starters, several people will provide immediate feedback on content or a new product by commenting online. Most businesses have had some traction in online surveys via polling sites where a link to collect responses has been sent to a mailing list or via social media.

Testing

Through software, technology, and creativity, marketers can test anything that is being digitally produced, and these are some areas that B2B marketers can take advantage of.

Email: Many email systems make it possible for you to A/B test emails in which half of the email list gets one variant of the email and a different one for the other half.

Graphics: All the graphics in your official site and other advertising mediums can be assessed to see what drives traffic.

Landing Pages: If you have different landing pages for sections, sites, merchandise, or other ads, several landing page elements can be A/B tested using an automated system, just like an email portal does.

Content Titles: Many tools allow you to A/B test your articles so you can see what headlines are better to maximize the impact of your click-through rate for improved sales and social networking interactions.

Although these are only examples, it is crucial for B2B marketers to continually check and see what the intended audience is searching for in a business. Research is the only real way to figure out what’s common among consumers and what’s not.

Must Read: Turn your data into marketing tools with proper Web Analytics

Keep in Touch

Above everything, B2B marketing is essential to your company as it helps you to stay in touch with your clients. Across channels and solutions such as email, social networks, branding, and content marketing, businesses can remain relevant to their existing customer base, which also helps boost repeat business and recommendations.

A company that connects consistently with its clients via advertising mediums would enhance all the above advantages, including better brand recognition to more business credibility.

Although many businesses require marketing to be the weapon generating leads, its value extends beyond placing cash on hand. Digital marketing can develop brand awareness, enhance credibility, collect feedback, testing, and help businesses keep in touch with their audiences. When designing a B2B marketing strategy, ensure that these components are incorporated to get as much out of your campaign.

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6 Things To Know About Making Popcorn to Start Popcorn Business

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The smell of freshly melted butter almost always equates to popcorn. Whether you are about to enter the cinema to watch the latest flick or chilling at home and doing a Friends rerun, the popcorn is a must-have. Popcorn has been a staple during hangout session with friends, movie marathon alone at home and during movie dates with loved ones. It has that comforting yet enticing smell that will instantly make your stomach grumble and make your arms reach for that big bowl of salty goodness.  Would you believe it is America’s favorite snack? And it’s also no surprise that Americans eat more popcorn than any other countries.

Let’s look back at popcorn’s journey before it became America’s most loved. Popcorn at first was used for decorations such as necklace and head ornament. However, it became more popular when Charles Cretors’ (let’s say our mighty thanks to this man) invented the popcorn maker. And the rest, as they say, is history.

Popcorn making or cooking is easy, but there are still some ways that we do it wrong. So here are 6 things to know when making the salty goodness that is popcorn. 

Also read: Know How to Start a Food Cart Business: Ultimate Guide

  1. Flavacol, the not-so-secret ingredient.

If you are wondering how come popcorn at the movies tastes and looks better with that right amount of yellow color, that my friend is what we call Flavacol. This gives our popped kernel the shade of yellow that looks so good, you want to eat ‘em all even if the movie hasn’t started yet. Aside from the color, it also allows the salt to stick to the popped kernels better, giving you a more flavorful experience.

  1. The more the oil, the crunchier.

We want popcorn but not the calories, right? So we try to cook popcorn with less oil. However, this will not give you the popcorn you are dreaming of. The more oil you put into the cooking bowl, the crunchier it will be. So give yourself a break and indulge once in a while, popcorn cooked in more oil will give you more joy.

  1. Give it a shake.

No matter what pot you are using, if you don’t shake it while cooking, then you will not get good popcorn. At least once every minute, you stir your pot and allow all the kernels to pop and get exposed to the oil and heated pot. 

  1. Don’t pre-salt.

Pre-salting even when cooking meat, toughens it. So skip the salting while cooking as salt toughens the kernels. It would be best if you salt your popcorn once they already popped.

Must Read: Improve your Business with Better Customer Success

  1. Too fast, too furious on popcorn is not good.

Don’t rush your kernels. The right amount of heat should be at medium-high, but as soon as the popping starts, it’s time to put the heat on medium-low. Turning the heat lower will allow those kernels not yet exposed to the heat to catch up to those already popping. 

  1. Popcorn-making can be a good money-making business.

Because many people love their popcorns given the right location and right recipe, it can be a good money-making gig. All you have to have is a good quality commercial popcorn machine and popcorn- making is a breeze. In a review by Regina Braun, the Paragon Theater Pop 12 Ounce is the best for beginners. With high- functionality minus the bulky size, this baby is a must-have.

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Improve your Business with Better Customer Success

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The reason why customers want to buy your goods or services is that they think those goods or services can help solve their problems. If those problems aren’t solved, customers may choose to shop around for something that gives them better value for their money. Therefore, it is important that you are always looking for ways to help private or corporate clients meet their needs.

Improve your Business with Better Customer Success

Acquire Data About Your Customers

A customer success team can do a better job of servicing its clients by obtaining as much information about them as possible. In many cases, the process of gathering data about a customer starts before he or she is targeted with an online ad or cold called by a sales professional. Ideally, your business will create a customer persona that helps you determine who that person is and what his or her key needs are.

Also Read: Small Capital Business Ideas That Can Be Open In Fairfield

Learn How to Anticipate Problems

It is also a good idea to have a chat online, by phone or over coffee to learn more about what a customer wants and needs. This allows you to offer goods or services that can help solve a person’s problems or best fit his or her budget. Ultimately, gathering as much data about a client as possible makes it possible to be proactive as opposed to reactive in helping that client be successful.

The goal of a customer success team is to be proactive as opposed to reactive. While your customer service and support staff can help to resolve issues and salvage relationships, the goal is to rely on them only as a last resort. By avoiding problems before they occur, your customers are more likely to be happy and eager to associate with your brand.

There are several steps that you can take to anticipate and avoid potential issues that could impact a client’s success. Let’s say that you know about a potential bug with your sales platform that increases the possibility that online credit card transactions could be declined.

In such a scenario, it can be a good idea to let the client know about that issue, what is being done to fix it and how your company can help until it is fixed. While a customer may not be happy about the inconvenience, knowing that their partner is there to help makes a big difference.

Use Computer Software to Manage Relationships

You can use computer software to help manage relationships and be more proactive in meeting everyone’s needs. A software program can help with tasks such as sending out the phone or email messages asking if a customer has any questions, concerns or feedback about a product or service.

These messages can also remind customers to schedule routine maintenance or prompt them to offer any feedback that they may have. Keeping in touch with your patrons can make it easier to learn about issues before they directly impact them. Furthermore, regular contact makes customers feel like more than an account number.

It is critical that your company does whatever it can to help its customers be successful in meeting their goals. Whether they want to save money, save time or increase their brand reach, being a proactive partner can help to grow your brand both today and into the future.

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