BusinessWindo.com is a unique platform which provide opportunities to young & aspiring minds. It offers online consultation, to budding entrepreneurs pan India, in overcoming the initial formalities of starting a business. This is an initiative to utilise the bandwidth of legal and financial fraternity in business, by lending support to the start-ups under one roof. This one-of–its-kind platform, comprises of legal and professional experts who helps these business set ups.
BusinessWindo.com is a unique venture with an initiative to serve start-ups and new business set ups and support them with services such as New company incorporation, Tax registration, Filing of various taxes, Secretarial services, Chartered accountant services, Trademarks, Copy right, Patent and many more at affordable charges with better transparency.
Unlike other service providers, BusinessWindo provides more than 50 services to its users. In addition, all services are relatively affordable compared to the market and still maintaining the high quality standards.
With a team of young, energetic team it focuses on providing hassle free, transparent online services on www.BusinessWindo.com at affordable price.
Handled 1000+ projects and delivered substantial results.
All-round performance throughout toughest challenges and risks.
Our esteemed client’s proposition and absorb their valuable inputs.
Retain customer loyalty by providing consistent efforts and ideas.
Assure complete confidentiality of information shared with us.
Troubleshoot service-based problems & help resolve discrete technical issues.
One of the first reasons for which you should choose Businesswindo.com is because it is a capable organization in various areas of business such as Company Registration in Bangalore and GST taxation matters. The organization uses qualified professional experts in the domain of company registration to make your company registration process much smoother than before. The company provides you value for money and in this day and age this is one value that is cherished so highly. When you do business with us you can be sure that there would not be any hidden costs whatsoever and your documents would be cent per cent clear as well. This will make sure that you do not face any problem later on.
We have been in the business for a long period of time and as such we have associated with plenty of entities. They have been happy with the services that we have provided to them and this has cemented our position as a market leader in our chosen domains. More than anything else, we are committed to providing you the best service that we can – in terms of commitment and quality. When we are working with you, your problems are our problems and we would always make our best attempt to solve them to your utmost satisfaction.
Goods and services tax (GST) is one of the biggest fiscal reforms in India ever since Independence. It is expected that this indirect tax would have a major effect on businesses of all sizes, big as well as small. GST is expected to be levied on all goods and services and will take up the mantle now vacated by the indirect taxes of yore. This includes taxes such as excise tax, value added tax (VAT), and service tax to name a few. It is expected to have several advantages for Indian economy. Look over here, the four benefits of goods and services tax (GST).
Removal of cascading effect of taxes
This is expected to be an important benefit of the GST tax regime. It will significantly do away with the cascading effect that the previous indirect taxes had. In layman’s terms the phrase cascading effect of tax means one tax upon another. In the present regime the service tax that has been paid on the input services cannot be set off with respect to the output VAT. In GST the tax payer would be able to avail input tax credit without any problem whatsoever. This facility will be available across all goods and services. In the end this would reduce the tax burden applicable for the end user.
This will do away with the cascading effect. It is expected that this would really benefit industries where both products and services are involved. Examples of such businesses would be the various restaurants and eateries.
Greater tax breaks for smaller organizations
It is also expected that GST would make registration really easy. The registration limit for excise tax was INR 1.5 crores, and for VAT in most states across India the figure was at least INR 5 lakh. For service tax this figure went up to INR 10 lakh. The registration limit for GST is INR 20 lakh. In the states located in northeastern India this limit has been fixed at INR 10 lakh.
The present VAT structure makes it necessary for any company with an annual turnover of more than INR 5 lakh to pay the tax. The rates are however different across states. As far as service tax is concerned any company with a yearly turnover of at least INR 10 lakh would have to pay the tax. In GST this limit has been taken up to INR 20 lakh. It is expected that this would significantly benefit many small and medium industries.
Small businesses to be benefited by composition scheme
The administrators have also come up with an alternative programme of lower taxes that is expected to benefit the smaller companies that earn between INR 20 lakh and INR 50 lakh a year. This scheme is known as the composition scheme and would benefit these entities by reducing the tax rate applicable to them. It is being proposed that the limit be increased to INR 1 crore as compared to the earlier turnover threshold of INR 75 lakh a year. This is expected to be of significant benefit for a number of small businesses across the country as well.
Online procedure becomes much simpler
The whole process of GST is expected to be much simpler compared to other indirect taxes. This includes processes such as registration, filing of returns, and payment of the tax, all of which have to be done online. Now, there is no longer the need for a startup to do the rounds of a tax office so as to get registered for various taxes. The number of compliances has come down as well. At present, there are other indirect taxes such as excise tax and VAT that have their own compliances and returns. GST is expected to unify all the different compliances and returns and make the entire process much simpler and, thus, easier.
One of the various small businesses that you can start with very little investment is a personalized and customized gift store. In fact, this is a hot business idea right now considering how people want to buy such presents for their near and dear ones as well as others that matter in their lives. If you are thinking to start a choicable business, here you can look over some small business ideas can turn your mind to put a thumb for new initiative.
Gym or fitness centre
You can easily start a gym or fitness centre considering how conscious people are these days about fitness. Almost everyone you see out there wants to be fit. So, in case you had some room you could easily start a fitness centre or gym over there and earn good money in the process.
You could easily start a small event management company that would organize different kinds of events. More than money what you need over here is sufficient manpower and significant amount of expertise in the industry.
These days everyone wishes his home to be decorated by an interior designer or decorator. So, you could easily start that business. However, you need to be trained and certified in order to enjoy a successful career here.
Small grocery shop
Yet another good small business idea with little investment is a grocery store. Here you do not need any special skill as such and you can go on expanding even as you go.
Ice cream parlour
If you have little money then you can do worse than start an ice cream parlour.
Photocopies and book binding
There are plenty of school and college areas that may not have this facility. You can easily fill this gap in those areas and it does have the potential to help you earn.
Mobile food shop
This is the mobile generation. So, it might make sense for you to start a mobile food service such as a food truck.
The price of gold is always increasing and there is great demand for golden jewellery as well. This is why you can undertake a course in this regard and start a small business that could one day grow into something so much bigger.
It is also a good business idea to start a small insurance company of your own or even become the agent of an established insurer.
If you are good at what you do and have sufficient experience and repute in the industry where you work at present you can always consider working as a freelancer.
You can always count on book lovers to buy several books at once and this is why the idea of starting a book store happens to be such an attractive one.
These days, people always look for good catering service for special occasions such as parties and marriage ceremonies. So, if you are skilled in this area then it is one business that you should definitely try.
If you are capable of providing computer training then this is one business that you would enjoy. In any case, in the modern world it is important to know computers.
These days life is rather stressful and a lot of people like to practice yoga to stay fit and de-stress. So, in case you are trained in that regard you can jolly well start a new business.
Baby sitting services
This business idea is meant primarily for women who wish to do some home based work instead of moving outdoors for work. You will find a lot of working couples who would be more than willing to avail your services.
Real estate consultant
Real estate is one business that is always growing and as such you can always start a consultancy in this particular industry. You can guide people how to sell, buy, and rent property.
The financial transactions are the very center of economic activity as investment in assets, goods and productive activity is funded by financial transactions. These transactions take various forms – from equity to loans, to investment in various securities. Besides primary financing transactions there are numerous secondary market transactions – including traders in securities, assignment and securitization of loans, etc.
The introduction of Goods and Services Tax (GST) is admittedly one of the most outstanding tax reforms since Independence and therefore, it is very important to unravel the implication of GST on financial transactions. This article is limited to GST on basic financial transaction excluding insurance, stock broking services, etc.
What about GST on Lending Transactions
One of the primary facts one should note while evaluating the applicability of GST is the nearly-all-pervasive nature of the levy. The charging section [Sec 9 of the CGST Act] imposes the tax on any “supply”. Exclusions are items like non-taxable supplies [for example, alcohol for human consumption], or exempt supplies, or supplies which are zero-rated. Hence, the focus shifts to the ambit of the word “supply”, which consists of all forms of supply of goods and services under Section 7 (1) of CGST Act, 2017. Since the word is intrinsically connected with the words “goods” and “services”, one needs to examine the meaning of those terms.
“Goods” are defined in Section 2 (52) to include any movable property, other than money and securities. “Services” are defined in Section 2 (102) to mean anything other than goods, money and securities but includes activities relating to the use of money or its conversion by cash or by any other mode, from one form, currency or denomination, to another form, currency or denomination for which a separate consideration is charged.
Mere money is excluded from both goods as well as services. When read with the word “supply”, supply of money is neither a supply of goods, nor a supply of services. However, Section 2 (102) includes, in the definition of “service”, any activity relating to use of money, even though supply of money itself is not a service. Mere supply of money could be settlement of a transaction – for instance, making a payment for goods and services. It could not have been argued that the person making the payment itself is making a supply. Therefore, the intent of the law excluding supply of money, but including any activity pertaining to the use of money becomes intriguing. This conundrum was faced by the Delhi High Court in Delhi Chit Fund Association Vs. Union of India1 while interpreting similar expression used in sec 65B (44) of the Finance Act, 1994 – the High Court expressed its perplexity in the following words: The Explanation, therefore, seems to offer a clue to the problem which appears to us to be a creation of the very confounding manner in which the definition is found to have been drafted. However, we have to make sense of what we have.
Can it, therefore, be argued that lending of money is an activity pertaining to use of money? If the settlement of a supply in form of a monetary payment cannot itself be taken to be a supply, then, what else could be the exclusion of monetary transactions in both the definition of “goods” as well as “services”, except lending or deposit of money?
The list of exempted services [item 8- extending deposits, loans or advances in so far as the consideration is represented by way of interest or discount (other than interest involved in credit card services)]. That is to say, there is a clear exemption for extending of deposits, loans or advances, insofar as the consideration is interest or discount. Therefore, it does not practically matter whether lending of money is a supply of services or not. However, the question becomes crucial from at least 2 viewpoints:
• Lending of money is a supply of service, but an exempt service in terms of Item 8 of Exemption list
• Interest involved in credit cards is not a fully exempt service
The exemption for financial transactions in India is quite narrow – it is only the interest/ discount earned or paid for loans, deposits or advances. Therefore, if the transaction deviates from a plain vanilla structure and therefore, fails the test of being a “loan”, “deposit” or “advance”, or the consideration is not an interest or discount, the exemption is lost. As a result:
• All earnings and charges other than interest or discount will be chargeable to GST. This includes any upfront or regular charges such as processing fees, documentation charges, service charges, collection charges, inspection charges, repossession charges, foreclosure or prepayment charges and so on.
• If the transaction does not fit into the meaning of “loan”, “deposit” or “advance”, even if the transaction is intrinsically a financial transaction, it does not seem that the supply will be exempt from GST. Thus, if an inventory repurchase transaction or a financial lease transaction may have the substance of a financial transaction, but it will be difficult to contend that they avail the exemption given in Item 8 of the Exemption list.
• Nevertheless, if the transaction is a loan transaction, there is no question of GST on the recovery of principal lent as the tax can only be on the consideration and not for principal recovery.
Is Registration Required Under GST Law for Money-Lenders?
Loan transactions are currently originated from banks, but by thousands of non-banking financial entities, thousands of money-lenders and entities occasionally engaged in lending activities. Therefore, a pertinent question is, is registration under GST law relevant for an entity even though the entity may be earning income by way of interest.
Notably, interest on loans is exempt as per the exemption discussed above; however, the registration requirement is based on (a) aggregate turnover in a financial year exceeding Rs 20 lakhs and (b) the supplier making a taxable supply. The term “aggregate turnover” as defined in Section 2 (6) includes value of all exempt supplies as well. Thus, while there is no GST on interest on loans, but the same is still captured in while computing aggregate turnover. Thus:
• If the aggregate amount of turnover (note that this is all – India turnover), including interest, in a year exceeds Rs 20 lakhs and
• The entity has received any consideration other than interest (any amount whatsoever) or made any other taxable supply (for example, even sale of scrap in the office), the entity will require registration.