Indiacrafts

These are Some Frequent Questions, I generally get, So thought to write a blog about it. Q.1) What is GST? GST is Goods & Service Tax basically the main form of Commercial TAX that comes in to effect in India from July 1, 2017. It replaces all the existing types of taxes like VAT, CST & EXCISE etc. Q.2) What is GST tax slab rate? There is basically 5 slab rate for Product & 1 Slab for Service. For Product it is , 0%, 5%, 12%, 18%, 28% For Service, It is 18% Q.3) Has it replaced all the Previous Taxes like VAT, CST & EXCISE? Yes. But for some exceptional cases like Liquor, the Value Added Tax still exists & GST is not been implemented. Q.4) How do I apply for GSTIN (GST REGN NUMBER) online? Simply go to GST PORTAL http://gst.gov.in & apply online. Remember if Your annual gross revenue is more than 20 lakhs then you are required to register, the slab is 10 lakhs in north east states. NOTE - For eCommerce sellers & interstate sellers it

As we all know it is Goods & Service Tax. Basically it a single tax which replaces various kinds of taxation that was there earlier like VAT (Though VAT is still there for Liquor Items ), CST, EXCISE, SERVICE TAX, etc. So ultimately it a very good thing to have theoretically but the practicality it is bit different. It has impacted both buyer & seller but it has really impacted severely to the small traders & small eCommerce sellers in EBAY or Amazon. See my article below. TAX SLAB Product - 0%, 5%, 12%, 18%, 28% Service - 18% GST IMPACT ON SMALL TRADERS / ECOMMERCE SELLERS From Buyers Prospective, Always no matter whatever the taxation system is the buyer has to carry the burden of it, so see below how it affect a buyer, Leather Items like Bags, mobile cover, laptop bags & other leather items becomes costlier. (GST 28 % SLAB) Service TAX changed from 15% to 18%, so directly or indirectly you will have to pay a lot money for that. eg,

Friends, I started the registration process for  GST  on 1st July 2017 & literally it took me almost 19 days to finish it. I was doing the registration as Proprietorship for  Indiacrafts . After trying it for almost 50 times then finally I completed the process. The process is not that complicated but the manner the question & some of the data are there may bowl you over.  So let me get to the point straight, The documents you require for Proprietorship registration, 1) PAN CARD, (Individual PAN is Required, No Company PAN required) 2) BANK STATEMENT or BANK BLANK CHEQUE 3) AADHAAR CARD NUMBER (Mobile Number Should be Linked for E-Signature) 4) Address Proof (Electricity Bill, Land Docs or Rent Agreement) Document doesn't Necessarily clear your doubt how to fill the form, So please note down some important points, i) Legal Company Name is Your Name (GST REGN PART-A) eg, Your Name is Hari Das, So Your Legal Business Name is Hari Das (For

Friends, I started the registration process for GST on 1st July 2017 & literally it took me almost 19 days to finish it. I was doing the registration as Proprietorship for Indiacrafts . After trying it for almost 50 times then finally I completed the process. The process is not that complicated but the manner the question & some of the data are there may bowl you over.  So let me get to the point straight, The documents you require for Proprietorship registration, 1) PAN CARD, (Individual PAN is Required, No Company PAN required) 2) BANK STATEMENT or BANK BLANK CHEQUE 3) AADHAAR CARD NUMBER (Mobile Number Should be Linked for E-Signature) 4) Address Proof (Electricity Bill, Land Docs or Rent Agreement) Document doesn't Necessarily clear your doubt how to fill the form, So please note down some important points, i) Legal Company Name is Your Name (GST REGN PART-A) eg, Your Name is Hari Das, So Your Legal Business Name is Hari Das (For P

We are happy to announce that on 15th Aug 2017 we are launching some new products from the brand of Indiacrafts . That is not all, Also we are launching new mobile app also changing the current Indiacrafts website . So after 15th Aug 2017, we will see whole new things in Indiacrafts. The news does not end there, also there is one management level change & Mr. Bibhuti Bhusan Samantaray will hand over the whole responsibility of Indiacrafts to Mr. Birendra Prasad Samantaray. It is because Mr. Bibhuti will focus on some other parallel projects like Venuegarden & Digidocs.  As per Mr. Samantaray "The next one year is a very important year for the company & its Subsidiaries. So everyone is really focused & is putting their 100% towards the success of the company. There are a lot of positive change is going to happen in near future in the company. We are also trying to maximize the revenue & want to do a 10x growth next one year." New Items t

What Exactly Is The 80/20 Rule? By the numbers, it means that 80 percent of your outcomes come from 20 percent of your inputs. As Pareto demonstrated with his research this “rule” holds true, in a very rough sense, to an 80/20 ratio, however in many cases the ratio can be a lot higher – 99/1 may be closer to reality. It really doesn’t matter what numbers you apply, the important thing to understand is that in your life there are certain activities you do (your 20 percent) that account for the majority (your 80 percent) of your happiness and outputs. You may have expected me to say that 20 percent of your activities produce 80 percent of your financial rewards, and that is true, there are probably a handful of activities you do each week that produce your income. You can definitely apply the 80/20 Rule to most aspects of your business or working life, however I believe your overall happiness and satisfaction are much better variables to focus on. Money certainly plays an impor

GST is the hot topic & the country is really thinking long & hard about how to tackle it. From selling Shoe as a single piece to selling clothes as a separate entity to rumors about various slabs which does not exist at all in whatsapp. As I have already mentioned in another article how GST has hit hard for the small businesses , now it is the time to let you know what to do if you are a small business. If you want to read the previous article about GST please click here . Basically, if small businesses are generally two types. 1) Proprietorship 2) Partnership  So, today we will shed some light on the above though both the process are very simple & you barely need to pay any money for that. So the registration is almost free. 1) Proprietorship: 2 things you have to do if you are coming in this category.         i) TAN Registration  If you don't know what is TAN,  it stands for Tax Deduction and Collection Account Number. It is a ten digit alp

Digidocs was not only a digital documentation platform it was a concept of changing the whole paper documents to digital documents. Though the project could not be managed as per its potential still it has shown us some ways to help or change the people's life. Digital Library is one of them. Earlier the Digital Library was available with Digidocs site but due to its maintenance, we have to shut it down. We are thinking to re-release it & finally we are releasing it with Indiacrafts . Find a snapshot of Digital Library below. Yea, One more thing, Digidocs will be back for sure & it will be blow your mind with its new features.  Snapshot of Digidocs Digital Library Page So you can find the whole Collection in the following link Digidocs Digital Library -  http://www.india-crafts.in/library.html The collection includes books from Engineering, Science, Arts, Economics, Energy, Journals & GATE study materials. You can also check the central library to g

GST is a revolutionary tax reform in India since last 200 years & almost the whole country is talking about it. Having said that no one really understands how it actually works & everyone is having their opinion on it. When general people welcome it in open arm, for sellers it is their worst nightmare. We are one of them. Though it is a very good thing for a customer & most of the business, but it actually hit hard towards the eCommerce business Especially for the third party sellers. In the country like India, where third party sellers are really controlling the marketplace it is very difficult for them to adjust to it. With many items' price suddenly hiked because of the new tax slab small sellers are really struggling to cope with it. Either they are changing their product or they have no options but to opt out of the business. Some examples are Tablecloth, handkerchief, socks, college bags, school bags etc. GST made two things very complicated for the eCommerce