S20

Education : How To Bridge The Gap Between Academic Curriculum & Industry Requirements?

“Irrigation yourself with better grades and your economic future is secure”. This is the…

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“Irrigation yourself with better grades and your economic future is secure”.

This is the basic idea on which academic curriculum runs, by securing the economic future of an individual through categorising them in grading system, like product in factory. Which explains why the curriculum put students in straight rows, nice and neat, tell them sit still, raise their hands if they want to speak, give them a short break to eat and for 8 hours a day tell them what to think and make them complete to get an “A”. A letter which determines product quality or student’s abilities. And this schedule is practiced from primary schooling. Despite of categorising the minds in stereotype criteria’s, the inbuilt skills of a student must be enhanced.

But rather than creating and developing the skill of their interest, the importance is given to the report card. Due to which the child grows with the aim to score good marks, neglecting his field of interest.

The situation is worst when at a time, the interest is buried with the expectations, competition and huge academic syllabus. And later when they opt for Job, they are “rejected”. This is only because Industries don’t want a person with good academic background but should have some skills required for the vacant post. This is equally true that industry also need skilful employees as much as the aspirants need the job. For bridging the gap following ideas can be taken care of.

1. Besides the domain skill, the industry also looks at soft skills, team building, values and attitude of an individual at the time of hiring. This can be developed by collaboration of joint degrees in academic institutes which results in almost job ready students.

2. Events of short term interaction of students with industrialists, which will generate a sense of understanding the requirements of industry.

3. It should be made compulsory for higher degrees mentors or professors that they carry a specific practical exposure in their field. Because, only if they carry a sound practical knowledge in reference to their field, then only they can teach the students accordingly.

4. Importance should be given to practical knowledge. For example, engineers don’t even know different programming languages for which they are forced to join some coaching institutions. For a Commerce Student he is never thought the basics of Tally practically. And for the students of humanity, the practical exposure is the basic requirement which is not available in academic syllabus.

Concluding, the situation of academic curriculum and requirements of industry, this should be kept in mind that every person is born with some additional ability different from everyone, only the requirement is bridging gap between the ability, or skills and the stage this skill should be honored on. And a world where the currently reoccurring statement can be erased from the tongue of fresher’s

“Inconvenience deeply regretted sir”.

Tally; Basic of Accounting

I am an accountant, and can perform all my tasks perfectly in given time.…

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Best accounting and tally classes in Ahmedabad

I am an accountant, and can perform all my tasks perfectly in given time. My superiors have faith in me and my subordinates are my friends.

Sounds like an ideal professional (work) life! Right?

Your attitude, your behaviour, your dedication and your decisions predict your life. The more you think you want to achieve your goal, the more you come close to it.

As a future accountant the required field of knowledge is all what you have learned or learning in your graduation. But it does not comprise everything to meet the needs of an accountant. For completing any task on thing you must know how to handle your work smartly. In today’s scenario software’s are helping us to go smart. And for accounting purpose tally is the first suggestion in the field of accounting.

Tally Solutions Pvt. Ltd. is an Indian multinational company that provides enterprise resource planning software called Tally.ERP 9 with single and multi-user licences. Tally is not just accounting software, after the introduction of ERP. The capability and functioning of Tally is much more widened and extended to a great extent. Its software is used by more than 1 Million customers.

Learning tally is mandatory for every commerce graduate. Because, it avails every facility from basic to expert level comprising

  1. Recording of  financial transactions of all forms of business,
  2. Helps an accountant to create and maintain records and documents,
  3. Helps in finalization of accounts

And includes all the qualities of any electronic device like time efficient, accurate, reasonable, etc.. It also helps to maintain the employees information like his attendance, salary, bonus, leaves and many more things.

The situation changes after the introduction of Goods and Services Tax (GST). Earlier the Indian constitution had very complex procedure and various type of taxes but GST served with an idea of 1 nation 1 tax.  GST is a single tax on the supply of goods and services.

 If reports are to be believed, there has been a nearly 34% of GST mismatch or underpayment of GST, amounting to an overwhelming deficit of INR 34,400 Crores. The problem was wisely solved by the updated version of Tally.ERP.9 which enabled its users to calculate GST and also facilitated to maintain their records systematically. Now everyone wants to know the concept of GST which is easily done through tally. So again the required field for any accountant is tally.

So, if you aim to become a wise accountant, you must focus on understanding tally first. And if you are looking for guidance then you must scroll the tally courses of Super20 Training Institute. Here, you will be guided by the CA faculty and tally is taught along with not only GST but taxation too.

You can also visit to the website of Super20 and can get an idea of what you will be taught and how. Make sure you take decisions before its too late.

Because the late you start, the late you achieve your goal.

Latest Technology Trends in Accounting

Accountant in earlier days meant a Mehtaji / Munimji sitting with a red bulky…

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Accountant in earlier days meant a Mehtaji / Munimji sitting with a red bulky book on his desk, wearing spectacles and giving a frowning look at bills. And then we saw revolution of computer that has changed the way we do accounting. Then came accounting softwares and then ERPs like SAP, Oracle etc. Accountants tried to follow these trends by undergoing various accounting training. We saw many tally training institutes. Any new trend is followed by various courses.

Technology is ever evolving and accounting field is no exception. I still remember how demand was exploded for tally courses in Ahmedabad. And how people used to line up to do accounting courses in Ahmedabad. I still remember that first preference for courses after B.Com. would be accounting or business accounting and taxation courses.

Now what are latest technology trends in accounting in Indian cities like Mumbai / Ahmedabad?

1. Evolution of cloud based softwares
All software vendors are on this now. India’s highest selling software Tally or world’s highest selling software Quick-books all are seeing increasing adoption of their cloud versions. So no doubt we are seeing a secure, accessible and cost effective way of doing accounting. So bye bye desktop based versions. All hail for cloud based softwares.

2. Evolution of customized softwares and applications
People today also buy ready-made softwares like Tally for accounting. And then they get their staff take tally courses and training or prefer to hire staff from tally training institutes. However, many organisations have focused on providing their staff with adequate accounting training by providing them various accounting courses and training. And later on tried to have a customised accounting softwares for their organisations. This has really helped them. We think that it is very cumbersome and costly process. It is like inventing a wheel. I think there is no need for having customised accounting software when you have all kinds of softwares available.

3. Quickbooks is fast evolving in India
Quickbooks – a global leader with their low price strategy is registering healthy growth and traction in India. Small organizations are fast adopting Quick-books. I have now some students asking for Quick-books course in Ahmedabad instead of Tally Course in Ahmedabad.

4. Tally seems to have a tough time in India
Yes. It is right. The leader in Indian Accounting market seems to have tough time. It is apparent. They are being challenged by local players like Busy, Marg etc. On the other side they have regional players to compete with like Miracle, Kuber etc. Newer players like Zoho have also become very aggressive. SAP and Oracle have also small business suites. And global leaders like Quickbooks are becoming increasingly aggressive.

5. Accounting Training Institutes are growing
Yes. There are lots of accounting jobs, accountant vacancies and it seems our B.Com. syllabi are outdated. They are totally out of sync with industry. And we see lot of demand for accounting training institutes in Ahmedabad and other cities of India. People line up and ask for various tally courses, accounting courses, GST courses etc.

6. Usage of ERP is increasing and expanding
Due to SAP and Oracle lowering their price tag and increasing their customizability many small and medium enterprises are now willing to adopt these packages. Also there are many small and home grown ERP players offering ERP packages at a fraction of the cost of SAP and Oracle. They are also reasonably good. So your inventory, finances, CRM and operations all are integrated.

7. Artificial Intelligence and Machine Learning
Though right now in my limited knowledge, I have not known artificial intelligence or machine learning being used by any organisation in accounting field. Recent activities of the likes of Netsuite are worth following. It is clear that in future AI would be part of any decision making process. So I am sure decision making activities in Accounting, various reporting systems and analytical processes in Accounting to increasingly use artificial intelligence and machine learning.

So, you may have questions, what kind of courses people need to after B.Com.? Welcome to Super 20 Training Institute. Our Executive of Commerce (Accounting, GST & Tally) Course is one of its kind in India. No match for it. I take a challenge. All the best.

Accounting with GST – Purchase

Despite people taking accounting courses in Ahmedabad, Tally courses in Ahmedabad, GST courses in…

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accounting-GST

Despite people taking accounting courses in Ahmedabad, Tally courses in Ahmedabad, GST courses in Ahmedabad, at times, we find due to clerical errors and lack of due diligence Accountants in Ahmedabad cause loss to their clients.

Hence, in our series of articles explaining accounting with GST today we will discuss purchase accounting with GST.

When we make purchase, we actually pay GST to the vendor/creditor. Under GST mechanism, we will then get credit of GST paid to the vendor. So it is very important for us to do this section very carefully.

Let us take a practical case to get accounting training / GST training in this matter.

Rittal Enterprise in Ahmedabad is a textile trading firm based at Ahmedabad. They purchase readymade shirts from Vittal Enterprise in Ahmedabad, a shirts manufacturer based at Ahmedabad.

Suppose Rittal Ahmedabad have purchased 1,000 nos. of shirts @ Rs. 500/- from Vittal Ahmedabad. Hence, total purchase value is Rs. 5,00,000/-

Now from the lookup of our GST training, we got to know that GST @ 5% is applicable on these kinds of products. Since the purchase is within state CGST @ 2.5% and SGST @ 2.5% will be applicable on this transaction. Since this is a purchase transaction these will be input GST. Input CGST Rs. 12,500/- and Input SGST Rs. 12,500/- will be paid to the vendor.

Now let us understand accounting effect in the books of Rittal Enterprise Ahmedabad:

Purchase of trading goods will always debited in the books of accounts. So, Purchase A/c Dr. Rs. 5,00,000/-. Input CGST and SGST are credits receivable hence they are debited in the books of accounts by Rs. 12,500/- each. The goods are purchased on credit hence Rittal Enterprise Ahmedabad is yet to pay to Vittal Enterprise Ahmedabad. So, Vittal Enterprise Ahmedabad is a creditor and their account need to be credited. So, final entry will look like as below:

Purchase A/c Dr.   Rs. 5,25,000/-
Input CGST Dr.      Rs. 12,500/-
Input SGST Dr.      Rs. 12,500/-
To Vittal Ent. Cr.    Rs. 5,25,000/-

Though this article has its own limitations, you can contact us for various accounting courses, GST courses, tally courses, wherein we try to cover such topics from a very practical perspective based on actual case studies. Super 20 Training Institute is proud to serve students in capacity of the best accounting training institute in Ahmedabad.

Success of Tally as a Software – II

In our previous article, we looked upon the history of Tally as a software.…

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In our previous article, we looked upon the history of Tally as a software. How Tally has grown as a software after their initiative of Tally Training Courses. Today let us discuss further on this topic by elaborating on various functions Tally has developed over time and about latest version of Tally and its functions.

Tally has multiple modules incorporated in a single software. These modules help you in inventory management, payroll and invoicing along with day to day accounting. So any person with reasonable understanding of these functions along with proper Tally Training Course can handle this software and perform these functions easily. As we see in various small organization Tally has made like simpler for them. That is the primary reason why Tally is successful.

Latest version of Tally in the market is Tally ERP 9. Is it really an ERP? Well, as the No.1 Accounting Training Institute in Ahmedabad, we have multiple experiences of various accounting softwares and Finance Modules of ERP packages. No other Accounting Training Institute in Ahmedabad uses as many softwares as we use. Well, our experience is that Tally is a very simple user-friendly ERP-like software when used holistically across a small organization. Compared to other ERP packages it is cheaper, user-friendly and simple. But it is not an ERP in true sense. Main purpose of Tally ERP as we preach in our Tally Courses and Tally Training is to generate back up files which are compatible for upload in various ERPs like SAP or Oracle.

The mantras for success are apparent.

1. Remain user-friendly
Tally has always remained user-friendly. Extremely easy to use. Butterlike smooth in functioning. We have experienced this in our Tally Training Institute in Ahmedabad. Students take no time in recognizing this fact.

2. Give ‘Sasta’
Cost advantage is hard to replicate. Many other softwares came and went by just because they could not replicate the cost advantage offered by Tally at similar cost.

3. Give what customer wants
Customers demanded ERP version. They gave. Just one example. Always tried to elate their customers by offering what they really wanted.

4. Target the masses
They have always tried to cover the large mass of SMEs in India. This has really helped Tally. It is beyond doubt that because of this their revenues multiplied year on year.

5. Remain simple
They remained simple. Simple to operate. Simple to buy. Simple to learn. We are one the best Tally Training Institute in Ahmedabad and we have always experienced that the students catch up learning, operating and using Tally so quickly. Always simple.

If you like the article, do not forget to share the knowledge. If you like any of Tally Courses, Accounting Courses, Taxation Courses, GST Courses, you are welcome at our Institute. We are one of the most quality conscious, practical, job-oriented and the best Tally Training Institute in Ahmedabad. Feel free to reach us.

Creation and Submission of GSTR- 3B | GST Part-V

This is a Part-V of our ongoing GST series of articles. Today we will…

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This is a Part-V of our ongoing GST series of articles. Today we will discuss about GSTR-3B in this article. Though we have an institute which specializes in GST Training, Taxation Training, we believe that the same knowledge should be shared to common public though they are not part of our GST Course or Taxation Course. Ok let us discuss about GSTR-3B.

GSTR-3B is a simplified summary return and the purpose of the return is for taxpayers to declare their summary GST liabilities for the tax period and the discharge of these liabilities in a timely manner

A normal taxpayer is required to file GSTR-1, 2, & 3 returns for every tax period. In case of extension of due dates for filing of GSTR-1 and GSTR-2, GSTR-3B needs to be filed and subsequently if there is any discrepancy between the system generated 3B and earlier filed 3B the taxpayer will have to pay additional tax, liability and other dues. Looks simple huh…? Actually my accountants / professionals find it very difficult to prepare this due to lack of their GST Training and Taxation Training. Hence, they join various GST Courses or Taxation Courses. Hence, as the best GST Training Institute in Ahmedabad and the best Taxation Training Institute in Ahmedabad, we feel that it is our social responsibility to spread such articles among general public for their benefit.

Who needs to file the GSTR-3B?
All normal taxpayers and casual taxpayers are required to file the GSTR-3B every time there is an extension of due dates of filing for GSTR-1 and GSTR-2. At present as per 27th GST Council meeting, GSTR-3B is to be filled till 30th September, 2018.

Where can I file GSTR-3B?
GSTR-3B can be filed from the returns section of the GST Portal. In the post-login mode, you can access it by going to Services > Returns > Returns Dashboard. After selecting the financial year and tax period, GSTR-3B, (if applicable), in the given period will be displayed.

What is the due date for filing the GSTR-3B?
GSTR-3B is to be filed on 20th day from the end of the month for which return is to be filed.

Details in Section – 3.1 Tax on outward and reverse charge inward supplies
Enter the Total Taxable value, Integrated Tax, Central Tax, State/UT Tax and Cess under respective nature of supplies column. In case of other outward supplies (Nil Rated, exempted) and Non-GST outward supplies, the total taxable value imply the total values of such supplies, excluding taxes. In certain cases reverse charge is also applicable. The same is to be filled under reverse charge inward supplies row of section 3.1.

Details in Section – 3.2 Inter-state supplies
In the section Supplies made to Unregistered Persons or Registered persons or composition scheme holder as applicable following information is to be filled.

– From the Place of Supply (State/UT) drop-down list, select the place of supply.

– In the Total Taxable Value field, enter the total taxable value for each State/UT.

– In the Amount of Integrated Tax field, enter the amount of integrated tax. Please ensure that the integrated tax amount provided here does not exceed the integrated tax liability declared. Only integrated tax amount has to be declared, cess amount is not required to be mentioned.

Details in Section – 4. Eligible ITC
Eligible ITC tile in GSTR-3B will reflect the total value of Integrated Tax, Central Tax, State/UT Tax and Cess net ITCs. There are various types of ITC available for the eligible inputs. Normal ITC on purchase of goods is to be filled up in row no. 5 all other ITC.

Details in Section – 5. Exempt, Nil and Non GST inward supplies
Exempt, Nil and Non GST inward supplies tile in GSTR-3B will reflect the total value of Inter-state and Intra-state supplies.

Details in Section – 5.1 Interest and Late Fee

Interest and Late Fee tile in GSTR-3B total value of Integrated Tax, Central Tax, State/UT Tax and Cess.

Note: Late fee for the month includes previous month’s late fee charged due to delay in filing of return. The calculation is [Date of Filing –Due date of Filing)] * 25/day * per Act (CGST/SGST). Late of late fee is Rs. 10/- if no liability accrues during the month. The late filing fees are auto populated and need not to be calculated manually.

File GSTR-3B
From the Authorised Signatory drop-down list, select the authorized signatory then we can file GSTR-3B either by EVC or by digital signature of the signatory.

So guys, next time whenever you have any doubts in this regard, feel free to contact us. We are into Tally Training, Accounting Training, Taxation Training, GST Training. Our Institute is located at Ashram Road, Ahmedabad. We do have Taxation Courses, Tally Courses, Accounting Courses, GST Courses in Ahmedabad for various aspirants.

Success of Tally as an Accounting Software – I

Friends in today’s article we will try to understand the success of Tally as…

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Friends in today’s article we will try to understand the success of Tally as an Accounting software. Well, before we begin let me just introduce ourselves. We are No.1 in Tally Training, GST Training, Taxation Training and Accounting coaching classes in Ahmedabad. We have been very successful in getting students jobs after completion of their Accounting Courses, Tally Courses, Taxation Courses, GST Courses.

How Tally was born?
Tally is a brainchild of S S Goenka and his son Bharat. Goenkas were facing problems in handling their day to day bookkeeping and accounting. So Bharat being a brilliant graduate in Mathematics took up a challenge to develop an MS-DOS based accounting software Peutronics Financial Accountant. It was a success way back in 1986. So a smart guy with an urge to solve problem became an instant success. May be someone has advised them to rename this software so they renamed it to Tally. And we have a world class brand like Tally with us serving us since then.

With the changes in technologies, Tally has coped up with the same pace of changes. They launched Windows based version when Windows were launched. When ERP started penetrating businesses they launched Tally ERP versions. And Tally ERP became rage. Their latest version Tally ERP 9 became money-spinner. Over a period of time, they also kept incorporating various taxation and compliances related modules and changes into the software. So Tally was not just used in Accounting it was used in Taxation, Sales Tax, GST related compliances also. It really made life of businesses and accounting in particular very smooth.

Very important for any software product company is to have people addicted to their software. So they did not bother about piracy. They launched education version, auditor access, schemes for Chartered Accountants. This has created a fort around them. They did wonders with such high penetration strategies.

The major change came when they pushed on Tally Training – A Training based on their software. And soon you see flourishing Tally Courses, Tally Training Institutes. There are many students vying to get themselves do Accounting Course through a Tally Course. Tally became synonymous with Accounting in many parts of the country. Many institutes launched Tally Accounting Course, Tally Taxation Course, Tally GST Course etc. Tally Courses based on various versions of Tally also were in demand. So basically, through this route the product went viral. It so became that students wanted to Accounting Course / Training will come and ask for Tally Course at the Institute or an accountant wanted to learn Taxation came to ask for Tally Taxation Course or GST Course. I think Goenkas may not have expected this much love and affection from the users.

We are no fan of an Accounting Software. But let us accept that Tally has created name for itself. And it is really praiseworthy. An Indian company, completely homegrown and has made a mark for itself in this country. In the next article, we will discuss more on this topic.

Conclusion
Accounting and Tally classes in Ahmedabad are so much in demand that students despite having a subject to learn are still wanting to learn more from these classes. the bigger challenge is to find the right institute to train you and hone your accounting skills.

Financial Accounting – Accrual Method v/s Cash Method

Friends in our today’s article we will try to understand what is financial accounting.…

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Friends in our today’s article we will try to understand what is financial accounting. Well, many people try to undergo financial accounting coaching classes in Ahmedabad or may be a tally course or such other courses/training for their career enhancement. So what we do in such accounting courses/tally courses / quickbooks courses is quite deeper. But within this given space let us understand financial accounting.

So what is financial accounting? It is a specialized branch of accounting which deals with all of the company’s financial transactions. It is a process of recording, summarizing and reporting the myriad of transactions resulting from business activities for a particular time interval.

Now let us understand what various accounting training institutes, tally training institutes and software vendors like tally, quickbooks confuse us with two important terms i.e. Accrual v/s Cash. What is this? It is simply nothing but a difference of timing of recognition of revenue and expenditure. Financial accounting may be performed using either the accrual method, cash method or a combination of the two.

During the course of accounting/book keeping, accrual accounting method ensures recording transactions when the transactions have occurred/incurred and the revenue is recognizable.

Cash accounting entails recording transactions only when the cash is exchanged. Revenue is only recognized when the payment is received and expenses are only recorded when we make the actual payment. Looks simple, Right?

Both methods are used everywhere. Accrual accounting is more prevalent because most of the professional accountants generally adopt accrual method since they have generally undergone accounting courses/tally courses and they stress more on accrual accounting. Cash method is more prevalent in small businesses.

Now let us understand with an example.

We will write an accounting entry in the books of Amit Trading Corporation.

Amit Trading Corporation purchases goods from Pawan Dealers Pvt. Ltd. worth Rs. 1,05,000/- and paid Rs. 5,000/- as advance rest is payable when the goods are delivered.

In this case Amit Trading Corporation is a buyer

Now we will be able to understand the difference between accrual method and cash method of accounting.

This is just very basic things. In various tally courses/training or  accounting courses at our institute we make complex concepts very straightforward, use cases to work upon them. We are one of the top accounting institute in ahmedabad.

Feel free to contact us any time. Your feedback is most welcome.

Creation and Submission of GSTR-1– GST Part-IV

In today’s blog we will discuss how to file GSTR-1. GSTR-1 (Goods and Service…

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In today’s blog we will discuss how to file GSTR-1.

GSTR-1 (Goods and Service Tax Return – 1) (Outward Supply Return)

Basically, in GSTR-1, the dealer is required to give details regarding sales of the company. The details have to be filled in different sections of the returns.

1. B2B Invoices: In this section, the dealer has to give details regarding sales made to a person having valid GSTN. Details such as GSTN, Invoice No, Invoice Date, Total Invoice Value and Rate wise taxable value as well as tax amount are to be provided.

2. B2C Large Invoices: In this section, Details of inter-state supplies (i.e., Sales made outside the state) of goods to consumers where invoice value is more than 2.5 lacs are to be provided. Here also, Details such as POS, Invoice No, Invoice Date, Total Invoice Value and Rate wise taxable value as well as tax amount are provided.

3. Credit / Debit Note (Registered): Generally Debit note or credit notes are issued in case of purchase return or sales return. If any debit note or credit note is issued to a registered dealer then we have to give details of the same in this section. Details such as GSTN, Debit or Credit note No, Debit or Credit note Date, Original Invoice number and Original Invoice Date, Note Value, Type of Note, Reason for issuing Note and Rate wise taxable value as well as tax amount are to be provided.

4. Credit / Debit Note (Unregistered): If any debit note or credit note is issued to a registered dealer then we have to give details of the same in this section. Details such as Debit or Credit note No, Debit or Credit note Date, Original Invoice number and Original Invoice Date, Note Value, Type of Note, Reason for issuing Note and Rate wise taxable value as well as tax amount are to be provided.

5. Export Invoice: In this section, we are required to give details of sales made outside India. Details such as Invoice Date, Port Code, Shipping Bill No., Shipping Bill Date, Total Invoice value, whether GST is paid or not and Rate wise taxable value are to be provided.

6. B2C Others: Details of Taxable Sales not mentioned anywhere above are required to be given in this section. Details such as POS, Taxable value, Rate and GSTN of E-commerce operator if sales is made through e-commerce operator are to be provided.

7. Nil rated suppliers: Exempted or nil rated sales are required to be filled here. The dealer is required to give details such as inter-state supplies to registered and unregistered dealer and intra-state supplies to registered and unregistered dealer.

8. Advance received: If any advances for sale of goods are received but sale is not executed, such details are required to pay GST on advances received. Details of the same are to be given in this section such as POS and Rate wise advances received.

9. Adjustment of advance received: If we have paid taxes on the advances received and in the current tax period we have issued tax invoice then we can adjust the advance amount in this section and we have to pay tax only on balance invoice amount excluding the advance amount in which tax already being paid. The details of such advances for which tax invoice is issued in current tax period is to be given in this section such as POS and Rate wise advances received.

10. HSN wise summary of outward supplies: If turnover of the any business entity is more than Rs. 1.50 crores, they have to give HSN wise summary of outward supplies. Others can also give HSN wise summary of outward supplies voluntarily. Details such as HSN, Description, UQC, Total Quantity, Total Value, Total Taxable Value and tax amount are to be provided.

11. Document issued: Various documents required to be issued during the tax period by the tax payer for the various financial transaction. Details of the same is to be given in this section such as invoices for outward supplies – total, cancelled and net issued, invoices for inward supplies from unregistered dealer, revised invoices, debit note, credit note, receipt voucher, payment voucher, refund voucher and various delivery challans.

As mentioned above, various details are to be provided through GSTR-1. The same may be submitted either through EVC or through Digital signature. In case of companies and partnership firms filing of return is compulsory through digital signature.

We will discuss some interesting instances of implication of GST in my further articles. Your queries / feedback may please be emailed to me at s20.training@gmail.com .

– By CA Jigar Patel

Mutual Funds in India

Mutual Funds in India   Friends, let us take a stock of some basic…

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Mutual Funds in India

 

Friends, let us take a stock of some basic information of mutual funds in India.

 

  1. Structure:

In India, Mutual Funds are having three tier structure. Mutual Fund is set up as a trust, which is sponsored by a sponsor entity. Sponsor entity takes approval from SEBI to launch mutual fund. This entity then establishes a trustee company to become trustee of the mutual fund. Most importantly, the sponsor establishes Asset Management Company (AMC) to manage the mutual fund assets. Hence, the structure will look like as below. Further, every scheme of the mutual fund needs specific separate clearance from SEBI and then can be launched.

 

 

 

 

  1. Features:

Some of the features of mutual funds are lower investment sizes, professional management, transparency, diversification, liquidity are unique and offer advantages to investors.

  1. Types of Schemes:
  2. Equity Schemes: Invests primarily into various shares and equity instruments. (Generally, 65-100%). LTCG beyond 1 year is tax free for resident Indians.
  3. Debt Schemes: Invests primarily into debentures, bonds, debt market instruments, money market instruments, Govt. Securities etc. LTCG beyond 3 years is applicable with indexation for resident Indians.
  4. Hybrid Schemes: As the name suggests, it is a combination of Equity + Debt in varied proportions. If more than 65% assets are in Equity, taxation of Equity Schemes are applied. Otherwise, taxation of debt schemes are applied.
  5. Funds of Funds: As the name suggests, these schemes invest in various mutual fund schemes. If more than 65% assets are in Equity funds, taxation of Equity Schemes are applied. Otherwise, taxation of debt schemes are applied.
  6. International Funds: As the name suggests, these schemes invest in international securities / funds. Taxation would be same as Debt Schemes, if less than 65% of the assets invested in Indian Equity Instruments.
  7. Exchange Traded Funds: As the name suggests, these funds are listed on a stock exchanges and gets traded like a share. Hence, investors can buy / sell them freely.
  8. Index Funds: As the name suggests, these funds are replica (copy) of some index like Sensex, Nifty etc. and provides matching returns of relevant index.
  9. Closed-end Funds: These funds are closed for subscription / redemption.
  10. Interval Funds: These funds are closed for subscription / redemption for a fixed interval.
  11. Open-end Funds: These funds are open for subscription / redemption on continuous basis.

 

  1. Transaction Types:
  2. Lumpsum Investment:

Investing any amount of money in a mutual fund scheme at one go.

  1. Lumpsum Redemption:

Withdrawing any amount of money from a mutual fund scheme at one go.

  1. Switch Transactions:

Switching-out from existing scheme of a mutual fund and switching-in the same into another mutual fund scheme. (Basically, transferring from one scheme to another).

  1. SIP (Systematic Investment Plan):

One can put every month / quarter fixed amount in a mutual fund scheme as a regular investment.

  1. SWP (Systematic Withdrawal Plan):

One can withdraw every month / quarter fixed amount from a mutual fund scheme as a regular income / withdrawal.

  1. STP (Systematic Transfer Plan):

One can transfer every month / quarter fixed amount from one scheme of mutual fund to another.

 

  1. Mutual Fund Industry in India:

There are around 45 mutual fund companies in India with total Assets Under Management (AUM) as on 30-Jun-17 of approx. Rs. 17 lakh Crore. E.g. ICICI Prudential Mutual Fund, HDFC Mutual Fund, SBI Mutual Fund, Franklin Templeton Mutual Fund etc. MF industry in India a growing at a very fast pace recently and is projected to grow multifold in years to come. Thousands of schemes are launched by these companies for the benefit of investors. For more knowledge and information about mutual funds India, one can visit websites of

www.investor.sebi.gov.in

https://www.amfiindia.com/

http://www.mutualfundssahihai.com/en/amfi

  • By Tejas Patel