GST

It’s Business Transformation

One of the biggest tax reforms of the century is knocking on the doors of board rooms of large and small organisations today. The approval granted by Parliament to the GST Constitutional Amendment Bill has paved the way for radical changes in the tax structure of the country.

 GST will bring with it several positives for various industries, such as the cross credit of input taxes paid between goods and services, availability of all input taxes paid (barring a few restricted items), etc. This will thereby reduce the cost on businesses due to the cascading effect of taxes, bring clarity as to what transactions will be treated as supply of services,  subsume a majority of taxes, and avoid multiplicity of taxes, etc.

GST

GST for SMEs – A Perspective

The Goods and Service Tax is a game changer because it is not just an overhaul of indirect taxes, but the way business is done. Unless you are not on top of your taxes on a daily basis, there is no way you will be on top of your business. Let us examine what this means for an SME and also for unorganised businesses.

GST

GST has the Potential to Transform the Business Landscape

We have been witnessing how indirect taxes have bound businesses with regard to their supply chain and other processes due to a diverse range of taxes and costs involved. India is now at the point of moving to the Goods and Services Tax (GST) system, which is being perceived as one of the most significant business re-organisations that have happened in the country.

The GST is aimed to tackle the current situation of multiple indirect taxes. It is likely to re-organise taxes, minimise bureaucratic intrusion, increase the base tax, and minimise tax evasion and contribute towards bringing down overall costs, which will be advantageous to all three stakeholders - businesses, consumers, and government.

GST

Unifying the Nation, One Tax at a Time

A big reform and a significant game changer for the Indian economy, the Goods and Services Tax (GST), which has been a long deliberated decision, turned into a reality for the nation in 2016. With the intention to unify the nation’s financial setup, the principle of ‘One Nation One Tax’ is all about taking India, as a nation, one step closer towards an elimination of the cascading tax on tax system.

As the implementation of the much-awaited Goods and Services Tax gathers pace and is pushed towards introduction by the first quarter of 2017, it is important for businesses to be prepared and be ready well in time, so as to allow a smooth transition from the existing tax regime.

GST

Prices will be Rationalised

The indirect tax regime comes with multiple tax collectors (centre, state, local body, etc) of taxes (excise, sales tax, octroi, etc), as well as multiplicity of tax rates. Besides, there is tax on tax which has a cascading effect with limited input credit, leading to a bloated end-consumer price. With businessmen, advisors and the likes finding ways to evade/avoid taxes to optimise final purchase cost, this has resulted in tax litigations, limited tax compliances and encouragement to the corrupt. 

GST

Traders are the Real Carriers of the Tax System

Praveen Khandelwal has been a vociferous evangelist of trade tax reform, right since the days when VAT replaced sales tax. Himself a trader based in New Delhi, he speaks for his ilk from the frontlines, and as general secretary, has helped build the Confederation of AllIndia Traders (CAIT) into a well-oiled lobbying forum for the small merchant. GST will be a game-changer for the trading community, Khandelwal asserts, but calls for a simplified and rational tax structure that encourages voluntary compliance. “In its current form GST is cohesive and promotes transparency and accountability.” But the major challenge, he says, will come from implementation and compliance since the new regime is entirely based on e-compliance. To this end CAIT is going all out to educate the trading community and help in its seamless adoption.

Delhiwood

Building on Past Success

The trade event aims to bring together more than 450 exhibitors from over 30 countries under one roof, to showcase innovative and game-changing products

The 5th edition of DelhiWood will take place from 1-4 March at the India Expo Centre and Mart, Greater Noida. As a premier destination for woodworking professionals visiting biennially from across the globe, DelhiWood will continue providing a perfect platform for suppliers of woodworking solutions, machineries, materials and components to showcase their products, innovative technologies and production scenarios to key furniture/kitchen manufacturers, architects, interior designers and builders.

Tete A Tete

“Our Strategy is to Create Functional Awareness in This Category”

It’s been a year since HSIL forayed into the air purifier space with the launch of Moonbow, and president & chief of consumer business Rakesh Kaul, is already targeting a 12-13% share of the growing market. He shared with Sourcing Hardware the market scenario, the company’s distribution strategy and much more…
 

Rendezvous

“We are Hoping to Bring About Societal Change”

Furniture components specialist Hettich India was amongst the first to tie-up with Furniture & Fittings Skill Council for promoting skill development in the country. An outcome of its mission to build a cadre of trained carpenters is the establishment of the Hettich Poddar Woodworking Institute as a not-for-profit vocational training institution. And in another significant move, Hettich has entered a new business segment – door hardware – in order to evolve as a one-stop hardware solutions provider. In the wake of demonitisation and deliberations on GST, Hettich India’s managing director A K Goel, in an exclusive interaction with Sourcing Hardware, shared his thoughts on the recent developments on the policy front, entry into the new business segment, and the Hettich-Poddar Woodworking Institute.

Memoirs

“I Have Just Started My Journey”

Rajendra Kumar Somany, octogenarian  with a razor-sharp memory, loves to explain why he chose to pen down his memoirs. In the process he gives the listener a close up view of a shrewd yet warm Marwari businessman and family man. This article is a mix of his recounting and excerpts from the highly readable book.

BAU 2017

A Look into the Future

The key themes of Intelligent facades-Digital design, construction and management-Smart buildings-Living and Building 2020) will be explored at BAU and explained in several special shows, from a range of different viewpoints and aspects. BAU is working closely with a number of high-profile partners in putting together this program. Here´s an overview:

The German Sustainable Building Council (DGNB) takes up the key theme of Living and Building 2020, looking in particular at integrated concepts and product efficiency. A new EU directive requires that all new buildings must conform to the Nearly Zero Energy Standard. And that means energy-efficiency throughout the production chain becomes a relevant sales argument for manufacturers. Other sustainability aspects also come into focus, such as durability, amortisation costs, recycling capability, convenience and a healthy environment. This special show sets out how such parameters can be consistently optimised.

In Focus

Global Desi in the Making

Jaquar aims to join the league of global bathing fitting leaders    

Indian bath fittings market leader Jaquar Group has expanded its footprint in south Asia with the recent acquisition of South Korean company Joeyforlife. In July this year Jaquar acquired a 51% stake in Joeyforlife, a maker of luxury shower systems, at an investment of Rs 12 crore. Joeyforlife is said to have a market valuation of Rs 20 crore.

Finolex Offers Affordable PVC Pipes & Fittings

Pune-based pipes major Finolex Industries Ltd has announced that it will support ‘Housing for All’, a vision of Prime Minister Narendra Modi. The announcement was made recently at the CREDAI–National Executive Meeting & Governing Council (ECGC) President’s Conclave at Pune, where 300 delegates including 165 city presidents, 23 state presidents and members of executive committee of CREDAI National were present.

Asahi Glass Enhances Ecosense Range with More Options

Float glass major Asahi India Glass Ltd (AIS) has launched a new range of high performance glasses under the Ecosense brand. The new collection has been christened Ecosense Excel. Informing about the motivation behind the launch of the new range, Vikram Khanna, COO–architectural institutional business and CMO at AIS, said, “Amid an increasing demand for high performance glass to enhance a green building’s aura and efficiencies, AIS is continuously innovating to transform the living and work places of consumers. Our eco-friendly offerings under the umbrella of Ecosense are aligned to the green revolution. Enabled by technological upgradations in glass processing technology, AIS is innovating new single-glazed and double-glazed products with the best green parameters.”

In Focus

Harrison Diversifies into Kitchen Accessories Business, Launches Wire Baskets

The company views expansion in this segment as a natural extension

Locks and security solutions major Harrison has diversified into the modular kitchen segment with the launch of kitchen wire baskets. The company has launched a new brand – The Kitchen – under which all kitchen related products will be marketed. The first step in this direction is the introduction of a wide range of wire baskets.

Arsa Premium Mortice Locks Launched by Godrej

Godrej Locking Solutions & Systems (GLSS) has forayed into the premium mortise locks market. It has launched a range of brass forged premium door handles under the Arsa brand. Announcing the strategic decision, Shyam Motwani, EVP & business head at GLSS said, “The Arsa collection is a result of Godrej LOCKSS’ design-led innovation principle and is driven by consumer insights. It depicts the glorious architectural history of India.”

Prayag Polymers Forays into UPVC Pipes & Fittings Business

Leading bath fittings company Prayag Polymers has diversified into plumbing. It has recently rolled out a range of high-end UPVC pipes and fittings for cold water applications. While unveiling the new range, managing director Nitin Agarwal said, “We have thoughtfully developed this range of UPVC pipes and fittings, to address all possible applications. Besides, we have offered the same uncompromising quality, impeccable workmanship and finish in this new product that is expected every time from brand Prayag.”

Technology

More Washroom per Washroom

Thanks to technology the toilet and bath are no longer the space for cleansing rituals, they have transformed into personal spas and entertainment hubs 

One thing that’s common to all humans irrespective of gender, ethnicity, views or status, is that they all need to go to the toilet. However, for many years the washroom didn’t really change much, apart from mild aesthetics that followed design trends of the year. A toilet, basin and possibly a urinal – this comprised the standard layout for years before technology stepped in. Cut to today. The average washroom these days has a huge amount of automation built into it, be it for flushing or drying or air-freshening. At every stage of the lavatorial process, technology is lending its hand.

TERI Releases 10-point Emergency Response Plan for Improving Air Quality in Delhi-NCR

In the wake of the worsening air quality in Delhi-NCR, The Energy and Resources Institute (TERI) has submitted a 10-point Emergency Response Plan to Delhi government and the Ministry of Environment, Forests & Climate Change (MoEFCC). TERI has recommended that this plan should be enforced immediately in whole of NCR on forecasted days of very high pollution. The recommendations are based on TERI’s modelling and technology development experience.

Berger Paints Joins Skill India Initiative, Launches Mechanised Painting

Paints major Berger Paints India Ltd recently organised a training course for unemployed youth in West Bengal, in association with Paschim Banga Society for Skill Development (PBSSD). The participants of this 50-day training programme received certificates from Ministry of Skill Development & Entrepreneurship and National Council for Vocational Training.

The training was held at Berger i-Train at Karigori Bhavan (West Bengal State Council of Technical Education), Rajarhat, Kolkata. The programme had two modules - the first was conducted at i-Train, and the second on site where the trainees were assigned work for 15 days under supervision of experienced workers and Berger contractors. The 360-degree training included theoretical and practical knowledge about paint and the industry. Subsequently, performance of the trainees was assessed by officials of National Council for Vocational Training and Ministry of Skill Development & Entrepreneurship. The certificates were awarded by Hon’ble Minister of West Bengal State Council of Technical Education Ashima Patra.

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