CATEGORIES

Digital Transformation – Simplicities Of The Simple Task

Digital Transformation – Simplicities Of The Simple Task

GST Relief Measures During Global Pandemic (COVID-19)

Abstract In light of the spread of the COVID-19 pandemic, various countries got affected by this including India. It causes a huge loss to the lives and the economy of every country. The outbreak of novel coronavirus also put a negative impact on every sector of the Indian economy. The financial sector of India is also influenced by this situation. The government of India has taken various steps to prevent the spread of this virus. Lockdown is one of the measuring steps taken by the Government. This study has addressed the various indirect tax amendments of GST. Researchers have also suggested some tax relief options given by the Government.

THE DUAL GST MODEL IN INDIA: EMANATING OPPORTUNITIES AND CHALLENGES

Abstract GST model in India is a switch over from the origin based taxation system to the destination based. It has also systematically shifted the federal fiscal relation between the Centre and the States to cooperative federalism. It is expected to have direct impact on fiscal disciplines of the States. For the transition period the revenues of the State Governments are protected however scene after five years are dark and unpredictable. The paper discusses the mechanism and implications of tax revenue sharing between the Centre and the States under dual GST model and emanating opportunities and challenges therefrom.

GST: ALLOW DUE ‘CREDIT' OF THIS ‘NOTE'

Abstract It is normal trade practice to refund the money in case of dispute in a transaction entered into by two parties and raise the credit note as a documentary requirement. Sometimes the settlement may take substantial time and even years. By that time, the GST would already have been discharged by the supplier and ITC must have been claimed by the recipient on the same. However, when the amount is refunded upon settlement of dispute, GST law may not allow to adjust the liability paid earlier by simple reason of not raising credit note within time limit prescribed under the law. This may cause hardship to the payers as tax component returned becomes cost to them. This may be avoided by bringing about a small change in GST law and making it in line with erstwhile Service tax regime. Let’s explore further.

IMPLEMENTATION OF GST E-INVOICING SYSTEM: A NAVIGATION

Abstract In GST, E-Invoice, E means ‘Electronic’ which indicates the contribution of computer because it generates an invoice electronically. In simple words, e-invoicing is a practice under which invoices are digitally generated in an approved format and the GST invoice information can be circulated electronically within the group of apprehensive individuals. The invoice information automatically gets saved in the software decreasing the need for fresh entries.

CAPITAL GAINS – INCOME TAX & TDS PROVISIONS; WITH SPECIFIC REFERENCE TO NRI's

Abstract Taxability of NRI’s on Capital Gains is a big issue, when more & more Indian youngsters are venturing into foreign lands for greener pastures. More so, TDS provisions relating to such cases are bit harsh. However, the tax authorities offer opportunities to NRIs to reduce TDS Liability, if a specific process is followed. Few paragraphs on the issue will be quite informative for effected NRI’s & Professionals involved in Income Tax practice.

DECODING THE IMPACT OF GST LAW ON INDIAN SHARE MARKET OPERATIONS

Abstract The present study focuses on unravelling the implications of GST on the share broking business, which constitutes a substantial component of financial services in the Indian financial market. It brings a comparison of the pre and post GST impact on the share broking services. The authors find that the act resulted in both benefits and hazards to the whole sector.

APPLICABILITY OF GST ON THE POWER TRANSMISSION

Abstract Under the new GST regime, while various goods & services have been covered for charging GST under various rates, certain goods & services have been excluded from the GST regime. Transmission and distribution of electricity by transmission and distribution utility is exempt from GST. India being the third largest producer and third largest consumer of electricity, the impact of no GST on above is to be noted with regard to the 3 sub sectors of power sector- power generation, transmission and distribution. This article analyses the impact of GST on the Power Sector as well as educate the reader about generation, transmission and distribution of electricity. Finally, overall impact of no GST on power sector and consumers has been analysed.

ADVANCE RULING UNDER GST REGIME A SIMPLER AND QUICKER WAY TO AVOID LITIGATIONS AND NON COMPLIANCES OF LAW

Now-a-days, there is an increase in the violations of laws. Most of such violations arise due to lack of knowledge on such laws. This has increased cost of litigations as well as wastage of time because of involving in such litigations as it takes years to put a fullstop to such litigations. So, the Central government has taken a step to establish legal bodies which are called Advance Ruling authorities wherever necessary under respective Acts. Such authorities so established provides guidance on transactions for which such application is made to them, thereby avoiding litigations and non-compliances of law which arise due to lack of knowledge on such laws.

Simplicost A Cost Partha System For MSMEs

Abstract In this article, the author lobbies for a simplified approach to costing, addressing the requirements of small enterprises, and takes a cue from the India centric approach of the famous “Parta” system. The one time cost sheet for each product, subject to updates on a need basis, tries to address the need for daily performance monitoring of costs and course correction from an engineering based approach.

DIGITAL TRANSFORMATION IN THE NEW WORLD ORDER POST COVID-19 PANDEMIC

The Ghastly Disastrous Stranger Digital evangelists around the world extensively wrote about the fourth industrial revolution during the last decade, some of which have been captured in previous nine such columns. This revolution started with cerebral applications of digital solutions for problems of a common man coupled with new business and revenue models for commercial enterprises. Many innovative applications of eight deep digital technologies influenced human behaviour and started crafting a new way of living life. The journey of many technology players blissfully moved ahead from a startup to a ‘soonicorn’ to a unicorn.

Post Covid-19 Advantage India

Between military wars and biologic wars, the latter is more damaging and unpredictable as the impact made by COVID-19 on the global economy was far from anybody’s initial expectation. No one can correctly predict the extent to which the global economies would be impacted by COVID-19. This scale of lockdown has happened first time in the human’s known history where every economic activity is closed except production and transportation of essential goods and services. This is unprecedented. The United Nations has termed this crisis as the worst we have seen since World War II. But there is a saying that every crisis also brings opportunities and necessitates creative solutions; or the progress comes from dire situations. It was once said that never let a crisis goes to waste. This is what India should be looking at.

Covid-19 - Its Impact And Opportunity For Indian Economy

Every fall in the economy can be seen as a new opportunity. The spread of pandemic by Corona virus has made a huge disruption in economic activities, resulted the biggest loss to the global economy in a small period of time. The silver lining of Covid-19 is that it has generated a huge demand of personal hygienic and protective equipment world over. Also there is a high demand of paramedical and cleaning staff. Government quick and pro-active measure may be a game changer for Indian economy.

ONLINE COLLABORATIVE LEARNING: A MOTIVATIONAL STRATEGY FOR STUDENTS

Collaborative learning helps students to communicate with each other and with the material which is provided in the sessions. It is a removal of traditional lecture method of teaching. This article focuses on implementing collaborative learning into accounting classes with a motive to generate more active student learners with the help of interactive sessions. It attempts to suggest strategies to deal with challenges and pitfalls with the application of Online Collaborative Learning (OCL). “Teachers need other Teachers. This is not a job that can be done alone. Collaboration and friendship are vital in keeping teachers sane and happy. - Anonymous

INTERVIEW - Prof. (Dr.) Dhrubajyoti Chattopadhyay Vice Chancellor Sister Nivedita University, Kolkata

Prof. (Dr.) Dhrubajyoti Chattopadhyay is currently the Hon’ble Vice Chancellor of Sister Nivedita University, Kolkata from January 2020 onwards and was the Founder Vice Chancellor of Amity University Kolkata from 2015-2019. Prof. Chattopadhyay was the Dean, Faculty of Science at the University from 2003 to 2007. He was the Pro-Vice Chancellor of the University on 2008 till 2015. He was also the Director at the Centre for Research in Nano Science and Nano Technology at the University from 2007 till 2015.

INTERVIEW - Prof. (Dr.) Basab Chaudhuri Vice Chancellor West Bengal State University Barasat, North 24 Parganas, Kolkata

Professor Basab Chaudhuri, Ph.D. (Tech) in Chemical Engineering from UDCT, Mumbai (now ICT) was a Lecturer, Senior Lecturer, Reader, Professor and then Registrar of the University of Calcutta, spanning a period from 1991 to 2015, before joining the post of Vice Chancellor of the West Bengal State University, Barasat in 2015, and where he has been working now. During his academic career, he was an active researcher and worked in various capacities in the Netherlands, the USA, South Korea, and other places. He got several gold medals for best publications in journals. He was an INSA - KOSEF research scientist. He was a Fulbright - Nehru Academic Administration awardee. He loves to read and write. Basab Chaudhuri’s profile is given in Researchgate. He believes in the dictum, “To thine own self be true.” He loves his students and colleagues and tells them to remain reflective and humane in spite of everything.

ECONOMIC IMPACT OF CORONA

As the devastating impact of Corona on the economy is quite perceptible, we have to look for the remedial measures and implement it before it is too late. Although the remedial measures are quite visible but government seems to be hesitating in implementing those remedial measure. The basic reason behind this hesitation of the government is “Academic Dishonesty” about Modern Industrial Capitalist Economic System. Due to this “academic dishonesty” the academic world portrays Capitalism as a self-sustaining system which it certainly is not. It is due to this “academic dishonesty” any stimulus/rescue package to economy is seen as “undue favour” to big industrialists. However if this “academic dishonesty” is dropped and the truth about basic nature is accepted i.e. capitalism is not a self-sustaining system and it is artificially sustained system then any kind of stimulus/rescue package to industry will be seen as “natural course of the thing” not as undue favour to “big industrialists”. This articles captures the “oldest academic debate” about the basic nature of capitalism (which got underway in early 19th century itself) and explains the ongoing crisis from that point of view. This article also exposes the duplicity of modern day text-book economics.

IMPACT OF CORONAVIRUS IN PREPARATION OF CORPORATE ACCOUNTS AND THE ROLE OF CMAs

The impact of the pandemic Covid-19 on the world economy, financial markets and business operation of the companies in both manufacturing and service sectors are phenomenal all over the globe. Nobody knows when this devastation will be over. With the deaths of millions of people all around the world caused by this deadly virus all nations including India will have to seriously reassess and reallocate the budgetary resources for medical, public healthcare, R & D and social security which has been neglected so far. This Article has made an attempt to highlight some of the areas where there is a need for reassessment, revaluation and modification to be made by the CMAs in preparing Annual Accounts for the year 2019-20 as also the role of Cost Auditors in this regard.

FROM PENCILS TO iPADS: EVOLUTION IN INSTRUCTIONAL TECHNOLOGY

In nutshell, there has been a gradual yet vital evolution in the field of instructional techniques being backed by a change in the technology, medium, concepts and the approach. The invention of computers and the internet has been the game changer. With the changed time has changed the most sought after skill too. Today, the most important learning has become how to learn quickly and on oneself. The most sought after skill has become disruption which involves rethinking processes, concepts & outcomes, challenging them and building a better model. The experience of working with people from different communities, cultures and countries has become the key to survive in MNCs, which is being developed at the school and college level itself by doing international tie-ups and by offering international secondments. The evolution of artificial intelligence and machine learning has paved way to new horizons. An immense change is knocking on the door and it is believed that such a change will redefine the field of education.

A STUDY ON EFFECTIVE APPLICATION OF PPP MODEL - IMPLEMENTATION OF NEP - 2019

Based on the history and culture of ancient India, education is not considered only a means of acquiring knowledge, rather it is needed for the purpose of complete realization and liberation of the self. So each and every citizen must be required to be brought under the light of education and for that particular purpose, an appropriate education policy should be framed by the Government. The main aim of introducing new education policy, 2019 is to ensure quality education in India for a span of 20 years i.e. from 2020 to 2040. New Education Policy emphasized on the five pillars of education – Access, Equity, Quality, Accountability and Affordability. This study shows the essence of the New Education Policy and also proposes the effectiveness of PPP model for the implementation of such policy throughout the entire nation.

TIME BOUND ARBITRATION PROCEEDINGS - A BIG REFORM IN ARBITRATION LAW

The chief attribute of dispute resolution through “Arbitration” is speedy and inexpensive. However, both Arbitration Act, 1940 and Arbitration and Conciliation Act,1996 have belied the expectations as the arbitration proceedings have become long winding, delayed and expensive. It is by way of the Arbitration and Conciliation (Amendment) Act,2015 and Arbitration and Conciliation (Amendment) Act,2019 that the Government of India has effectively addressed the issue of delay and introduced several salutary provisions in the Arbitration and Conciliation Act,1996 to make arbitration proceedings time bound. This is a right step in the direction of ease of doing business in India as enforcement of commercial contracts would be speedy.

DIGITAL TRANSFORMATION – RISK ENABLED PERFORMANCE MANAGEMENT AND GOVERNANCE

Mankind is fighting out critical risks and challenges since the dawn of civilisation for survival and prosperity. Future kept on unfolding with ever changing fiercely critical and perilous encounters.

DIGITAL TRANSFORMATION RECENT DEVELOPMENTS AND APPLICATIONS

Readers might have by now familiarised themselves with eight deep digital technologies and various related dimensions of digital transformations.

CMA H.K. Joshi

Chairperson and Managing Director and Director (Finance) The Shipping Corporation of India (SCI) Ltd.

BUDGET 2020

The longest ever speech by the Finance Minister for two hours and 41 minutes with the last two pages unread for lack of time, but treated to be as read, being unable to continue as she had become indisposed, but all the same, she felt better and participated in Rajya Sabha to complete her budget engagements.

TECHNOLOGICAL STARTUP AND ITS IMPACT ON ECONOMY IN INDIA: AN OVERVIEW

Abstract Technology is considered as major thrust area of gaining strong economy. Indian economy has been transforming from conventional to digitalize through laughing of several initiatives. In this regard, technology startup was an important milestone in India. But, its contribution on economy has been slowly but steadily growing. Despite its contribution on economy, technology startup and its performance are not all satisfactory. The purpose of this study is to review and to evaluate technology startup and its impact on Indian economy. However, technology startup is at growing phase in India and plenty of opportunity to achieve expected goals subject to focus on innovations and initiatives.

STARTUP INDIA AND WOMEN ENTREPRENEURSHIP - A THEME FOR ECONOMIC GROWTH

Abstract Startup India is the ambitious movement with aims of filling up gaps in the Indian Economy for the growth and development of startups with digital entrepreneurship. In our study with the use of secondary data we have analysed how women entrepreneurs utilized the advantages of startups and being the successful women entrepreneurs how much they contributed for economic growth of India and act as ideal role model of the country to motivate the young women for the starting of startup entrepreneurship.

CORPORATE GOVERNANCE AND ITS IMPORTANCE IN THE STARTUP WORLD

Abstract Corporate Governance research in the context of emerging economies has received increasing attention in recent years. Most of the big companies have already started following the standard protocols of Corporate Governance. However, the world of startup is not generally included when the importance of Corporate Governance is discussed. This attitude has led to a lot of early stage startup closure and undervalued acquisitions. Startups need to rope in a number of Corporate Governance guidelines so that these can contribute towards the growth of the organisation, as well as minimize failure and risk.

IS CONSIDERATION OF GLOBAL REAL ESTATE INVESTMENT RISKS WORTH?

Real estate investment acts as a collateral security and facilitates easy access to credit. Cross-border real estate investment has also been on the increase, investors are considering real estate as a global asset class. But there is huge uncertainty in the returns as high risk is associated with investment. To capture different levels of market risk, it is necessary to identify and measure the factors leading to this uncertainty, such as country risk, structural risk etc. this paper simply puts the focus on various global real estate investment risk associated while considering it as an investment option.

FIELD EXPERIMENTS AND CUSTOMIZABLE DEVELOPMENT POLICIES:THE NOBEL PRIZE IN 2019

Recently, Prof. Esther Duflo was invited to the Centre for Studies in Social Sciences, Calcutta, a premier social science research institute with strong international repute, to deliver the R. C. Dutt Lectures in Economics.