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Finance

GST for Freelancers

gst india tax, GST for freelancers
All you need to know about GST if you are a freelancer

Hi guys,

Ever since GST has come in, there have been many rumours floating around its impact on Freelancers. I personally have gone through many articles myself but I have found the information to be very confusing. Which is why; I thought it would be best to introduce an expert who can simplify it all for us. A big thank you to Umesh from Taxadda.com who put together this useful article for all my readers.

Who is Freelancer?

Freelancers are persons who offer services usually to business and multiple clients at the same time.

How it applies to Freelancer?

As said above freelancer offers their services to business communities and multiple clients it attracts service tax as services are supplied by Freelancer and services are received by business and clients. In GST era service provider is termed as a supplier of services and service receiver is called as the recipient of services.

Definition Service under GST

As per section 2(88) Service means anything other than goods. For the purpose of this section, service includes intangible property and actionable claim but does not include money.

Procedure of filing return

Under GST you will have to file totally 37 returns for a year. 3 returns per month and one Annual return at the end of the year.

How to collect GST on services and Date of filing return

The supplier of services has to collect the tax on services rendered by him from the recipient of services and the tax should be deposited by tenth of every subsequent month (i.e. the next month)

For eg. Tax deducted or collected in the month of June shall be deposited till 10th July.

There are four types of taxes under GST era they are as follow

  1. IGST: IGST is applicable when it is interstate transaction i.e. when goods or services are supplied from one state to another state.
  2. CGST and SGST: CGST and SGST is applicable when it is intrastate transaction i.e. when goods or services are supplied within the same state then CGST and SGST are need to collected by the supplier of services in equal proportion.

For eg. : If the tax rate is 18% then CGST be 9% and SGST be 9%.

  1. UTGST: UTGST is applicable when the transaction is occurring between Union Territory or Provisions (eg. Lakshadweep, Andaman-Niko bar, Daman-Diu, etc.) but excludes Delhi and Pondicherry. For Delhi and Pondicherry IGST and CGST and SGST are applicable.

One must be careful while charging the GST and depositing the amount of tax collected with related government. This above bifurcation will help you.

Applicability for those who renders services to Foreigners/outside India

In existing service tax laws services exported outside India are not chargeable to service tax those are exempted from charge ability of service tax. Under GST the same provision is continued, no tax is levied for exported services.

Registration requirement

Under GST you will be required to register when your aggregate turnover exceeds Rs.20 lack in a financial year. But this provisions does not applicable to any form of online business. Under section 19 read with schedule-III of Model GST laws every form of online business irrespective of the amount of its revenues/aggregate turnover is required obtain mandatory registration under GST. Hence registration is mandatory for freelancers irrespective of their turnover.

How to register?

If you are having a registration under existing laws (service tax) then you will get provisional ID for GST registration after login to aces (aces.gov.in) website. After getting Provisional ID you need to visit the GSTN portal and then click on the New Registration and follow the process for registration of GST you also need to upload the required documents but remember the size of every document does not exceed 1 Mb and those documents should be in the required format. (eg. PDF, JPG, etc.)

What about earlier credit?

You can carry forward the earlier credit on inputs, input services and capital goods which is showing in your return (ST3). You can also carry forward the unavailable credit on capital goods. However if you has opted for consumption scheme in earlier law then you are not entitle to carry forward of credit. For the purpose of carry forward following conditions needs to be fulfilled

  1. Declaration under FORM GST TRAN – 1 to be made within 90 days of the appointed day of the Act
  2. Same credit is admissible under existing law
  3. All returns of last 6 months have been furnished, immediately preceding the appointing day
  4. Such services are not exempted under any notification as notified by government

How and what input Credit should be adjusted?

You can adjust the credit by following

Against IGST payable you can adjust the credit of in the following sequence

  1. Input credit of IGST
  2. Input credit of CGST
  3. Input credit of SGST

Against CGST payable you can adjust the credit of in the following sequence

  1. Input credit of CGST
  2. Input credit of IGST

Against SGST payable you can adjust credit of in the following sequence

  1. Input credit of SGST
  2. Input credit of IGST

Remember this credit should be adjusted in the following sequence only, you cannot disturb the sequence.

For eg. The IGST payable is Rs.10000, and the IGST input credit is Rs. 5000, CGST input credit is 2000 and the SGST input credit is 5000. You can’t adjust the input credit of IGST and SGST (5000+5000) against the output tax payable of IGST by ignoring or keeping aside the input tax credit of CGST, you will have to adjust in the manner said above

Output IGST/ IGST payable                                                                              10,000

Less: Input tax credit of IGST                                                                           (5,000)

Balance                                                                                                                 5,000

Less : Input tax credit of CSGT                                                                         (2,000)

Balance                                                                                                                   3,000

Less: Input tax credit of SGST                                                                           (3,000)

The balance of Rs. 2000 remaining input tax credit of SGST will be carried forward to next month.

You can also available the credit of tax for office supplies earlier it was not possible unless you have VAT registration. Let us illustrate that,

Suppose if you buy a new laptop from any store it was billed you with VAT, such laptop is a capital asset for your business and credit for is allowed under VAT but you are not registered with State for VAT as you are not engaged in trading activity your services falls in pure services so earlier such VAT i.e. tax was a cost to you but now you can avail the credit as now under GST era.

All you wanted to know about Bajaj Allianz Future Wealth Gain

Hey guys,

I hope you have read my post on 5 reasons you need to start saving at 25. As I had mentioned, I was invited by Bajaj Allianz Life Insurance to a blogger’s meet where they launched a new product called Future Wealth Gain. I am sure you are buzzing with questions about the product. Well, let’s get cracking and answer all your questions.

Have any questions about Bajaj Allianz Future Wealth Gain? Write to me!

Ok, so what is Bajaj Allianz Life Future Wealth Gain?

It is a unit-linked endowment plan that offers you two variants, ‘Wealth Plus’ and ‘Wealth Plus Care’.  This plan invests your money in capital markets to maximize your wealth. It is a non-participating ULIP plan with a regular and limited premium payment option.

So what do I get on maturity?

As Maturity Benefit, you will receive the Fund Value plus top up premium fund value, if any, as on maturity date, including Loyalty Additions which helps one get higher returns.  It provides you upto 90% of one year’s premium for a policy term of 25 years, payable at the end of every five years, starting from the 10th policy year.

That’s it?

No! Bajaj offers something called as Fund Boosters that are added to the Fund Value on maturity when all premiums have been paid up to date and the policy is in-force. Fund Booster returns can be as high 90% of one year’s premium, if the policy term and premium payment term is more than 15 years.

Nice! Does this ULIP give me any more benefits?

If you opt for the Wealth Plus variant, you get a death benefit which is higher of , either Fund Value plus Top up if any or is subject to a minimum of 105% of premiums paid including top-up premiums paid, if any, till the date of death.

If you opt for the Wealth Plus Care Variant, on death or first diagnosis of cancer , you would be eligible for Income Benefit.

Cool, anything else I need to know about this policy?

As a part of this policy you have 8 fund choices to invest in, if you opt for it. You can also opt for Wheel of Life portfolio strategy where the regular premium fund value and top up premium fund value, if any, will be reallocated among various funds in the pre-defined ratio based on years to maturity.

How do I get the benefits at maturity?

You can opt for maturity benefit in installments (Settlement Option) over a maximum period of 5 years.

In theory this sounds great, but can you give me an example please?

Say a 30-year-old woman buys a Bajaj Allianz Life Future Wealth Gain policy with Wealth Plus variant and chooses to pay an annual premium of Rs.50,000 for a 15 year policy term, with 15 years of Premium Paying Term. Assuming that the premium will be invested using Investor Selectable portfolio strategy (Let’s assume she invests in accelerator midcap fund II). The Sum Assured she stands to gain is Rs 5,00,000 and the maturity benefit available will be Rs.12,64,107 (at 8% return), and Rs.9,27,772 (at 4% return). On Maturity Date, a person will receive the Fund Value plus top up premium fund value, if any.

As Death Benefit, she will get:

  • The higher of the Sum Assured, plus top-up Sum Assured, if any, or
  • Fund value, as on the date of receipt of intimation of death,

Quick Facts at a glance

The minimum premium for Future Wealth Gain is capped at Rs.50,000 annually. The maximum policy term is 25 years and the minimum premium payment term is 5 years.

Bajaj Allianz’s Pure Stock Fund has outperformed benchmark and has generated a CAGR of 16.4% for 10 years vs 9.2% of benchmark (as on 31st March 2017). The fund is consistently rated “5 star” by Morning Star.

Bajaj Allianz has recently crossed INR 50,000 Crores Assets under Management (AUM). Do you realize how many people love and trust their products!

And a disclaimer

Investing money is a personal matter and I urge you to carefully go through all the documents yourself before taking the plunge. In the meanwhile, if you have any questions for me, please feel free to comment below.

Hope you enjoyed reading the post 🙂 For more information, please do visit their website

5 reasons you need to start investing at 25

investment, investment plans for 25 year old
It’s time to #InvestBefikar

Did you know that up till 2016 I had the superpower of vanishing? It’s true. All you had to do was utter the words “financial planning” or “financial security” and poof I would just disappear in the blink of an eye. I never took saving money or investing seriously. At the end of every month, I just wouldn’t know where the money disappeared. I am sure a lot of 20 somethings can relate with me at this point.

Somehow, when I completed a quarter of a century i.e. I turned 25, adulthood dawned on me. Suddenly, the ads on SIP’s mutual funds, life insurance, and endowment plans seemed interesting and I would be seen reading the financial section of the newspaper much to my parents’ surprise.

After slogging for 2 years, I had nothing to show for financially and I wanted to take matters in my own hands. To motivate myself, I have come up with 5 reasons I had to start investing right away.

1. To have a safety cushion

When you start working and earning on your own, it is super awkward to go up to your parents and ask for money especially since you have blown a big chunk on the fancy iPhone. I have been in these sticky situations a number of times when I badly needed money for something but my almost nil bank account just jeered at my despair. I can’t afford for that to happen anymore

2. To make my money grow

Like any person on this planet, I love my money. I love taking it for a trip to the mall, I love blowing it up and I love watching it grow. Initially, the only way I knew how to invest my money was to put it in a fixed deposit. Let me tell you, that while your money stays safe, it hardly grows. Seeing the abysmal returns I was getting from banks, I decided to start looking at other options.

3. For that elusive foreign trip

Don’t you love and hate seeing the cool videos and photographs of people travelling to gorgeous places all over the world, all over the social media? Every time I see a friend whizzing off to Paris or Bali for a vacation, I can’t help but sigh and then spend numerous hours planning a trip for myself. Of course, at the end of it, I realize that I simply cannot afford to spend the humongous sum of money even if I opt for the cheapest options available. This year, I have sworn that I will save money and fulfil my dream.

4. To splurge away

Every now and then, I come across something that I HAVE to own but I don’t always have enough cash. I am currently lusting after a Go Pro Camera for my blog but those things are expensive and the interest on EMI’s is generally too high. But once my investments start showing some returns, the first thing I intend to do is get that camera for myself.

5.To finally be my own boss

My dream is to leave my regular job, to ‘#JiyoBefikar’ (Live without worries) and have an enterprise of my own. I want to write books for children, I want to be a girl boss and I live in a cabin in the woods. All this is possible only if I have some backing and a steady stream of income through my investments

Phew! I can’t believe that I, of all the people in the world, would have so much to talk about investments. Actually, this week I am going to attend a meet by Bajaj Allianz Life Insurance on 22nd of this month and get to know all about their latest investment product, which can help you and I, to realize our long-term financial goals as well as #InvestBefikar.

A little about Bajaj Allianz Life Insurance

Bajaj Allianz Life Insurance is a joint venture between Allianz SE, the world’s leading insurer, and Bajaj Finserv Limited. Allianz SE is a leading insurance conglomerate globally and one of the largest asset managers in the world. Bajaj Allianz Life Insurance is one of the leading private life insurance companies in India. The Company has developed insurance solutions that cater to every segment and age-income profiles. Currently, Bajaj Allianz Life Insurance has a strong product portfolio with adequate flexible products to cater to all kinds of customer needs from ULIPs to Child plans, from group insurance to health insurance. The Company began its operations in 2001 and today has a pan-India presence with more than 700 branches in India. Bajaj Allianz Life Insurance has been constantly expanding its operations to be close to their customers.

Follow them on Twitter for live updates @BajajAllianzLIC and on their Facebook page, too 🙂

Stay tuned for the part 2 of my blog post guys where I will unveil the product and tell you all about it 🙂

10 things to consider before you apply for a car loan

Car loan, Car loan 2017, Car Loan India
Buying a car loan? Remember these 10 key things

You know you are a grown-up when instead of looking for cute cat videos you start putting in search terms like “best car loans in India”. Ever since I switched jobs, the commute has become a major hassle for me. Which is why; I have been thinking seriously about investing in a car. I don’t want to borrow money from mum and dad and a car loan seems to be the best option for me. Before I take this major financial decision, I have realized that one needs to keep emotions and excitement aside and take a cold hard look at practical facts.

After a lot of research and discussions with people who have taken loans, I have come up with my list of top 10 things you MUST consider before you apply for a car loan.

1. Will you really drive your car regularly?

Owning a car is one thing, using it regularly for commute is another? Sure, it can be fun for the first few months but eventually, I have seen my friends give up and switch back to cabs and rickshaws. Being stuck in traffic, the stress of driving for long distances and wanting to multi-task while travelling are the three reasons why people give up on driving. What happens then is you are stuck with an almost new car which you would have to sell at a lower price even as you continue to repay your loan.

2. Keep an eye on the RBI

The Reserve Bank of India is the nation’s central bank. They are in charge of the monetary policy. Keep an eye out on the repo rate (the rate which RBI lends to commercial banks). Lower the repo rate, higher liquidity with banks. This translates into lower interest rates for your car loan.

3. How about a second-hand car?

If your car is meant for commuting and according to you utility trumps style, then a second-hand car is an ideal choice for you. There are many pre-owned car showrooms dotted across the city who provide fully serviced second-hand cars at a great price. You should be wary of the maintenance costs that might crop up and therefore always buy a car from a trusted source.

 4. Can you afford a car loan?

 You have found your dream car that you fully intend to drive every day but can you afford to have a chunk of your salary go to a monthly EMI? Are you sure that you will remain employed until you manage to pay off the loan?

5. Is the rate of interest in your interest?

Interest rates, especially on car loans, can sometimes be the deterring factor. If your credit score is good, you can negotiate for a lower interest rate. During certain months, banks often offer attractive discounts on loans. Wait for this period to apply for the loan. Another thing to look for while trying to understand the interest rate is whether the bank is offering you a fixed interest rate or a diminishing interest rate. Explore multiple options before you settle on something.

6. What about the down payment?

You need to have a certain amount of money saved up to make a down payment on your car. You can opt for a 100% car loan but that would unnecessarily mean paying more EMI’s with additional interest. If you have decent savings kept aside, you should consider taking a partial car loan by making a down payment.

7. Can you afford the additional charges of owning a car?

Owning a car means along with a fixed monthly EMI payment and parking fees, you would be spending a lot of money on petrol, tolls, car maintenance, and insurance. Can you afford to spend this money every month? It is essential that you factor these ongoing costs while making a decision.

8. What if you manage to pay off your car loan early?

Say you received a great bonus after your appraisal or some unexpected income from somewhere, can you just walk to your bank and pay off your car loan in one go? Not all the time. Certain banks charge a pre-closure penalty to customers because that would mean the loss of additional interest to the bank. Therefore, it is absolutely essential you read the fine print before you sign the papers.

9. What if you miss paying out an instalment?

Life is unpredictable and you never know when you urgently require cash for something. This would mean that you may not be able to pay your EMI for one month. Does your bank have any provisions for it or would have to incur an additional penalty? It is important to get this information beforehand.

10. Any other hidden charges?

Does your bank have any processing fees? Do you have to pay any additional charges for the loan to be passed? Go through the documents that your loan officer provides with a fine-tooth comb. Information is power and the more information you have about your car loan, better the choice you will make.

When it comes to purchasing cars, a loan is the best. However, always go with a car loan from a bank than an aggregator or third-party sources. Banks are always a safe bet. Read and follow these 10 points and you will be able to get the best loan to buy that car you always desired.

CASHe: Your Instant Personal Loans Genie

 

CASHe instant personal loans
At first anniversary celebrations of CASHe App

Want a loan? Well, there are two ways to go about it.

  • Go to your friendly neighbourhood bank
  • Stand in the queue to speak to the unfriendly loan officer
  • Undergo his interrogation for a minimum of 2 hours
  • Submit 100 different documents from your Aadhar card to your Janam Kundli
  • Wait forever for your loan to be approved

Or you could go the millenial way and just download CASHe, your instant personal loans genie. I don’t use these words lightly.

All of you have to do is enter your details which helps the CASHe algorithm understand the loan amount that you would be eligible for, submit your papers and you get a loan faster than you would make Maggi! [Read more…] about CASHe: Your Instant Personal Loans Genie

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About Munni of all Trades

KhushbooWe remember the day seven years back when were travelling in a Mumbai local trying hard to come up withe a name for our blog when struck us; Khushboo was always called a Jack of all Trades. The name stuck (with a slight modification, of course) and Minni was born. Six years, over 100 collaboration, lakhs of readers and several awards later; our love for blogging continues to grow. We continue to write on an eclectic range of topics from the funniest autorickshaw signs that we have spotted in Mumbai to how to bathe an elephant. We are true blue Munni of all Trades and we hope to continue on this joyride with our fellow Munnies and Munnas. Read More

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