Monday 18 May 2015

Gross Tax Collections During 2014-15 Stand at Rs. 12,45,037 Crore and thus Registering a Growth of 9% during the period as Compared to FY 2013-14

The Provisional Accounts for the year ended 31st March, 2015 have been complied on the basis of March data and anticipated adjustments received from the different Ministries. These are the provisional figures and may undergo certain changes during the final compilation of accounts after Audit.

1.  Fiscal Indicators:

As a result of prudent policies and commitment to fiscal consolidation, the fiscal deficit at the end of 2014-15, stands at Rs. 5,01,880 crore which is 98% of the projected figure in RE 2014-15. Fiscal deficit as a percentage of GDP is 4.0% as against the RE of 4.1%. (4.4% for the previous year 13-14). The Union Government is firmly committed to path of fiscal consolidation and this is a step forward.

Revenue deficit at the end of 2014-15 is Rs.3,58,306 crore which is 99% of the projected figure in the RE 2014-15  and is 2.8% of the GDP as against the RE of 2.9%. (3.2% for the previous year FY13-14)

2. Receipts:

Gross Tax Collections at Rs. 12,45,037 crore has shown a growth of 9% (Rs.1,06,303 crore) as compared to FY 2013-14. The gross tax collections is 9.8% of GDP.

While, Devolution of tax collections to States at the end of 2014-15 is Rs.3,37,808 crore which is higher by Rs.19,578 crore over the previous year 2013-14 while the Non Tax Revenue stands at Rs.1,96,959 crore (90% of RE)

Non Debt Capital Receipts which includes disinvestment stands at Rs.43,439 crore (103% of RE) and has shown an increase of 4% as compared to the previous year’s collection of Rs.41,865 crore.

3. Expenditure


Plan Expenditure at the end of 2014-15 stands at Rs.4,35,621 crore while Non-Plan Expenditure during the same year has been Rs.11,91,140 crore (99.8% of RE)
for more information visit us at http://www.neerajbhagat.com

Wednesday 13 May 2015

Registering a company – what challenges will you face post-formation?


Registering a company - what challenges will you face post-formation?

The process of Company registration in India is a very simple one. In fact with Company Formation Made Simple it is just 4 simple steps. It is a quick process too, normally done within 3 hours. However here at Made Simple Group we are always looking to keep young businesses prosperous, so we want to help prepare entrepreneurs for their new venture.

We want to help businesses grow so we provide a range of advice and guides, including our ‘Business Start Up Guide’ to give you the best chance of success. As a result, we thought it would be beneficial to share some of the challenges you will face post-formation.

So, what are the things you should be most aware of once you start your business adventure?

Common Smaller Problems

Certain problems are very common, as a result you are much more likely to face them. It might not be possible to avoid the challenges, but you may very well be better prepared if you know they are coming.

Some common challenges include:

Over Planning – Let’s get this straight, planning is important – but only if it’s followed by doing. You might find that your business progress stalls if you spend too much time in the planning phase, this is a big problem. Try and find a balance, allow planning time – but remember that the execution of those plans is what really matters.
Relying on Clients – When you first start getting clients, you are going to be a bit dependent on them. This is especially true if you have a large percentage of your income depending on a single client.
Customer Service – Over-committing and under-delivering is a common problem, with a keen need to impress there are potential pitfalls for not satisfying customers. Customer service guru Ruby Newell-Legner states that “it takes 12 positive experiences to make up for 1 unresolved negative experience”.
There are many other common problems, but these are some of the more interesting ones – and ones you might not have necessarily expected. Other common problems include money management, cash flow and finding the right staff.

Deeper Larger Problems… And Solutions

Smaller company problems are much easier to manage, or at least focus your attention on, than the broader and more nebulous ones. There are many of these, some of them include:

Marketing – Keeping a customer base is a big challenge, as is gaining potential new customers. Neeraj Bhagat, a business mentor with experience at Citigroup and Bank of America said “Figuring out the right marketing channels is key for businesses to be successful in the future” – so identifying customer wants and tailoring your marketing around this is a significant challenge.
Reputation – Sometimes in business there is a bad decision made – and your reputation suffers. If people judge your company to be in the wrong, it will negatively affect this – but on the other hand a positive impact can be made too. Your integrity and trust starts from within the company, so making a proactive effort to foster a positive culture is a good idea. This is great for employees too, where reputation is most strongly felt.
Competition – One of the larger challenges faced by a business is remaining competitive, or even being competitive in the first place. Neeraj Bhagat & Co. concludes “The ease of starting a business creates a much broader level of competition” and that “will make it more difficult for businesses of all sizes to retain customers who can change their suppliers with the click of a mouse”. The challenge covers marketing as well as reputation, but also counts on the focus of the business owner themselves.
Generally speaking, these are much deeper and larger problems and they generally don’t go away very quickly, in fact you should regard marketing, reputation and competition as something of an ongoing challenge.

Solutions

Although it is very important to be aware of challenges, the real trick lies in finding solutions. Adapt and evolve to become a better business, or you may find that you’re left without the edge you need to survive in the business world.

Did you find this useful? If so please be sure to comment and let us know. Make sure that you check out the rest of our blog for more useful hints and tips. 

Thursday 7 May 2015

Now Registeration of new company become easy



Narendra Modi government eases incorporation of company or business, process to take just 1 form starting today 
Company Registration in NEW DELHI: Entrepreneurs keen on setting up new enterprises will be able to incorporate one by filing just one form starting Friday against eight separate forms earlier, as part of the government’s drive to make it easier to do business in the country.
The corporate affairs ministry will from May 1 have an integrated company incorporation form to make compliance and reporting easier and convenient for corporates.
“Name availability, allotment of Director Identification Number (DIN), company incorporation and commencement of business will now be possible through a single form,” said a senior ministry official who sought anonymity.
The new form, called INC-29, will be available on the MCA website. This is part of the government’s drive to improve India’s ranking on the globally tracked parameter of ease of doing business. This is a priority area for PM Narendra Modi, who has made it a personalmission to improve India’s scores on this parameter. The government wants to reduce the time taken to register a company in India to one day.
Modi has said he wants India to be at 50th position in two years among countries ranked by the World Bank in its annual Ease of Doing Business survey.
The Ease of Doing Business survey captures the ease with which one can open, conduct and close down businesses. The country was ranked 142 among 189 economies by the World Bank in 2015, down two notches from the preceding year. In 2006, when the index was launched, India was ranked 116. On the crucial ‘Starting a Business’ parameter, the country was ranked 158, again down two places from the preceding year.
Entrepreneurs have long complained about the various hassles they face in setting up businesses in India, so much so that many startups prefer to incorporate their businesses in countries such as Singapore. The reasons for this range from a multitude of orms to a plethora of permissions from central and state governments.
Currently, businessmen seeking to register a new company are required to fill eight forms to complete the incorporation, a process which, besides being cumbersome, also takes a lot of time. Even if it’s a single-person company, the range of forms required to be filled included separate applications for obtaining DIN, obtaining a DSC (digital signature certificate), form INC-1 for approval of the name of the company, for more visit us at:http://www.neerajbhagat.com