GST – An overview

The Government of India has implemented GST w.e.f. 01.07.2017. The acronym  ‘GST’ Stands for Goods and Services Tax.  GST is foreseen to be the biggest taxation reform after independence that has been chosen by the Government of India and that too in the field of indirect taxes. It is now being inferred that the onset of GST would lead to a situation which is best being described as  – “One Tax, One Nation and One Market”

 

As per GST India.com – “GST is a comprehensive tax which will be levied on manufacture , sale and consumption of goods & services at a national level”

 

Through this and subsequent blogs on the topic, we’ll try to understand the basic concepts related to GST and will be moving forward as the law unfolds itself in the Indian Economic scenario.

 

The idea of moving into GST regime was first of all proposed by the then Union Finance Minister in his Budget for 2006-07 and it was proposed at that time that GST would be introduced from 1st April, 2010.  The Empowered Committee of State Finance Ministers (EC) was told to present a basic framework and roadmap for GST and it then formulated the design of State VAT.

 

On the basis of various discussions within Joint Working Groups of officials from both State and Central Government, the Empowered Committee released its First Discussion Paper (FDP) on GST in November, 2009.

 

Finally, after addressing all intermediary and other issues which were brought in the notice from time to time, the Constitution (122nd  Amendment) Bill was introduced in the 16th Lok Sabha on 19.12.2014. The Bill provided for levying  GST on supply of all types of goods and  services provided, except for Alcohol for human consumption. Alcohol for human consumption and Five petroleum products viz. petroleum crude, motor spirit (petrol), high speed diesel, natural gas and aviation turbine fuel have been considered as SIN goods, on which Governments do not like to allow free trade. So these will not be covered under the ambit of GST. GST on these SIN goods would be levied at a later date as and when it will be recommended by the GST council.

 

The Bill after amendment was passed in May 2015 by the lower house of Parliament, Lok Sabha. The Bill was referred to the Select Committee of Rajya Sabha on 12.05.2015. The Select Committee had submitted its Report on the Bill on 22.07.2015. The Bill with amendments was finally passed in Rajya Sabha and thereafter by Lok Sabha in August, 2016. Further the bill had been ratified by required number of States and received assent of the President on 08.09.2016 and enacted as Constitution (101st Amendment) Act, 2016 w.e.f. 16.09. 2016.

 

The present system of Indirect Taxes comprises of multiplicity of taxes, some of them levied at Central level and some at State Level. The Centre has the powers to levy tax on the  manufacture of goods (except alcoholic liquor for human consumption, opium, narcotics etc.) while the States have the powers to levy tax on sale of goods. In case of inter-State sales, the Centre has the power to levy a tax (the Central Sales Tax) but, the tax is collected and retained entirely by the originating States.

 

There are several limitations and inefficiencies with each kind of tax. One of the major limitation is the cascading effect of tax in the supply chain.

 

GST is a destination based tax on consumption of goods and services. It is proposed to be levied at all stages right from manufacture up to final consumption with credit of taxes paid at previous stages , which is available as setoff in the subsequent stages. In a nutshell, under GST only value addition will be taxed and burden of tax is to be borne by the final consumer.

 

By accommodating / subsuming a large number of Central and State taxes into a single tax, it intends to reduce cascading or double taxation. From consumer perspective, the biggest gain would be – reduction in the overall tax burden on goods. Indian products would become competitive with GST in both the domestic and international markets.

By Ms Rachna Kathuria

Assistant Professor

JIMS Kalkaji

Rachna

 

 

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Guest Lecture By Ms Megha Mittal

Special Guest Lecture was held on 19th, August 2017 for IIIrd Semester students for BBA and BCom H. The Speaker was Ms. Megha Mittal, she is a well renowned image consultant .Students participated with full enthusiasm.

 

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Indian Secularism

On the papers of our constitution India is a “Sovereign, Socialist, Secularist and Democratic republic”, but a closer look at the gargantuan and complex subcontinent reveals a blindingly clear disharmony between the dreams and aspirations of our constitution makers and the current predicaments of our country.

A country where a dynasty of politicians had firmly held the power for the better part of half a century can no more claim to be democratic than a country where capitalist-overlords get off the hook from severe offenses can call itself socialistic.

Calling ourselves a sovereign nation, when chunks of our sovereign territory, comparable in size with some European countries, are occupied by two other foreign powers, could be deemed as wishful thinking.

But our one redeeming value, which much of our intellectual circle prides itself on, is secularism. Well, at least our version of the term.

In the majority of countries that claim to be secular; secularism stands on three fundamental policies-

  • Freedom of Religion
  • Equal Rights to all citizens regardless of their religion or lack thereof.
  • The separation of the Church and the State
  • The former of these are questionable as well. But the separation of the Church and the State is unquestionably absent in our democracy, as a result the government can be called anything but secular.

Judgements such as allowing a certain demographic to carry a dagger into places, where weapons can jeopardize the safety of others, or allowing another people group to abuse their womenfolk through malpractices such as polygamy and the infamous “teen-talaq” system, in the name of religious freedom, demolish India’s claim to secularism.

My personal opinion also deems India not a secular, but a state wherein the Government appeases different demographics, passing laws that have been unanimously ridiculed and mocked for their lack of basic civil virtues.In a country where only the Hindus and Sikhs voted for the Uniform Civil Laws, and in turn are labelled non-secular and rightwing for standing up to the historical evils done to their community. While the religions of our former colonial masters, who starved millions in Kerala and West Bengal who refused to convert to their faith, and that of the stone slingers of Kashmir and of an astonishing percentage of all the terrorist groups, are labelled peaceful and democratic.

What India needs direly is a strong and ruthlessly secular, who has the decisiveness to curb unnecessary freedoms extended to different religious groups, regardless of their being a minority, aspects of such a leader could be seen in the late Indira Gandhi and can be seen, even though a bit obscurely in our current Prime Minister.

By Ms Shradha Goyal

Assistant Professor

JIMS Kalkaji

sardha goel

 

 

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Game Theory and Business World

The mathematician John von Neumann and the economist Oskar Morgenstern in 1944 proposed the revolutionary Game Theory. Game Theory helps to know about how interactions between players of the game and choices each player makes lead to different outcomes of the game.  In the 1990s Adam Brandeburg and Barry Nalebuff professors in economics at Harvard and Yale University and specialist in the field of Game theory, developed their Co-Opetition model. The Co-Opetition model highlights the opportunity cost of switching over between coordination and cooperation in business world. Cooperation is required to enhance market growth by all the players and competition is required to differentiate and capture the highest market share. The new term introduced by them was “Value Net”. The value net can be used to identify and categorize the current players in the game, making strategy to bring more players in the game and diluting the power of a leading market player. The major players each firm has to face in business world are:

  1. Customers for whom firms produce their goods and services (for example FMCG sector) and the firm in the market which can connect to the consumers (Patanjali) can become leader by capturing higher market share. Patanjali, which is expanding its product portfolio and diversifying at such a pace, has changed the rule of the game.
  2. Suppliers are the players who supply resources to the firm. The packing companies like Essel Propak, Manjushree Technopack and Dynaflex are gaining business with expansion of Patanajli product category in the market despite slowdown of other leading FMCG category products.
  3. Competitors: The competitors’ are from customer’s perspective and supplier’s perspective. From customer’s perspective Patanjali‘s products are worth value for money. The increasing demand by consumers to express their commitment to Indian product along with low prices has further accelerated the market share of Patanajli products amongst Indian consumers. Hence HUL and Dabur and all other competitors ‘product become substitute for Indian consumer.

From supplier’s perspective, supplying its resources to Patanjali is higher profit generating then to other firms in FMCG market which are losing their market share. The supplier’s preference depends on quality, quantity and price. These three variables are governed by customer’s perspective.

  1. Complementors: Complementors are products or services that are in alignment with competitors’. Like HUL and others are looking for diversifying in Ayurveda product category, as Patanajli has created new appetite amongst Indian consumers for Ayurveda products.

The competitors can enhance their market share by extending its business to other games when it adds value to the other game and increases its profitability. The best example is revival of HUL product Ayush and Dabur’s strategy to introduce new category of Ayurveda products to its portfolio.

This is how we at JIMS help our students to understand difficult concept of Game theory in Economics Class.

By Dr. Neelam Tandon

Associate Professor

JIMS Kalkaji

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Fresher’s Day 2017

Fresher’s Day 2017 for BBA and BCom H for the Batch 2017-2020 was organized on 26th August 2017 , Saturday at Paradise Banquet, Vasant Kunj. All the students and faculties participated wholeheartedly in this event.

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Unleashing Education with MOOC – An opportunity for Institutes

It is not easy to identify a revolution when we ourselves are living inside it. It is like standing at the eye of a storm – oblivious and unperturbed. When YouTube was launched, I could hardly find any use case of this video sharing application. It may be fun, alright, but nothing important could come of it – so I thought. But in time, the storm reached my backyard – shaking the foundation of my beliefs. The whole world got captured in videos – recipe videos, review videos, “how to do it” videos, social meme videos and of course – Khan Academy videos. Salman Khan -the faceless super-patient teacher who cleared all difficult concepts – right from zero level while sketchily writing on a black “paint” window.

One revolution breeds another –The internet bred YouTube, YouTube bred Khan Academy and Khan Academy in turn gave birth to the MOOC evolution. Entrepreneurs and teaching organizations began to take notice of this “learning through recorded videos” concept. Today we have an entire range of open learning centers serving different requirements of learners. Coursera, EdX, Udemy, Udacity and such others have made our time the best time to learn.

  • Coursera : Focuses on specialized courses and offers longer term learning.
  • EdX : Initiative of MIT and Harvard – provides collection of semester long courses from 70 top grade colleges.
  • Udemy : Focuses on development of practical skills, comparatively shorter term learnings.
  • Udacity : Focuses on vocational courses for professional and offers “nano-degrees”.

Individuals are unanimous regarding the benefits of MOOC– it has brought world class education to a personal internet connected device – whenever and wherever. But the existing “brick and mortar” academia is equivocal about it. Some see it as a passing fad, not worthy of a headache. Some are scared and feel that MOOC has the potential to kill traditional academia – as digital music has done to the record label companies. There are others who believe that MOOC can co-exist and supplement the existing educational infrastructure.

I belong to the last mentioned group of academics. MOOC is not a passing interest – it is definitely going to leave a lasting impact on how we acquire knowledge in the near future. It will grow richer and stronger by the day because of the support of able entrepreneurs and great academic institutions. On the other end of the spectrum, MOOC has its own shortcomings which will prevent it from becoming the only solution of knowledge sharing. As for example, pre-recorded MOOC courses are too rigid to adapt to the common level of a group of students. So some courses are too easy for some and too difficult for others. It lacks the human element that a live interaction provides. Many MOOC courses are subscribed by learners, but are abandoned halfway because of lack of motivation.

Institutions and MOOC can coexist and can build on each other’s strengths. I have listed a few ways in which we as an institution can benefit from MOOCs.

  1. The power of ubiquitous internet: making learning available wherever and whenever. The course materials are concisely arranged and ready for consumption for the eager student.
  2. It can set a benchmark for teachers. A MOOC produced by the best professor of a discipline can serve as a reference to junior teachers. They can learn the nuances of teaching, concept delivery and methodology from their best. It can serve as a faculty development function.
  3. It reduces the load on teachers who can focus more on individual difficulties of students or even be able to spend more time on research. The repetitive part of teaching can be reduced.
  4. Cross-pollination of ideas and teaching methodologies between fellow teachers – which is otherwise difficult to obtain.
  5. Great advertisement for the institute – it will be able to create its own global identity, not through any promise or historical performance, but by demonstrating what it is now and what it can deliver in the future.
  6. It will complement the placement process by making the recruiters well aware of the quality of education that the institute maintains.
  7. There is a sense of pride to be a part of a global fraternity of teachers, offering a personal drop into the ocean.
  8. There is a sense of satisfaction in meeting social obligations. It is fulfilling to know that by the effort of preparing a MOOC, economical retardation will not stand on the way of knowledge acquisition of a deserving student somewhere in the world.

Knowledge is a resource which defies laws of conservation -it grows as it is shared. Standing in the eye of a knowledge storm I will end my article with the words of my superhero Salman Khan from his 2011 TED Talk – Let us reinvent videos for education:

Imagine what it does to a street kid in Calcutta, who has to help his family during the day, and that’s the reason he or she can’t go to school…. Imagine what happens if that student in Calcutta all of the sudden can tutor your son, or your son can tutor that kid in Calcutta. And I think what you’ll see emerging is this notion of a global one-world classroom. And that’s essentially what we’re trying to build.

By Dr Swapna Sen

Assistant Professor

JIMS Kalkaji

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Blood Donation Camp: “Donate Blood For A Worthy Cause!”

The Annual Blood Donation Camp was conducted by Rotary Club of Delhi Nirvana in JIMS Kalkaji on Friday 18th August 2017 from 0900 to 1600 hours. Many students participated in this great event.

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Importance of Moral education – Need of an hour

Education system without inclusion of moral values is a system which is incomplete in itself. The most important crux of the education system is the ethics and it is must that these ethics are propagated among the upcoming generations.

In today’s times most of us aspire to be a successful entrepreneurs, engineer, doctor, lawyer and the list goes on and on with each profession respectively but very few aspire to be a good human being first. There is nothing wrong in having big aspirations but one should  not achieve them by compromising on  moral values. Every day on our way to work we come across people ,victims of road rage, people fighting over a pity issues. These days while going through newspaper we read lot about  corruption, abduction ,killing , rape cases and so on. Recent study on behavioral issue among youths has shown increase in number of incidences related to crime that are even taking place  at school level. Children lying to their parents ,disrespecting elders and people emotionlessly ignoring to let an accident victim die on the roads has become common sight. While we have lots of development happening in various other fields of life but unfortunately our moral values are depleting by every passing day. It is high time we as responsible citizens of society need to take very concrete and constructive steps to work on moral values at a very tender age.If the foundation laid is strong then the building will obviously stay strong. Similarly, the children must be given a strong base at a tender age of what morals are and how to inculcate them in their life. Though some of the schools are making an effort towards this by having value education and life skills a compulsory class in their timetable, which is a great effort, I am not sure if they are covering all the deeds and values that are to be planted in the students’ thought-process to make them exceptional beings. Morals are those that can differentiate between the right and wrong, the good and bad. But the irony is such that what is right and good to one might not be the same to the other. So, it is very essential to ensure that the right and good norms are taught in such a way that at any situation they have to be moral in their thinking. The teaching, if executed in an innovative way with simpler ideas yet effective ones, it can reach the students easily and make a great impact. It is also important to ensure that the children have perceived the morals and are sure to inculcate them in their lives. Only then will the purpose of education be complete.

Hence, moral education is a concept that has to be given immense importance in the education system because when it is given in the right way to everybody possible then the result is a better today and a better tomorrow.

By Ms Reeta Nagari

Assistant Professor

JIMS Kalkaji

Ms. Reeta

 

 

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Fresher’s Party 2017 : PGDM and PGDM IB

Fresher’s Party for the batch 2017-19 of PGDM & PGDM(IB) was organized on 05th August 2017 at Paradise Banquet, Vasant Kunj.

 

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Evolution of prevalent business models imparting Digital education in India

Traditionally, the Indian education system evolved from the ‘Gurukul’ tradition. As time passed by, certain cities such as Varanasi in Uttar Pradesh, Kanchipuram in Tamil Nadu etc.evolved as learning hubs, with famous learning centres. By the end of the British era, this tradition had been rendered almost entirely redundant, with formal schooling taking its place. A revolution is taking place in the education system. As a result, a new phase of education has emerged i.e. “e-Learning”. E-Learning refers to innovative use of technology in exchanging ideas and providing access to more people. The primary requirement of online education is to smooth the progress of learning and perk up the performance by developing, using, and managing appropriate technical procedures and processes. The digital learning market in India can be categorized from the ‘provider side’ and the ‘user side’. The provider side consists of companies offering Learning Management Systems (LMS) for content and assessment solutions. The user side consists of K-12 segment, Higher Education, Professional Courses, Skill Development, Language Training, Test Prep and MOOCs.Digital learning in the K-12 space comprises segments such as Smart Class solutions, Online Tutoring, Online Preparation for Exams, Simulation and Virtual Reality, STEM Learning, AR and Robotics, and Assessment. Sub-segments like Simulation, STEM and Augmented Reality, Tablet Learning, and Online Tutoring are at an early stage of adoption but demonstrate a massive potential. Massive Open Online Courses (MOOCs) introduced in 2012 have revolutionized online education, making elite education accessible and affordable to millions across the globe, and have received massive investment and support from corporates and from elite educational institutes such as Stanford, Harvard, and MIT. A MOOC is an online course aimed at unlimited participation and open access via the web. Apart from traditional course supplies such as video lectures and readings, Khan Academy was established in 2006, provides micro-lectures (largely focusing on K12 topics) on public platforms like You Tube, and makes these lectures, exercises, and resources free to learners and instructors around the world. Short term, outcome based training model works extensively for working professionals who cannot afford to carve out time separately to attend trainings and up skill giving up their jobs. The training methodology involves outcome based learning which results in career advancement of its learners delivered through promotions, pay raises or better quality of work. The Tablet Learning Solution industry offers multiple benefits over book learning by enabling the delivery of textbooks in an enriched manner. Edutor, Sharpedge Learning, Class teacher Learning Solutions, Prazas Learning (Tabtor), Iprof, Robomate (MT Educare) and Penta T-Pad are some of the key players in the tablet learning solutions industry. Open and Distance Learning Universities and Institutes like IGNOU (Indira Gandhi National Open University) offers the largest number of certificate courses at affordable rates. NIIT Limited offers learning management and training delivery solutions to corporations, institutions, and individuals in 40 countries. Educomp is the largest Education Company in India and has reached over 30 million learners and educators across 65,000 schools since 1994. Intellipaat, started in 2011, provides online training to IT professionals through corporate training and self-paced courses. Learn Social works on an aggregator model and offers live instructor-led online courses on a wide range of topics including technology, languages, business management, robotics, arts such as music, editing, and many others.

Dr. Niti Saxena

Associate Professor

niti saxena

 

 

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