TiwariSaurabh

Goods & Service Tax or GST will be levied on goods and services. It will replace all the various taxes and bring them under one umbrella to make compliance easier. It will replace the following taxes: (i) Taxes currently levied and collected by the Centre:  Central  Excise duty  Additional  Duties of Customs (commonly known as CVD)  Special  Additional Duty of Customs (SAD)  Service  Tax AND (ii) Taxes currently levied and collected by the State:  State  VAT #Central Sales Tax  Entertainment  and Amusement Tax (except when levied by the local bodies)  Taxes  on lotteries, betting and gambling *Why are we getting 3 taxes -SGST, CGST, IGST*? India is a federal country where both the Centre and the States have been assigned the powers to levy and collect taxes. Both the levels of Government have distinct responsibilities to perform, as per the Constitution, for which they need to raise resources. A dual GST wil...

Francis Bacon said Knowledge itself is power. Knowledge is the awareness of a fact or a situation. It is a rich and a unique possession that cannot be stolen or plundered. Knowledge doesn't decrease when it is given. In fact, knowledge is power. Our knowledge is the amassed thought and experience of countless human beings. Those who have wide-range of knowledge and experience can capture power and influence. The possession of knowledge gives them a distinct advantage over the semi educated people. Half knowledge is regarded as ‘the curse of god’ and also it is worse than ignorance. The growth and survival of mankind depends upon knowledge. From the Stone Age till date, man has struggled to know the unknown. He explored land, water and space by virtue of his knowledge. Man has made progress in all fields starting from science, technology to arts etc. At the dawn of civilization, man was at the mercy of nature. He lived the life of a nomad. He invented tools and weapons for h...

With cybercafes and kiosks springing up in different cities access to the Net is going to be easy. Internet banking (also referred as e banking) is the latest in this series of technological wonders in the recent past involving use of Internet for delivery of banking products & services. Even the Morgan Stanley Dean Witter Internet research emphasized that Web is more important for retail financial services than for many other industries. Internet banking is changing the banking industry and is having the major effects on banking relationships. Banking is now no longer confined to the branches were one has to approach the branch in person, to withdraw cash or deposit a cheque or request a statement of accounts. In true Internet banking, any inquiry or transaction is processed on-line without any reference to the branch (anywhere banking) at any time. Providing Internet banking is increasingly becoming a "need to have" than a "nice to have" service. The net ban...

Foreign exchange, also known as forex or FX, constitutes the largest and the most liquid financial market in the world with a daily average turnover of approximately USD 1.5 trillion. Foreign currency trading is the simultaneous buying and selling of currencies against each other. Future receivables / payables in a foreign currency carry the risk that the foreign currency might depreciate / appreciate in value before it is received / paid. The forever fluctuating foreign exchange rates are a matter of concern not only to the export-import firms but also to the institutional and individual investors having assets and obligations in foreign currencies. In the recent years, several risk management techniques such as forwards, futures, options, swaps etc. have been employed by organizations to mitigate the foreign exchange risk and uncertainty of cash flows. The organization should have a clear understanding of the advantages and disadvantages of each hedging technique to for...

COBIT  Control Objectives for Information and Related Technologies, is a framework created by   ISACA   for   information technology (IT) management   and   IT Governance . It is a supporting toolset that allows managers to bridge the gap between control requirements, technical issues and business risks. COBIT was first released in 1996, the current version, COBIT 5 was published in 2012. Its mission is “to research, develop, publish and promote an authoritative, up-to-date, international set of generally accepted information technology control objectives for day-to-day use by business managers, IT professionals and assurance professionals.”  COBIT, initially an acronym for 'Control objectives for information and related technology' defines 34 generic processes to manage IT. Each process is defined together with process inputs and outputs, key process activities, process objectives, performance measures and an elementary maturity model. The framewo...