The evolution to GST or Goods and Services Tax Enrolment has commenced in India, with prevailing VAT and service tax registration holders being assigned GST or Goods and Services Tax Registration number to standardize the two major indirect tax codes. In this article, we look at the meaning behind a GST or Goods and Services Tax registration number.
GST or Goods and Services Tax Registration number is a 15 digit identification that is assigned to each taxpayer based on PAN number and State of the applicant. In GST or Goods and Services Tax registration number, the first two digits represents the State Code, followed by the next 10 digits indicating the PAN of the applicant, one digit signifying entity code, one digit is left blank and the last digit is a check sum digit.
GST, an acronym for Goods and Services Tax, is the latest buzz in the Indian economic scenario courtesy of it coming into play from 1st July, 2017 onward. As a form of taxation GST or Goods and Services Tax is employed by more than 150 countries the world over, the honour of being the first belonging to France and that of being the most recent going to Malaysia. Whether or not this system of unified taxation will work in the world’s largest democracy, namely India, is something that will become apparent only after it has been implemented for at least six months at a stretch.
HDFC Reach Home Loans | Home Loan without Income Proof | Home loan without ITR | Housing Loan without ITR
Overview of HDFC Reach Home Loans:
At HDFC, we understand the amount of hard work you have put in and the number of hardships and challenges you may have had to defy on your way to be able to reach so far in life. Now it's time to create your own house, a warm little corner in the world that is yours, tailored by your tastes and needs. There is no place like 'home' and with HDFC Reach Home Loans you can gather hopes, achieve your dreams and create memories in your own space.
Features & Benefits of HDFC Reach Home Loans:
- HDFC offers customized home loan products on a platter to help you buy a new or second hand house.
- Construct your house on a freehold or lease hold plot or on a plot allocated by any Development Authority.
- Transfer your due house loan amount gotten from some other bank or financier to HDFC.
- Enhance or renovate your house in numerous ways such as tiling and flooring, interior and exterior plaster and painting etc.
- Spreading or adding space to your house such as building more rooms.
- Home loans and plot loans up to INR 35 lakh for salaried people with a minimum earning of INR 10,000 per month and for self-employed people with at least INR 2 lakh earnings per annum.
- Reasonable interest rates beginning from 11.55 % per year.
- There are no veiled charges.
- An HDFC representative will assist you throughout the home loan process.
- Expert lawful and technical advice to help you in making the right decision regarding buying a home.
Ministry of Housing and Urban Poverty Alleviation (MoHUPA) has initiated in June 2015, an interest subsidy scheme called Credit Linked Subsidy Scheme (CLSS) under Pradhan Mantri Awas Yojana (URBAN) - Housing for All, for purchase/construction/extension/improvement of house to cater Economical Weaker Section(EWS) / Lower Income Group (LIG) / Middle Income Group (MIG), given the anticipated evolution of urbanization & the ensuing housing demands in India.
- The beneficiary family should not own a pucca house in his/her or in the name of any member of his/her family in any part of India.
- In case of married couple, either of the spouse or both together in joint ownership will be eligible for a single subsidy.
- The beneficiary family should not have availed of central assistance under any housing scheme from Government of India or any benefit under any scheme in PMAY.
The beneficiary family will encompass husband, wife and unmarried children. (An adult earning member regardless of marital status can be treated as a independent household in MIG category)
All statutory towns as per Census 2011 and towns’ notified subsequently, including planning area as notified with respect to statutory town.
India progressed a step closer towards executing the Goods and Services Tax (GST) after the centre and the states hit a consensus on the rates and structure of the aspiring tax reform. However, the second and final day of the fourth Goods and Services Tax (GST) council convention on Friday is likely to be prickly, with both sides set to debate the sharing of administrative powers under the new tax regime.
The Goods and Services Tax (GST) has been one of the key things that has grasped the attentiveness of the market given its repercussions on earnings of companies. The government has kept a hefty number of articles under 18% tax slab. The government classified 1211 items under diverse tax slabs.
Here is the comprehensive item wise list of Goods and Services Tax (GST) Slabs 2017.
Goods : No tax will be imposed on items like Jute, fresh meat, fish chicken, eggs, milk, butter milk, curd, natural honey, fresh fruits and vegetables, flour, besan, bread, prasad, salt, bindi. Sindoor, stamps, judicial papers, printed books, newspapers, bangles, handloom, etc.
Services : Hotels and lodges with tariff below Rs 1,000, Grandfathering service has been exempted under GST.
The PAN card is a unique identifying card with a number for taxpayers in India. The Permanent Account Number – PAN - is actually a number which will identify you to the Income-tax Authority. A computer system assigns the PAN to all Indian tax payers whether you are an individual or a company. All your tax-paying information is stored under your PAN and can be retrieved at any time using this unique number. This PAN is available to every citizen in India. A PAN is allotted to each individual or company and there is no duplication.
The Pan can be compared to the Social Security Number or SSN in the USA. The SSN is allotted to every legal resident of the USA whether citizen or not. It was chiefly used to identify people for social security benefits but today the nine-digit SSN is used in tax processes also.
|•||Holiday under Negotiable Instruments Act|
|•||Holiday under Negotiable Instruments Act and Real Time Gross Settlement Holiday|
|•||RBI's Annual Closing of Accounts|
|•||Banks’ Closing of Accounts and Real Time Gross Settlement Holiday|
|Y.M.A Day/Raja Sankranti||15|
|Ramzan Id (Id-ul-Fitr)||26|
As you would be aware, a self-propagating ransomware (WannaCry) outbreak has disrupted several organizations globally. We hope the IT systems implemented at your end are safe and secure against this and such threats, and the required mitigating steps would have been taken in this regards by your organization.
Towards the same, kindly refer the enclosed advisory issued by the Reserve Bank of India, Cyber Security and Information Technology Examination (CSITE) cell on May 13, 2017 vide advisory no. 8/2017. The advisory refers to an Indian Computer Emergency Response Team (CERT-In) issued advisory CIAD20170024 dated May 13, 2017, which elaborates the details about the subjected ransomware and the recommended preventive measures. The advisory also refers the CERT-In vulnerability note CIVN20170032 issued on March 15, 2017. This note details the Microsoft vulnerability which is getting exploited by this ransomware. Enclosed herewith are all the above mentioned three advisory notes for your reference and required action.
Some of the key mitigation steps which we would recommend implementing on priority are enumerated below:
- Apply patches to Windows systems (servers as well as end user computers) as mentioned in Microsoft Security Bulletin MS17-010
- Maintain an updated antivirus software on all systems
- Update signatures/rules at Intrusion Detection System/Intrusion Prevention System and Security Incident and Event Management (SIEM) to ensure detection and prevention of malicious traffic
- Educate users about safe web browsing practices and email usage
- Implement strict external device (USB drive, CD etc.) usage policy
The same has also been published on the Cyber Swachhta Kendra website: http://www.cyberswachhtakendra.gov.in/alerts/wannacry_ransomware.html
Home loans are planned long term loans availed by various customer segments in India. It is preferred by both individuals and business users. Home loans are important but can be tricky if proper planning and adherence of the same is not taken into account. Henceforth it is important to understand the process of seeking a home loan and following the same in a step-by-step manner.
- Self-Assessment: Self-Assessment usually works on two levels. At the individual level, you got to assess your own risk factors before taking a home loan. It’s like understanding your current salary and assets and forming an idea how much loan and what should be your ideal repayment time. Secondly, if you have a property in your mind, home loan process becomes quicker. You need to visit the website of a bank or HFC (Housing Finance Company) for list of documents. For cases where you have already finalized your property, arrange the property documents as per as list of property documents required by bank. The main objective is to understand all documents are in place and you have a clear idea that you want to avail a home loan.
- Application: You can avail assistance of Bank Representatives or you can yourself visit nearest bank branches to avail a home loan. You can also enquire via the bank website. The representatives automatically will get in touch with you. Fill up the application form and submit all the necessary documents.
- Evaluation of application by Bank: Next step is the assessment by bank that the application is duly submitted with all the documents. This is the 1st step of initiation for the internal process. Bank will evaluate all of your documents and fix the loan eligibility. Some factors considered by bank are :
- Age Proof.
- Income Proof.
- Nature of Job.
- Existing Liabilities.
- Existing Assets.
- Repayment capability.
Banks generally carry a Residence, Office and CIBIL verification during home loan process.
- Bank Verifications: Banks usually do both property and legal verification for home loan clearance process. As part of the legal process, independent legal verification of the property is conducted by the lawyer. A legal verification report is submitted by the lawyer to the bank. Customers can also have the same paying a nominal amount of fee.
As a part of technical valuation, Bank will appoint a valuer who will assess the fair market value of the property so that appropriate loan amount can be disbursed against the property.
- Home Loan Sanction: After all the requisite verifications completed by the Bank, Bank will sanction home loan against property. A sanction letter is issued to the borrower who has to sign the home loan agreement. Home loan agreement will have all the information along with terms and conditions. Borrower has to submit the original documents, ECS along with cheques, as per as Banks requirement for completion of the process.
- Loan Disbursement: Borrower may finalize date of registration after home loan agreement is signed. Borrower may give written request to Bank for disbursement letter and the Bank will issue the DD/Banker’s cheques and the process is completed.
Some Important points to understand here:
- Property value less than Rs. 20 Lakhs, You can avail loan up to 90% of property value , else it is 80% of the property value subject to your repayment capability with the bank.
- No matter where in India you want to have a property, you can avail home loan from your base location.
- A CIBIL score of 750 is a must but it does not guarantee assured home loan approval.
- The entire process usually takes maximum of 10 days to complete.
So Go Grab your home Loan today only.
Markets dwindling, economies struggling and Governments fumbling!! Sounds catastrophic, doesn’t it? Well not quite that catastrophic like a typical “2012” movie or a Zack Snyder directed Superman vs. General Zod fight scene.
Nevertheless the present economic situation of the world is quite precarious. China, the manufacturing hub of the world is on the brink of an economic meltdown. For the first time in decades, its economy has shaken up with a jolt. While the inflation rate is growing leaps and bounds, producer prices have undergone a free fall. It might not be long before the inflation rate puts the Chinese economy into tantrums.
To add to the woe, the global purchaser USA is suffering a serious dearth of cash flow. It is a widely known fact that the biggest consumer of credit on Mother Earth is the United States of America. But now the cash required to feed it’s credit is drying up slowly which might pose a serious problem to the global economy.
Other nations too are feeling the heat owning to the fact that the two mighty economies of the world is going through an economic slowdown. This is particularly true for the Asian economies which have been stuck in a conundrum between the Chinese economic crisis and the American shortfall of cash. However, it doesn’t mean that you should be filled with despair. There are ample reasons to be optimistic as well from an investor’s point of view. Just like old leaves fall off a tree only to make way for shiny green twigs, same is the case with the economy. It is essentially a cycle and eventually the bad phase will be over to make way for a brighter economic phase.
So it’s important not to freak out yet. Don’t just start cutting down on your consumption randomly. But doing this, you are simply putting fuel to the fire. Spend on things that are necessary but avoid luxuries.
You must also keep in mind that often, economic slowdowns are the good time to invest wisely. You get time to think and invest in commodities, properties, mutual funds and stocks with a long term prospect in mind. So judge the pros and cons, and make that investment that you were always eyeing to do. You have got to mobilize your finance to make that investment happen though. You can also consider taking a loan if the investment you are going to make is worth it. Even if the economic downturn hits us, i.e. India, we still have some time left to get prepared.
However, an economic downturn hitting India is less likely to happen. Our economy has a quite robust base and India is to a large extent, insulated from such global meltdown effects. In the past too, the effects of recessions were significantly much less on the Indian economy. So it goes without saying that the present slowdown in the Chinese economy or the USA to some extent, may open up new doors for India. But concern remains on whether to take advantage out of this situation.
So in a nutshell, it can be concluded that there is no need to go for the panic button and you can simply ease up to play it out wisely. The China crisis shouldn’t be a reason for you to lose sleep.