complete detail of census 2011

Census is nothing but a process of collecting, compiling, analyzing, evaluating, publishing and disseminating statistical data regarding the population. It covers demographic, social and economic data and are provided as of a particular date. Census is useful for formulation of development policies and plans and demarcating constituencies for elections. The Census of India has been conducted 15 times, As of 2011. It has been conducted every 10 years, beginning in 1871.

E-commerce: Meaning, Advantages and Disadvantages

E-commerce or electronic commerce simply refers to carrying out business transactions over the internet. Just like in conventional businesses, this type of trade has all the aspects of a business transaction such as buying, selling, and payments. The major difference is that this business model is based on electronic transactions.

In e-commerce, companies set up stores on the internet and provide user interfaces that allow for the purchase and selling of merchandise. There is no physical contact between the seller and the buyer since purchases are done online.

E-commerce adopts the use of technology to meet customer demands and settle transactions. In this business model, an entrepreneur does not need to have a physical premise; only a store for keeping commodities.

Advantages of e-commerce

1. Enhances convenience: Customers can make orders for goods at their own convenience and from the comfort of their homes without having to travel to the business premise. Orders are also delivered to them at their most ideal locations. It’s the best shopping option for people who are always busy.

2. Allows for product and price comparison: Again, when making purchases, customers want to get the best deals. This business model allows for product and price comparison by consumers so that the best products are bought at the fairest prices. They can also enjoy extra benefits like discounts, coupons, items on sale and also get the best deals.

3. Easy fund-raising for start-ups ventures: So many people have the desire to venture into business but lack sufficient funds to set up shop. Leasing a physical store can be quite expensive. E-commerce makes it easier for start-ups to do business and grow.

4. Efficient: Resources are used efficiently since most of the business services are automated. Business owners sometimes spend a lot of resources meeting business needs and this eats into profits. E-commerce thrives on efficiency.

5. Customer reach: It’s easier to reach many customers on the internet. Using social media links and good search engine optimization strategies, an online business can increase brand awareness and grow its customer base.

6. Prompt payments: Payments are fast since online stores use electronic or mobile transactions payment methods. The mobile wallet system for merchant accounts drive up sales and increase revenue generation.

7. Ability to sell different products: The flexibility of conducting business over the internet makes it possible for entrepreneurs to display and sell several products and also cater to a wider demographic.

Disadvantages

1. Poor quality products: You don’t physically see and inspect whatever you are paying for before it’s delivered. Customers, therefore, run the risk of falling victim to false marketing and buying poor quality products from the virtual shop.

2. Impulsive purchases: Online stores display a large number of products and due to the convenience of shopping, customers can find themselves making bad financial decisions through impulsive purchases.

3. Internet scammers: The internet is a good thing but some people have decided to use it for all the wrong reasons. Scammers have made this type of business model unattractive for some consumers.

4. Lack of after sales support: As a result of lack of physical premises, customers find it hard to access after sales support. It can take up to several days before any help is accorded to a customer in need.

5. Fast changing business environment: Technology evolves so fast. Some entrepreneurs find it hard to keep up and lose a lot of business in the process. This may make business growth unattainable.

6. Loss of personal touch: Business is all about relationships. This business model erodes the personal touch between a customer and the business owner. Cultivating loyalty can thus be a problem since there are many such businesses that provide different options.

7. Delivery of goods can get delayed: It takes time before the goods ordered for are delivered. Sometimes the delivery delays and this inconveniences the customer. This is different from physical business premises where customers walk out with the products bought.

Conclusion

Technology is certainly a good thing because it has made communication and access to information much easier. It has turned the world into a global village and created a wonderful platform for entrepreneurs who want to expand their enterprises. E-commerce is a business model for the modern world and with the adoption of the right strategies, it can turn a small business into an empire.

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Partnership: Meaning, Advantages and Disadvantages

Meaning of Partnership

A partnership occurs when several people work together for a common aim. Partnership means engaging with one’s partner. A partnership usually involves two people, however, it can involve three or more. All of the people involved in the partnership are called ‘partners’.

A partner is an associate. Working in partnership in business includes working together with other people to complete your business projects.

A partnership can occur in various contexts. Business partnerships are common, for example. Usually, a business partner is a joint owner. These involve several business-people contributing financial resources and ideas for the good of a given business. However, romantic relationships can also be called partnerships. For instance, a spouse is a life partner.

As you can see, then, partnerships can be formal or informal. They can be enshrined in law (like a business partnership) or they can be spontaneous or romantic.

Working in partnership brings benefits associated with problem solving and financial clout, among others. However, if one or several partners are bad with business, it can spell disaster. The advantages and disadvantages of working in a partnership is discussed below in points.

Advantages of Partnership.

• Two heads are better than one. Creative thinking is so much easier when you have another person to bounce ideas off. With more people thinking both logically and creatively about problems, those problems will be solved more quickly. A perspective other than our own can be invaluable. Getting a different perspective on an issue is also a great way to find a better solution to it.
• Stronger financial power: The more people in a partnership, the more financial power you have overall as they pool their investments. When there is a need for additional capital for business expansion, you can rely on your partner for capital infusion.
• Additional clout. If your business has a ‘big name’ as one of its partners, it will have a higher standing in the business world.
• Saving time. When several partners are working together on a project, everything will get done more quickly. with more people working on a project, it will be completed more speedily.
• Cost effectiveness. When everyone pools their resources, more things can be done. And in a partnership each individual person pays less to achieve their aims that they would if they had to pay for everything all by themselves.
• Sociability. Humans are sociable animals, and working in a partnership caters to our innate need to share and be sociable.
• Someone to offload to. Having someone who understands what you are going through, what your aims are, and so on, is vital if you want to feel supported in achieving your goals.
• Wider networks. You may have many business contacts and friends yourself. But, when you have a partner, your social and professional networks can double!
• Better decision-making. When we are the only person making the decisions, we can make rash and spontaneous ones that we regret. A partner helps to hold us in check here.
• Less selfishness. Having to think constantly about our partner’s opinion, and acting in the best interests of everyone rather than just ourselves, helps to stop us acting selfishly.
• Mutual support: Partners can mutually support each other through good times and bad.
• Fame and recognition: if one partner is a famous name in the business world, this will reflect well on the other partners.
• Fun: Working with others can be so much fun.
• Legal status: Going into partnership can offer you new legal advantages.

Disadvantages of Partnership.

• Less autonomy: Having to agree everything with your business partners can reduce your autonomy.
• Financial problems. If one partner is not good with finance, this can impact negatively on the shared finances of the partnership. Financials problems can can drag a partnership business down. In case of sole proprietorship business, the proprietor is wholly responsible for his financial decisions.
• Slow decision-making: Having to debate and discuss every decision you make with your partner can really slow things down. Further, working to another person’s schedule can delay our projects.
• Conflict. Disputes with your partner and differences of opinion can lead to conflicts that you may rather do without.
• Feeling constrained. Some people find it very constrained or restricting being in a partnership. When you have to run everything that you do by your partner before you do it, you can wind up feeling very constrained.
• A partner’s mistakes reflect on you. If your partner is rude or a bad businessperson this reflects badly not just on them but also on you as their partner and your business as a whole.
• Entrepreneurship. Entrepreneurs often prefer to act alone rather than in partnership, so that they can really unleash their creativity and individuality.
• Losing control. Some people may feel less in control when there is more than one person at the helm.
• Not suitable for all temperaments: Some people are more introverted and prefer to work alone in solitude. Such people need personal space to think things through all by themselves. This can be hard with a partner around all the time.
• Personality clashes. It takes two to argue. If both of you are natural leaders, you may experience significant clashes of personality – both partners will want to be in charge of the other!
• Dissolving a partnership is hard. If you have entered legally into a partnership and you now want to dissolve that partnership, you should be prepared to expend a significant amount of time and money in order to do so.
• Unnecessary: Sometimes, the nature of the business is such that it is not necessary to do things in partnership. In such businesses, it can be  more efficient to do things ourselves.

Conclusion.

Working in partnership can be a wonderful thing. With a partner by our side, we can enjoy more resources and more contacts that we did by ourselves. Partnership also helps us to find more creative solutions to problems and to get projects finished more quickly.

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GST (Goods & Services Tax) : Details & Benefits (In INDIA)

The present structure of Indirect Taxes is very complex in India. There are so many types of taxes that are levied by the Central and State Governments on Goods & Services.
We have to pay ‘Entertainment Tax’ for watching a movie. We have to pay Value Added Tax (VAT) on purchasing goods & services. And there are Excise duties, Import Duties, Luxury Tax, Central Sales Tax, Service Tax.....😭😭😭😭😭😭😭😭😭

Intro

It has been long pending issue to streamline all the different types of indirect taxes and implement a “single taxation” system. This system is called as GST ( GST is the abbreviated form of Goods & Services Tax). The main expectation from this system is to abolish all indirect taxes and only GST would be levied. As the name suggests, the GST will be levied both on Goods and Services.
GST was first introduced during 2007-08 budget session. On 17th December 2014, the current Union Cabinet ministry approved the proposal for introduction GST Constitutional Amendment Bill. On 19th of December 2014, the bill was presented on GST in Loksabha. The Bill will be tabled and taken up for discussion during the coming Budget session. The current central government is very determined to implement GST Constitutional Amendment Bill.
GST is a tax that we need to pay on supply of goods & services. Any person, who is providing or supplying goods and services is liable to charge GST.

How GST will Applied

GST is a consumption based tax/levy. It is based on the “Destination principle.” GST is applied on goods and services at the place where final/actual consumption happens.
GST is collected on value-added goods and services at each stage of sale or purchase in the supply chain. GST paid on the procurement of goods and services can be set off against that payable on the supply of goods or services.The manufacturer or wholesaler or retailer will pay the applicable GST rate but will claim back through tax credit mechanism.
But being the last person in the supply chain, the end consumer has to bear this tax and so, in many respects, GST is like a last-point retail tax. GST is going to be collected at point of Sale. 

The GST is an indirect tax which means that the tax is passed on till the last stage wherein it is the customer of the goods and services who bears the tax. This is the case even today for all indirect taxes but the difference under the GST is that with streamlining of the multiple taxes the final cost to the customer will come out to be lower on the elimination of double charging in the system.

Suppy Chain of Tax in India 

The current tax structure does not allow a business person to take tax credits. There are lot of chances that double taxation takes place at every step of supply chain. This may set to change with the implementation of GST.

Indian Government is opting for Dual System GST. This system will have two components which will be known as

•     Central Goods and Service Tax (CGST) and
•     State Goods and Service Tax (SGST).

The current taxes like Excise duties, service tax, custom duty etc will be merged under CGST. The taxes like sales tax, entertainment tax, VAT and other state taxes will be included in SGST.
So, how is GST Levied? GST will be levied on the place of consumption of Goods and services. It can be levied on :

•     Intra-state supply and consumption of goods & services
•     Inter-state movement of goods
•     Import of Goods & Services

Benefits of GST Bill implementation

For the Centre and the States

According to experts, by implementing the GST, India will gain $15 billion a year. This is because, it will promote more exports, create more employment opportunities and boost growth. It will divide the burden of tax between manufacturing and services.

For individuals and companies

In the GST system, taxes for both Centre and State will be collected at the point of sale. Both will be charged on the manufacturing cost. Individuals will be benefited by this as prices are likely to come down and lower prices mean more consumption, and more consumption means more production, thereby helping in the growth of the companies.

•     The tax structure will be made lean and simple
•     The entire Indian market will be a unified market which may translate into lower business costs. It can facilitate seamless movement of goods across states and reduce the transaction costs of businesses.
•     It is good for export oriented businesses. Because it is not applied for goods/services which are exported out of India.
•     In the long run, the lower tax burden could translate into lower prices on goods for consumers.
•     The Suppliers, manufacturers, wholesalers and retailers are able to recover GST incurred on input costs as tax credits. This reduces the cost of doing business, thus enabling fairer prices for consumers.
•     It can bring more transparency and better compliance.
•     Number of departments (tax departments) will reduce which in turn may lead to less corruption
•     More business entities will come under the tax system thus widening the tax base. This may lead to better and more tax revenue collections.
•     Companies which are under unorganized sector will come under tax regime.

Advantage of GST Bill

Introduction of a GST is very much essential in the emerging environment of the Indian economy.

•     There is no doubt that in production and distribution of goods, services are increasingly used or consumed and vice versa. Separate taxes for goods and services, which is the present taxation system, requires division of transaction values into value of goods and services for taxation, leading to greater complications, administration, including compliances costs. In the GST system, when all the taxes are integrated, it would make possible the taxation burden to be split equitably between manufacturing and services.
•     GST will be levied only at the final destination of consumption based on VAT principle and not at various points (from manufacturing to retail outlets). This will help in removing economic distortions and bring about development of a common national market.
•     It will also help to build a transparent and corruption-free tax administration. Presently, a tax is levied on when a finished product moves out from a factory, which is paid by the manufacturer, and it is again levied at the retail outlet when sold.

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