Filing Your Taxes- Watch Out for Phishing Scams

Online Phishing

For a long time, taxpayers had been notified by the Internal Revenue Services – IRS, to be cautious of online phishing where in crooks impersonate the organization utilising fake emails, websites or text messages to get hold of sensitive information. Online phishing had beaten an agency’s `dirty dozen’ list with the most predominant scams, last month.

However scammers tend to do much more than deception as the Internal Revenue Services. Designing fake online accounting tools such as QuickBooks have been done by some and still others pretend to be tech support agents.

Over 100 websites have been discovered by cyber-security firm `Lookout’which had been registered and designed to trick people attempting to file their taxes. The objective of the domain is to hook enormous groups of potential victims. As per the Internal Revenue Services, over 135 million Americans had filed their taxes electronically last year.

Domains Created to Gain Login Credentials 

It was also observed by Lookout that online phishing by the tax scammers had begun early and in December dozens of the websites had been designed from the time people had started receiving their W-2 forms. It is said that some were also tricked in the United Kingdom.

Several of the domains seemed to be created to get hold of login details or sensitive information such as passport number through online phishing. While the other types persuaded users to download malicious software.

A basic scam which was discovered by Lookout, were sites which would copy accounting tools from the company Intuit. They design popular software such as Quickbooks and TurboTax. It is said that these sites tend to utilise similar domain names like the real ones, namely `quickbook ltd.com’ or `accounts-quickbooks.com’ Most of the time these domains are created with the intention online phishing and stealing the login details of the users for the genuine sites.

 

Approach of Attack – SEO Optimization

It was also discovered that a type of site appeared to fit a classic online scam during the tax term, posing to be tech support. Most of the users do not tend to use tax software often and hence it was useful for most of the users to use it for assistance while navigating through it. Online phishing sites, such as `quickbooksupport.com and `quickbooks-helpline.com, unfortunately tend to wait for them.

According to security intelligence researcher at Lookout, Jeremy Richards, had stated that the approach of attack is an SEO optimization thing which means that the scams tend to catch users who could be navigating sites such as Google or Bing for assistance.

Support service posing as `support’ technicians at the 1-800 number listed at these sites usually ask for remote access to user’s system with the intention of stealing important information. Other tricks are to utilise the number to sell fake and unwanted software. Identical sites have also been created to imitate the technical support of Apple and the podcast Reply All did an examination in 2017, on similar tech support fraud.

Malevolent Marketing Network

Richard also found more than 50 tax connected domains belonging to the same malevolent marketing network. The modus operandi of the scam is not certain. However when the users visit the site, they are then directed to download malware concealed in the guise of software updates. This is a clever way of online phishing and getting hold of login details or sensitive information.

According to Richard, online phishing sites redirects the user to Google if they don’t arrive at the correct phishing trap, else they present a 404 error. Lookout utilised AI too designed in 2017 in order to get to know about the tax scams. This tool monitored the internet infrastructure organizations such as the companies offering free web hosting, for suspicious types of domains. With the help of this tool, Lookout located thousands of new online phishing sites daily and regularly cautioned companies whose websites were being hacked by the scammers.

Utilise Password Manager 

The tool was unable to provide clear information on the working of the same since it only watched for the websites. For instance if the scammer would send an email prompting the user to click on a fake IRS link, the same could be detected by Lookout though not the email. Richard commented saying `it’s like we see blood on the floor but do not know where the knife is’.

Some of the other scams reported, were found using social media in targeting users providing fabrication of fake tax breaks to gain sensitive information.According to IRS, these scammers tend to get in touch with users through mail and not through email. If one has not received a letter then it is uncertain of any electronic communication coming from the agency is genuine. Sincere tech support agents need not see the user’s screen or gain login information to assist the users.

It is always a good suggestion to utilise password manager rather than reusing the same password for various accounts. There is plenty to learn on the various operations of the scammers. However in the meanwhile users need to be cautious and alert with these scammers and be free from online phishing.

This is how the Bloomberg Terminal is becoming the backbone to financial businesses of the future

Bloomberg Terminal – Precise & Quick Delivery

Calculating the next movement considering the volatility of market all across the world seems to be a difficult task. It seems a challenge for those working in the finance segment in maintaining out-sized profits for their investors. For topmost financial professionals such as CEOs, CXOs, and CIOs together with high level executives, they require access to the news on the market movement and analytics in order to remain completive.

Bloomberg Terminal is beneficial in this competition to get exclusive statistics, analytics together with breaking news with regards to financial market and in-depth study from experts in the finance segments, all with a click of the mouse. Most of the financial experts can acquire the information from Bloomberg Terminal. For several years, Bloomberg Terminal had a status for its quick and precise delivery of unparalleled market information over various benefit modules. The portal supports businesses in catering to several types of tools like custom desktop applications, market alerts, portfolio monitors, together with charting potentials which could optimize the workflow of the user.

Accommodated Niche-Investors & Financial Experts

The Bloomberg Terminal had hit the market in December 1982 and is different from the PC or Mac. It has always accommodated niche-investors and the other finance experts. Presently, the Bloomberg Terminal is a service which is considered as Bloomberg It has been professional catering to over 325,000 subscribers, right from array of information pertaining to financial issues to chat system to the possibility of actually executing trades.

The strange thing regarding `Bloomberg Terminal’, is that people generally refer to the Bloomberg Terminal, as the Bloomberg Professional service, as commented at the Bloomberg website. Each day it tends to process 60 billion sections of information from the market. Bloomberg Terminal is a controlling platform meant for important technology requirements like the Order and Execution Management, Financial Data Management, Data and Content, Integration and Distribution.

Valuable Statistics

The Bloomberg Terminal has been developed to provide valued statistics right from equities execution – EMSX to fixed income trading, FIT to electronic foreign exchange trading, FXGO computer system has the potential of providing information necessary over various asset segment. The device also has the capabilities of delivering most of the trade and order management. It also supports in bringing about transparency regarding financial markets bringing together in a rising community of over 320,000, the most significant resolution makers in the world. The device now has the potentials of making the most of the order and trade management.

Suitably All-inclusive Suit of Solutions 

 

The OMS solutions of the Bloomberg Terminal had been developed in such a manner that it has been pre-integrated with the total enterprise service of Bloomberg. Owing to this the system is capable of offering a suitably all-inclusive suit of solutions from back to front office. Besides this it also tends to cover the buying and selling side, where its Assetand Investment Manager for the buy-side firms offers solutions like global, , multi-asset solutions of the management portfolio, compliance, trading and operations.

Moreover, it also includes Bloomberg’s Sell-Side Execution together with Order Management Solutions. – SSEOMS. Data is considered to be one of the most valuable assets for most of the financial companies. Handling high-value, high-volume data with precise intelligence is needed for the success of any business. The device collects all the details needed to stay forward namely as data utility, surveillance tools and supervision, cutting-edge investigative functionality, advanced reporting, record keeping and immutable storage.

Brexit: US-China trade spat and its possible fallout in an uncertain global economy

The exit of the United Kingdom from the European Union (EU) known as Brexit and the trade war between the United States and China are today among the top issues concerning the global economy.
Brexit and its aftermath

The sole question of 'Brexit' has consumed the United Kingdom for two and a half years. The yes, how and when of its impending exit from the European Union, after decades of belonging, has displaced any other debate and does not augur well for the global economy. The economic consequences will be felt more sharply in the UK than in the EU. Even so, political and economic systems are undergoing profound structural changes driven mainly by technology as well as trade and climate change. We can also find examples of high inequality leading to growing political unrest.

In addressing these crucial issues, politicians around the world should understand the lessons learned from 'Brexit.' Since you cannot replace something for nothing, there was no immediate break in trade between the UK and the EU. In the absence of any clear idea about what kind of 'Brexit' would end up materializing, the economic and trading relationship simply followed the previous model and any disruption was avoided.

Soft Brexit or short term? 

In making macroeconomic and market forecasts for the 'Brexit' and its effect on the global economy so far, short term versus long term has been far more important than soft or hard Brexit. Hard option is the total withdrawal of the UK from the European common market and customs union. The question being asked is not if the UK will face a significant economic reckoning, but at which point in time. Anyway, UK economy is already undergoing a structural change at a slow pace. There is evidence of fall in foreign investment in the British economy in general. This trend has brought the challenges associated with less than notable productivity growth, and there are signs that companies with operations in the UK have started implementing their contingency plans for the 'Brexit' after a prolonged period of waiting for clear signals from the political establishment.

Possible implications

Businesses will not only shift investments out of the UK, but they will also begin relocating jobs to mainland Europe. This will probably accelerate even if British Prime Minister Theresa May succeeds in getting the exit agreement she proposed passed in some way with few amendments. The exit of the United Kingdom from EU will be a poignant moment in the global economy. Earlier this months the British Prime Minister, Theresa May’s plan failed to pass the Parliament, and she faced a vote of no confidence.

Investors are focusing attention on the Davos World Economic Forum which is ongoing in Switzerland. It is hoped that the US presidents, Donald Trump, and Chinese, Xi Jinping will smoothen out trade frictions between two global giants. On the whole, it is hoped that the world economy will be on track during the rest of 2019, but issues remain that need careful attention from policymakers.

Overlooked Small-Business Features

Running your own small business is a dream come true, but it's not without its challenges. In fact, there are several key items that are often overlooked by the new owners. Get to know these details and why they matter to both employees and customers. Your business can thrive with every detail in its proper place.

Lighting Matters 

Walk into a dimly lit showroom, and you notice the lighting almost immediately. It's not exactly inviting, which causes you to turn around and visit another store. Pay attention to the level of lighting in your facility. It should highlight products along the shelves while offering enough light for patrons to enjoy the space. Try natural-light fixtures whenever possible.

Noise Factors 

You may like your music loud, but your patrons might not feel the same. Offer ambient music that's appealing to most people. It should evoke positive feelings, which makes the patrons stay even longer than they intended. Other noises, such as production sounds, should also be kept to a subtle level. Upsetting anyone with a loud "bang" will drive customers out the door.

Overworked Employees 

When it comes to your employees, small businesses tend to have only a handful of workers with dedicated hearts. Don't overlook their needs, however, while focusing on practical matters, including payroll services Florida. Remember that each worker is a human being with a home life. Offer reasonable time off on a regular basis. Your workers will have a better mindset at work as a result.

Anticipating Ups and Downs 

Study your receivables as the business moves through the fiscal quarters. Be aware of when you have influxes of customers or a quiet time. These patterns will help you with ordering and financial stability. Ignoring the trends may put you in a difficult situation in the future.

Patience must be your virtue as your business gains its footing in its respective industry. There will be both good and bad days. Focus on your main goal so that challenges aren't so overwhelming. A thriving business can turn into a legacy in little time.

Finding An Office That Works For Your Business

If you're trying to expand your business or you're developing a business and need somewhere to perform your work, then consider renting an office. Make a plan for how much space you'll need to rent. Some offices have divisions in them, which would be ideal if you have a few people working with you. However, if it's only you and another person or two, then you can usually find office space for rent MA offers that features an open layout. You can create sections in the office space using dividers or by positioning your desks so that they don't face each other, giving each of you the privacy that you need to complete your work during the day.

Aside from your employees, you need to think about your customers. If you don't plan on customers visiting the office that much, then you might not want to have a space with a waiting area. However, if your customers will interact with your business at the office, then you want to find a building that has a waiting area that is large enough for several chairs. The waiting area should be warm and inviting as well. It should also feature a few details that indicate what your business sells and the goals behind your company.

Set a budget so that you know what you can afford to pay for the office each month. Include utilities, moving expenses, and new office furniture and equipment in your budget so that you have enough money to spend without going in debt. Internet and phone services along with power and cable are also things that you should consider when making your budget. Find an area that is convenient for your customers, for your employees, and that will give you an opportunity to grow your business when you begin looking for an office to rent.

Facts About AS/400 Modernization

In the world of business, it is widely known among AS/400 users that some of the applications simply feel outdated and modernization efforts were underway. This is why it is a good idea to stay ahead of the game and start the modernization process right now. Here are some of the many benefits currently known that users will receive from modernizing their AS/400 systems.

Certainly, the biggest benefit of being gleaned from the upgrade is the increase in employee work productivity. Any time an interface is modernized, it is a direct result of providing a much more streamlined and useful experience. While veteran users of the system still claim that as far as sheer work capability, there is no comparison to the old 5250 AS/400 system, they are actually kind of kidding themselves by ignoring the sheer processing power that can come from the far more modern Windows-based system.

A Window-based system that is purpose-built can outperform a standard 5250 system simply by being able to instantly respond to the keystrokes of the user instead of having to block out entry fields to input data.

One unheralded benefit is that the cost of training employees is significantly reduced. Almost anyone who uses a computer can use a Windows interface and is very comfortable with it. There are very few people who know how to use the 5250 and those who do must have gone through very specialized training.

An unspoken of "hard truth" in the realm of those who use the 5250 system is that it suffers from a definite image problem when looked at in comparison to a Windows-based as400 modernization companies platform. When trying to retain current clients or when trying to garner new ones, you will want an application which is appealing to look at, not one which is antiquated in its graphics and "look".

As you can see there are some great reasons to perform a modernization on the AS/400 system. You will still get the solid and rugged reliability that the AS/400 is known for but you will also receive the sleek modern look of the Windows platform that so many of today's AveriSource computer users find appealing. There is no sense in segregating the portion of your customer base who is up and coming by trying to sell them on technology which is antiquated in both look and function.

Is homeowner’s insurance even necessary?

In an effort to save money, you may wonder whether you need homeowners insurance. Even if your home is paid for and you’re not required to have a policy, it’s still important to have one. When it comes to the protection offered by homeowners insurance Sacramento homeowners know that a policy can do a lot.

Protect Your Home

You never know when something could happen to your home. There could be a fire, a storm or even a break-in. If you don’t have sufficient coverage, you would not be able to make repairs or replacements. However, with the policy, you can file a claim and have the insurance company pay for the majority of what was damaged or stolen.

Avoid Paying for Lawsuits

A homeowners insurance policy will provide you with liability protection. Liability provides you with the knowledge that if someone gets hurt on your property, your insurance company is going to protect you. Someone could easily sue you because they fell while walking up your stairs or sprained her ankle walking across your yard. Without the coverage, you could end up spending a fortune as a result of their lawsuit.

Fix Someone’s Property

You can also have homeowners insurance as a way of fixing someone else’s property. For example, if your kid throws a baseball while standing in your yard and it breaks the neighbor’s window, you want to know that it will get fixed. Your homeowner's policy will cover replacing that person’s window so that it isn’t your financial responsibility.

Knowing why having a homeowners insurance policy is so important will allow you to have the necessary protection on your home. You can get a comprehensive policy that is customized to meet your needs so that you have less to worry about throughout the year.

8 Tips for Choosing Insurance

If you're in the market for insurance, you might be a little overwhelmed by all of the providers out there. How do you know which ones are worth your time? How can you be sure that they'll protect your interests in your hour of need? Instead of taking a wild guess, make an informed decision with these eight tips.

1. Consider the Type The first step to choosing insurance is to figure out which type of insurance that you actually need. Travel insurance isn't the same as medical insurance, and car insurance will have different terms and prices than home and contents insurance. You'll need to do your research to determine which kind of policy is right for you.

2. Stick to Your Budget You'll have a certain amount of flexibility when it comes to monthly rates; depending on your insurance provider, you should be able to negotiate a higher or lower bill in conjunction with your deductible and policy type. There might also be measures that you can take to lower your liability rating as an individual policy holder. Regardless of how you work out your pricing, however, you'll want to make sure that you don't go over-budget.

3. Ask for Recommendations There are people in your life who have already grappled with the same insurance questions that you're asking yourself. Maybe it's a parent or grandparent with a life insurance policy; maybe it's a co-worker who has recently switched auto insurance providers. Don't be afraid to reach out to them and ask for their opinion.

 4. Compare and Contrast Brands While there's nothing wrong with choosing a lesser-known insurance company, you'll want to do your homework about all brands, including the most famous ones. You won't be able to make a truly informed purchase decision unless you have all of the facts. Get a notebook; start jotting down names, rates and coverage types; make lists of pros and cons.


5. Look at Different Insurance Packages A good insurance company will offer multiple "packages" for the same kind of coverage. For example, a car insurance company might offer collision coverage in every one of their packages, but the only way to get a no-fault guarantee is to sign up for a premium package. You'll need to look carefully at terms and conditions before you make your final decision.

 6. Test Their Customer Service Pretend that you're a customer of a particular insurance company. Is it easy to use their website? Do they offer things like online billing and online claim reporting? Is their customer service desk open 24/7, or will you need to wait for general business hours? The ideal insurance company will make it convenient for you to get in contact with them.

7. Read Reviews and Ratings Let's say that you've found a potential insurance company. What does the general public think about them? Do they have good reviews from third-party websites? Are there any complaints or scam alerts against them? Have they been vetted by the insurance industry as a whole? Don't put your assets into the hands of a company without a solid support system.

 8. Talk to Insurance Agents At the end of the day, the best way to gauge the worth of a potential insurance company is to get on the phone with them. If their agents are rude, unprofessional, unskilled or lacking in general knowledge, you'll know that they aren't the right provider for you. On the flip side, if their agents are able to answer all of your questions and make you feel good about your decision to come to them, they might be worth the effort.

 These are just a few tips for choosing insurance. Whether you're protecting your home or your health, it's important that you take your time and evaluate all of your options. Don't rush into anything. Make a decision that inspires confidence in the coverage that you've chosen.

The Future of Cryptocurrency

Cryptocurrency and its future

When it comes to cryptocurrency the first thing we think of is Bitcoin. Bitcoin is a cryptocurrency which launched back in 2008 as a response to the world’s financial crisis. It was developed by Satoshi Nakamoto. The whole idea behind its development was to remove dependence on financial institutions and their ilk, the very persons who led to the financial collapse back in 2008.

But for most of us the whole concept of digital currency just does not sink in. I mean it is not something you can hold in your hand, it does not have any symbol like the Dollar attached to it, then what is it? Will it mean something when you hold it or is it nothing much than an idea? There are nearly 1,800 to 3,000 cryptocurrencies out there depending on the type and day of week it is. The vast majority of us as well as businesses do not know what to do when it comes to this form of currency.

The Wild Wild West of Cryptocurrency: 

Cryptocurrency is like the Wild West for many people. They just do not know what to make of it. To take it seriously or accept it as something of a passing fad?

But cryptocurrency may well be a part of our future. The traditional forms of currency have not undergone a change since the early 1900’s. only the laws and policies governing currencies have changed.

Just like everything in this world, change will happen maybe not now, but maybe in the future. The only constant is change.

For cryptocurrency to happen everything is already lined up. The technology, the networking is all there, the only thing not there is awareness and whole- hearted adoption which may not be so easy to achieve of the two.

Launch of a new type of Cryptocurrency: 

Recently a new form of cryptocurrency was launched which goes by the name LightPay Coin.

When it comes to Bitcoin, the first two things people are really worried about are the speed of verifying the transaction and the anonymity of people behind those transactions, which LightPay Coin seems to clarify.

Two months after LightPay Coin cryptocurrency launched, it was being used internationally with a market value of 8 million. You may be thinking 8 million what, well there is no real answer to that because cryptocurrency’s don’t really have any denomination.

A new masters programme to make you cryptocurrency savvy? 

When cryptocurrency is launched a new form of skill that will be high in demand is for people to know how to use it and this has led UCF’s College of Business and College of Engineering and computer Science to develop a 30- credit hour masters of Science in Financial technology.

What happens when Cryptocurrencies are used? 

The most important purpose of cryptocurrency is to remove the need of a third party. But that will not be totally possible as the Securities and Exchange Commission will need to regulate volatility to a certain extent.

New Tesla Bull Sees Case for Sixfold Surge to $300 Billion Value

Investors are alarmed with sounding off Tesla bull after a conference call

Tesla has been building slowly but strong. Its subsequent rise as a major tech firm with multiple interests has not just surprised a number of sceptics, critics but even its fans. It has risen over a number of fully documented and embarrassing failures but the last quarter has been extremely better for Tesla. However, the behaviour of its CEO during one conference call has simply changed the whole dynamic and sounded off the Tesla Bull. The behaviour shown by the Elon Musk during the conference call has emerged as a huge issue even though the performance of the firm has been acceptable and within the expectation set forth earlier. This has resulted in adversely affecting the performance of the Tesla shares in the open market.

Tesla: Shying away from questions

While taking on the conference call Musk had interrupted two analysts from asking questions. These questions were specifically targeted on the first quarter loss which happens to beat the expectations. Musk didn't take these question in his usual calm and simplistic stride rather termed the query raised by the analyst as boring bonehead and even suggested that the dry discussion is simply killing him. After which he went in his usual rhythm spent a large portion of his time joyfully interacting with the Tesla shareholder and the bloggers on a wide range of topics.

Tesla bull has been specifically sounded by his sheepish attitude in dealing with the queries raised by the analysts. It is worth noting that Tesla only allows one question per person but after sounding off the Tesla bull its CEO was more interested in getting the queries answered by the bloggers and shareholders rather than analysts.

Maligning the good days

So far Tesla was having a good quarter to shown in quite some time and it brought a wide range of positive signs. This has helped in building trust and credibility among the public, shareholders but criticism is always there. Upon hearing the queries from the analysts Musk appeared to be quite frustrated and this gave a sign to the Tesla haters of showcasing him as an unhinged or unglued person. One of the trade experts has stated that it is high time that Musk starts understating the basic thing that he is working for the shareholders. And it is own interest and company that he interacts with analysts in the best possible manner rather than running away from it which eventually will lead to more sounding of Tesla bull in future.

Shares are down

The frustrated and visibly shaken behaviour shown by Musk after the conference has not sounded Tesla bull but it has even given the dreaded 'red flag' to the company on the stock market. Tesla share is being sold on the stock market at a massive price tag of $385 and the consistent positive behaviour in the recent past made it stronger. But his behaviour has brought disaster for the firm as one of the premier analysts has given it a red flag and he is re-evaluating the stance on the company. The effect of Tesla bull can be easily seen on the stock market where its shares went down by 7% and traded at a low $280.

An Introduction to Popular Digital Payment Platforms

Digital Payment – Useful System of Transaction

The digital payment platforms have now become the most useful system of transaction in the Indian economy, particularly post demonetisation. When the announcement of doing away of Rs 500 and Rs 1000 notes had been made by the government, people had to move to digital payment method in a hurry for daily requirement on daily living for making payments on shopping to the payment of bills as well as to send funds to their family members. This situation had created a huge chaos among the citizens driving them to frustration.

The digital payment method though well-known now has its quotient of advantages and disadvantage. Its main benefit is the convenience of digital platform which can be utilised with ease. With several of the merchants now accepting the digital payment method, it gets easier in making transaction for, sending and receiving money in the digital mode.

The government is also encouraging such platforms with exemption from service tax when digital payment is done up to Rs. 2000 and 0.75% discount on fuel transactions. Moreover, users also benefit with referral bonus and cashback to merchants who tend to utilise the UPI platform BHIM by the National Payments Corporation of India.

Utilise – Safe Manner

Though digital payment is well known, it is essential that the same should be utilised with caution. Users need to know how to utilise the digital manner is a safe manner. Users could also get mixed up in choosing from the several digital system of payment in the market since there are many options to choose from. Some of the well-known digital modes of payments are mentioned below for ready reference:

UPI

Unified Payment Interface – UPI assists in sending and receiving money directly to one’s bank account. It enables the transfer of funds on utilising the UPI ID or the account numbers. Several popular UPI apps like BHIM, SBI UPI, HDFC, UPI, Tez, iMobile apps and much more are available in the market.

E-Wallets

E-wallets were beneficial when demonetisation had come up and the ATMs were not functioning. Since then people opted for it as a part of their daily activity. E-wallets can be utilised in the payment of utility bills, payment to be done at local stores, in sending and receiving money anywhere etc. Users need to be aware that KYC is compulsory in utilising e-wallets according to the instructions of RBI

Aadhaar Enabled Payment Service -AEPS

AEPS is said to be a digital paymentsystem that utilises the Aadhar number while paying the creditors. AEPS, unlike the other types of payment charges for the transactions that are made by the user or on behalf of the user. It tends to use your fingerprint as a password and the need of a signature is not essential, or an account number or any alphabetic or numeric password. It can be utilised in making interbank transfers also.

Unstructured Supplementary Service Data – USSD

USSD is unlike the other types since the use of internet is not needed. Users can check into their account send money or even alter MPIN with only a feature phone known as *99# since it utilises *99# as its code for transactions. Rs 5000, is the limit for each individual on the platform where a maximum charge of Rs 2.5 is charged for each transaction.

GST, demonetisation having desired impact?

GST/Demonetisation/Swachha Bharat – Anticipated Influence
 
According to Finance Minister, Arun Jaitley, the initiatives of the Modi government such as Swachh Bharat, Goods and Services Tax – GST, together with the demonetisation seems to be having the anticipated influence wherein GST and demonetisation have been causing increasing tax amenability and pressing significant of cash in the economy. Jaitley in his key note speech through video conference to the Berkeley India Conference had stated that public support to the reforms has been undertaken by the governments of the day at the centre as well as the state levels. He commented that he expects India would be capable of retaining its growth rate and live up to the aspiration of its people since it must not be overlooked that they not only belong to a huge population to service but have a very young population to service. He had informed that if India has to accept a challenge for moving into a higher economic group country, in the next one or two decades, the need to grow was essential at a much faster pace. In response to a query, Jaitley had contested that the transformation initiatives such as Swachh Bharat, GST together with demonetisation has not been the cause of any alterations on the ground.
 
Short-Term/Long-Term Impact
 
The finance minister was questioned as to `would you say there are long term benefits and the country would have to wait for those? Or is there any way to mitigate the issue being faced by the country?’ He debated that a much more serious analysis would be portrayed that even in the matter of months would show a short term positive impact on most of these projects. Though demonetisation as well as GST have been showing the desired impacts with regards to tax compliances and pressing the significant of cash in the economy, Jaitley for the first time had stated that Swachha Bharat campaign had brought to the forefront the importance of sanitation as well as cleanliness. H informed that adequate progress has been done considering sanitation and cleanliness for the first time in Indian history which has become the centre stage agenda and is making headway. The campaign of GST and demonetisation is said to be having short term as well as long-term impact.
 
Shake the System
 
Jaitley has informed that the campaign has become way beyond the administrative program and is a mass movement. He further stated that before demonetisation, Indian normal was to live with a high cash economy and not paying taxes, `you purchase a property, transact partially in cash and in business you maintain two sets of accounts. He debates on how could a country aiming to be the fastest growing major economy in the world, that aspires to grow from a developing to a developed economy continue with the normal of this kind. His observation was that one needs to shake the system in order to decrease the quantum of cash in India and hence apparently make it a more tax complaint society. Jaitley had commented that there has been sharp reduction in insurgent as well as terror activities in states such as Jammu and Kashmir as well as Chhattisgarh, in the instant repercussion of demonetisation.

3 Months with GST -Where does India Stand Today

GST – Non-Debatable Fact

GST, the largest tax reform in the country post-Independence, is presently the non-debatable fact wherein the main advantage that have been enhanced are the incorporating of various state together with central-level taxes in organization, simplification of compliances, continuous flow of Input Tax credits together with alleviation of surging effect of taxation and probable decrease in tax rates for the majority of goods and services.

GST has been considered as not merely a tax reform but something which is much more as a technological reform and GST with GSTN has been received as a different perspective of working of government portals. GSTN had introduced open-headed architecture thus empowering circulated flow of returns as well as improvements from private sectors.

The chairman of GSTN had quoted hat while the filing due dates for GSTR-3B, would be about 80,000 returns filed onto the GSTN portal and with these vast reform in carrying out, the challenges in its roll-out together with implementation would definitely be there. GST encountered some challenges with the infrastructure and awareness with the pre-fixed due dates in July. In order to bring about the awareness on GST in the industry, the government together

with the CBEC had proactively engaged for level transition in GST.
 

Supported with Workshops

 
The concerns of agreements with regards to Indian business had been talked with the support of workshops, GST awareness programmes, Seva Kendra, CBEC Mitra Helpdesk together with various other initiatives. The GST Portal with the provision of interactive and user friendly website has offered comprehensive user manuals, FAQs in order to make the tax payers familiar with every related compliances and returns, related to GST.

Besides this, tax payers are also made aware on the important announcements together with the activities with provisions of their queries being resolved through the official social media channels. The last few months also showed the overflow of queries from the traders as well as manufacturers on the stock in position with them from the pre-GST period while some of the queries were on the transitional credits. The government, in the midst of all these queries and chaos, had come up with strong explanations on these queries. Moreover they had also bestowed the tax payer with a choice of carrying forward tax or duty on any prevailing law or on goods that were in stock as on 30th June 2017 to GST via the transitional forms.
 

One Time Revision

 
Due date for filing of TRAN 1 had been extended to 31st October 2017. Besides this the tax payers had also been provided with a choice of a onetime revision to this type of return should any errors or omissions arise. GST is said to strengthen tax compliance through reconciliation as well as authentication of invoices thereby reducing the likelihood of back-dating invoices and deceitful tax credits. The lower tax burden along with Input Tax Credit is said to be alleged in reducing the cost of materials as well as logistics thereby enhancing the economy. The operational implementation of GST now depends on the precision of Invoices.

However it was seen that businesses had been modifying their Invoice formats to accommodate with GST, the registration under GST that had been made completely digital and transparent, was also considered. Around 7 million businesses had migrated to GST with the addition of another 2.5 million renewed registrations. Though GSTN has been permitted through its portal, the amendment in core as well as non-core fields filled in by the registered companies, cancellation of registration for these units freely registered under GST tends to be one-sided questions.
 

Extension of Due Dates – Confusion with Tax Payers

 
The government has provided extensive support for the extension of due dates but these extensions of due dates over and over again has also brought about confusion with the Tax payers of the due dates against the month wherein the returns need to be filed. Due date for July had been extended till 10th, 31st October and November 10th respectively to permit the tax payers in filing their returns without much trouble.

 Presently 50 lakh tax payers had filed in July GSTR 3B and about 31 lakh had filed July GSTR 1 and 24.33 crores invoices had been uploaded in the GSTN Portal. In order to make provision to this extensive filing mechanism, it is obvious that GSTN needs additional few months to settle the same. But the main test for GSTN would be the filings for GSTR-2A where several challenges will be seen with the pull and push of data for the purpose of filings.

A recently held 22nd Council Meeting of GST had been programmed on the completion of three months of GST which brought about various relaxation filled for the tax payers. This type of relaxation would definitely be a comfortable move of the Government which would also make the campaign with the provision of GST as a Good and Simple tax.