Rashi Peripherals Conducted GST Awareness Campaign For Partners

Mumbai, Maharashtra, August 8, 2017 /– Rashi Peripherals, India’s only value added distributor, recently concluded its unique GST PC campaign for Partners. The ‘R U GST Ready’ campaign aimed at creating GST awareness among Partners and assisting them in smooth transition to the new tax regime.

Under the campaign, over 300 Champions of Rashi Peripherals spread across the country reached out to over 1000 outlets and assisted Partners in upgrading their existing IT hardware to comply with the GST norms. Champions also leveraged the platforms like Emailers, Whatsapp, Badges, Web banner, etc. to spread maximum knowledge on GST billing among its channel community.

Rashi Peripherals was the only distributor to start GST billing from July 1. The distribution house made its GST PC available for partners and SMEs to start GST billing from July 1 itself. This helped them in liquidating the stocks without hampering business continuity.

Commenting on the success of the campaign, Mr. Rajesh Goenka, Vice President, Sales & Marketing at Rashi Peripherals, said, “‘The R U GST Ready’ campaign was a 360 degree promotion on GST, which reflects our commitment towards our channel ecosystem. Our Champions reach out to partners in every look and corner to spread awareness about GST and ‘Personalized PC’. We also offered our GST ready PC to Partners so that they could start billing under a new tax regime. This helped them liquidate their stocks and increase business.”

GST has created a huge demand for PC hardware, giving a boost to the component business. As enterprises need to migrate to new IT systems to comply with the GST norms, Personalized Computers appear to be a big boon for the businesses, who seek cost effective hardware upgradation. Rashi Peripherals is very bullish over the DIY PC business and is heavily promoting ‘Personalized PCs’ among its channel partners. The company recently organized a Component Training program to sensitize its Champions on the growth potentials in the component business in the upcoming years.

Talking about the future growth prospects in the Component space, Mr. Goenka said, “The requirement for the GST ready PC is indirectly triggering PC and Component demand in India. We are the leading player in this business segment and very optimistic about the future demand for DIY PCs”.

One of its kind in the industry, the campaign received overwhelming response from Partners and Champions. Appreciating the initiative, Neeraj Gupta, one of the Partners and owner of Delhi based Suman Enterprise said, “The ‘R U GST Ready’ campaign was a great initiative by Rashi Peripherals. Because of their support, we were able to upgrade our knowledge and IT systems for GST compliance.”

The success of this campaign could be acknowledged with the fact that many other industry stakeholders also replicated the similar initiative for their channels. Rashi Peripherals has vowed to extend its assistance to every GST requirement of its 9000 + partners.

Notes to Editor

About Rashi Peripherals

Leading IT & Mobile brands have put their trust in Rashi Peripherals to penetrate into the vast Indian market since 28 years. Being one of the top 5 IT distributors in India, the company has partnered with over 9000+ dealers, retailers and customers in over than 750 towns & cities. To cater to this vast customer base, Rashi has branch & service operations in over 51 towns of India. The company has created a strong IT infrastructure and unique marketing platforms that has helped to put their partners on a pedestal. At 25% CAGR for last 15 years, Rashi Peripherals is one of the fastest growing companies in India. Their vendor names include ADATA, AMD, APC, Apple, Asus, ECS, Fitbit, Google, HP, Intel, Logitech, Lenovo, Leadtek, Micron, Nvidia, Plantronics, SanDisk, Toshiba, Western Digital and many other world renowned brands. To know more, please visit www.rptechindia.com

TAIT Helps Channel Community Tread the GST Path

Bengaluru, Karnataka, July 24, 2017 /– India has rolled out one of the biggest tax reform – the Goods and Services Tax (GST) – which has replaced the complex maze of Central taxes and duties such as Excise Duty, Service Tax, Counter Veiling Duty (CVD), Special Additional Duty of Customs (SAD), central charges and cesses and local state taxes that was Value Added Tax (VAT), Central Sales Tax (CST), Octroi, Entry Tax, Purchase Tax, etc. Coinciding with the new tax regime the Mumbai-based Trade Association of Information Technology (TAIT) organised their Knowledge Series events putting an emphasis on Input Tax Credit and the way forward in the GST regime for their members.

TAIT’s past sessions/events on GST have been addressed by CAs and the Service Tax department. This time the association had invited Mr G V Bilolikar, Jt. Comm. of Sales Tax, Mumbai to address the members.

The event kicked off with a panel discussion on ‘Road to Successful IPO’ where panelist Mr Vinit Bolinjkar – Head, Equity Research, Ventura Securities Ltd., Mr Ketan Patel, President and CEO of Creative Peripherals and Distribution Ltd and Mr Nikit Rambhia, Joint Managing Director of Panache Digilife Ltd discussed aboutcurrent IPO market and checklists, filing requirements, role of advisors, bankers and exchanges, IR specialists and the media.

Taking it further, TAIT knowledge series also took up Input Credit Tax (ITC) under GST topic to develop better understanding and clarity to the members.

ITC under the GST framework is one of the core concepts which will help eliminate the cascading effect of taxes. Any manufacturer, supplier, agent, e-commerce operator, aggregator registered under GST are eligible to claim input credit for tax paid on their puechases. Addressing to the queries of TAIT members the panel discussed those conditions to claim ITC under the GST, which is one of the most critical activities for every business to settle its tax liability.

In order to claim ITC they shared various conditions to be fulfilled such as –

  • should have tax invoice/debit note/document evidencing payment
  • goods and/or services receipt where goods are delivered by supplier to other person on the direction of registered person against a document of transfer of title of goods;
  • furnishing of a return where goods are received in lots or installments ITC will be allowed to be availed when the last lot or installment is received;
  • failure to the supplier towards supply of goods and/or services within 180 days from the date of invoice, ITC already claimed will be added to output tax liability and interest to paid on such tax involved. On payment to supplier, ITC will be again allowed to be claimed;
  • No ITC will be allowed if depreciation have been claimed on tax component of a capital good
  • If invoice or debit note is received after the due date of filing return for September of next financial year or filing annual return, whichever is later

Ms Archana Koul, Technical consultant, Cisco talked about the new arrival for Cisco SMB and the enterprise market. Talking about Cisco Catalyst 2960-L Portfolio she said, “These L-series switches power small networks with quietness and simplicity. They can be appropriately targeted in bank branches, hotel buildings, school buildings, retail stores, office buildings, etc as it meets the specifications that are often demanded in these scenarios. These switches are low-priced GE model, with simple management, low energy consumption, small factor plugin support, Basic layer 2 functionalities and other enterprise grade quality features that is often needed in the above sectors.”

Mr Pushpasheel Andari, Head Solution Engineering Tata Teleservices Ltd gave insights on ‘Digital platform for emerging businesses’ Mr Pushpasheel Andari, Head Solution Engineering Tata Teleservices Ltd gave an insight of how Tata Teleservices (TTSL) is coming up with technologically advanced innovative products and services, by playing an enabling role in simplifying consumer lives, expanding digital inclusion addressing the requirements of the emerging businesses. He said, “TTSL is a leading player in the enterprise space providing integrated voice, data and managed services to large, medium and small enterprises in over 60 cities across India. The team comprises over 2,000 people and over 1,200 channel partners. The company has set up a robust infrastructure which includes the largest fibre optic backbone in the country covering over 1, 25,000, equipped to serve the connectivity needs of all businesses.”

TAIT as the leading IT industry association in India, always makes a consolidated effort helping every member streamline their business. We leave no stone unturned to help members regarding any obstacles they are/ maybe facing adapting the new tax regime. We have also requested special assistance from the VAT department and we are pleased to state that TAIT will be given special guidance and assistance whereby the VAT department will be deploying their staff at the TAIT office where members can reach and seek assistance, a unique step by our association,” says Mr Rushabh Shah, PresidentTAIT.

Mr Pratik Lapsia of Redfinch said, “We feel proud to be associated with TAIT. The association has always stood as a support and guiding light whenever our company goes through changing business environment. TAIT’s various GST workshops have helped us to stand steady and understand the new tax regime to drive our business efficiently.”

TAIT through their various workshops/ seminars have put in immense effort in addressing doubts/queries of the members through lists of frequently asked questions.

Notes to Editor

About TAIT

Trade Association of Information Technology (TAIT) was formed in March 1996 to represent the interest of IT community in the ecosystem of Distributors/Sub-distributors/Resellers, System Integrators and Service Providers. TAIT has over 300 members representing the complete spectrum of IT organizations. The association was formed to uphold the larger interest of the IT trade, which represents 70% of Mumbai’s IT industry. It’s a forum where the challenges of Mumbai’s domestic IT Industry business is heard and understood. TAIT is a pro-active, leading IT association of India. For more information please visit www.tait.in.

TAIT Conducts GST Awareness Conference for Members

Bengaluru, Karnataka, June 26, 2017 / — The government is all set to roll out the nationwide Goods and Services Tax (GST) on July 01, 2017 allowing companies to file late returns for the first two months creating a space for them to adapt to a new online filing system. GST is a fundamental business reform which will change the way business activities are conducted in the country by anyone. In this regard, Mumbai-based Trade Association of Information Technology (TAIT) organised awareness workshop on GST educating members on the new tax regime. The sessions were addressed by Mr Sukhjit Kumar, Additional Commissioner of Service Tax, Mumbai and Mr Alok Pansari – Partner, ASL & Co.

Mr Sukhjit Kumar, Additional Commissioner of Service TaxMumbai addressed TAIT members by giving his valuable insights into the GST tax regime. He talked upon various crucial components of GST clearing the misconceptions of the members in terms of stock clearance, service tax, input credit and tax computation.

TAIT has conducted many workshops specified to GST keeping in mind the interest of members and prepare them for the new tax regime. “TAIT members were gearing up for getting the registration and HSN codes done in GST, rightsizing their stocks and preparing their software on the complaint side and on the business side. Therefore, this workshop is a part of our efforts to educate our members and prepare them for GST,” says Mr Rushabh Shah, PresidentTAIT.

Mr Samir Mehta, Secretary, TAIT further added that the association is also making an effort connecting to the vendors to help TAIT members adjusting the stocks to avoid any negative financial impact on the stocks.

Quoting the prevailing state of confusion among traders on the new tax regime, Mr Alok Kumar S Pansari, CA of ASL & Co. said, “It is a great opportunity for IT traders to explore different prospects such as software and application development. IT hardware business will get huge benefits from GST if they explore different business avenues. They have huge scope in the software and application development but they should explore opportunities to sustain in the business.”

Mr K R Chaube, TAIT Director shared his thoughts about GST saying, GST is unification of tax regime. We have organised various workshops/ seminars for our members to provide them a clear picture of the nitty-gritty of the new tax regime. Our association is always prepared to provide required hand holding, on-ground guidance for GST, and information on softwares for filing taxes to our members.”

Mr Devang ThakoreTAIT Director said, “TAIT has always been at the forefront in offering additional value to their members and every event provides a treasured knowledge which acts as a solution to their business hurdles, also keeps them updated with the latest industry trends.

All the members of the association and guests enthusiastically participated in the GST awareness conference.

Notes to Editor

About TAIT

Trade Association of Information Technology (TAIT) was formed in March 1996 to represent the interest of IT community in the ecosystem of Distributors/Sub-distributors/Resellers, System Integrators and Service Providers. TAIT has over 300 members representing the complete spectrum of IT organizations. The association was formed to uphold the larger interest of the IT trade, which represents 70% of Mumbai’s IT industry. It’s a forum where the challenges of Mumbai’s domestic IT Industry business is heard and understood. TAIT is a pro-active, leading IT association of India. For more information please visit www.tait.in

Infomerics Rating gets RBI nod as full-service rating company

New Delhi, Delhi, June 22, 2017 /– Rating company Infomerics Rating has received the approval from Reserve Bank of India to work as full service rating firm. RBI’s accredition enables Infomerics’ ratings of bank loans and/or bank facilities to be recognised for capital allocation under Basel norms.

“Banks may use the ratings of the Infomerics Valuation and Rating Pvt Ltd for the purpose of risk weighting their claims for capital adequacy purposes,” RBI said in a note.

Infomerics Rating has been rating various money market & capital market instruments and carrying out issuer ratings for the last two years.

It has now joined Care Ratings, Crisil, ICRA, India Ratings, Brickwork Ratings and SMERA as the full-service firm.

RBI said that the short and long term ratings issued by these domestic credit rating agencies have been mapped to the appropriate risk weights applicable as per the standardised approach under the Basel II framework.

Notes to Editor

A boon to the business community, INFOMERICS was originally consulting firm offering IT-driven services for modern accounting and business, backed by INFOMERICS, an intelligent knowledge-based software tool. Not only does it help evaluate and compare the true worth and the health of organizations, in terms of financial and non-financial attributes, but also provides a common platform across geographic boundaries encompassing each sector.

INFOMERICS worked on special initiatives to build a business management consultancy including Information Technology, Communications and Entertainment (ICE). Besides upgradation of human life quality, its basic interest is in encouraging and fostering research largely in the areas of education, environment and sunrise industries. The management consulting is aimed to taken further and beyond the current spectrum.