Know all about Goods and Services Tax (GST) and the people who made it possible

GST_Asia_Pacific_Institute_of_Management

 

The Goods and Services Tax (GST) is here and people of the country have accepted it well. GST replaces the taxes levied by the central and state government and have helped in creating a common ground in the market with a single price across the nation along with many benefits of GST. It was first initiated by the NDA government in 2000 led by Atal Bihari Vajpayee. The main focus with GST implementation is to bring transparency into the system. Talking about its history, NDA made efforts to bring GST into reality in May 2014. Then Mr. Jaitley set the deadline as April 2016 to introduce GST. Later on, the date changed to July 2017.

Talking about GST, the people who made GST a reality are among the influential people of India. To name a few, during a meeting with his advisors, Sh. Atal Bihari Vajpayee proposed the concept of GST. Three former RBI governors Bimal Jalan, IG Patel and C Rangarajan were also a part of the discussion. In 2000, Vajpayee had formed a committee headed by CPM leader and then West Bengal finance minister Asim Dasgupta to design a GST model. The then Finance Minister of Kerala, KM Mani continued the work after the CPM had left and proposed the advancements in the bill. The congress leader, and then Finance Minister in the UPA-I government, P Chidambaram, pledged to roll out the GST. It was based on the recommendations of the 12th Finance Commission that information of GST was rolled out. He had set the date as April 1, 2010 to bring GST into reality. But the minister was replaced by Pranab Mukherjee as Finance Minister. After that the politics over GST has taken many turns.

It was when KM Mani resigned from the post, the NDA government headed by PM Narendra Modi came into power. West Bengal Finance Minister Amit Mitra was appointed as the head of the GST committee by Arun Jaitley. Mitra is known to have proposed the overview of GST and brought all states on the same page for rolling out the Goods and Services Tax. However, he urged the government to postpone the date of implementation as he thought it needed more standardized approach. On February 2015, Arun Jaitley set April 2016 as the timeline to bring GST into the picture. The date was later changed to July 1, 2017.

To know more about GST and other financial reforms post liberalization, please join us on 14th October 2017 at Asia Pacific Institute of Management. The institute is organizing a National Conference and will have views from the Railway Minister of India, Sh. Suresh Prabhu. You can know more about the details by clicking on the link View More

 

Advertisements

AIM heartily Thank Dr. Pawan Agrawal (Mumbai Dabbawala fame) on his visit and Motivating the Management Graduates

Dr Pawan Agrawal at AIM Campus

AIM heartily Thank Dr. Pawan Agrawal (Mumbai Dabbawala fame) on his visit and Motivating the Management Graduates

 

Dr. Pawan Agrawal graced the premises of AIM; students found him way too inspiring

Applauds from all corners of the auditorium and a standing honour for Dr. Pawan Agrawal (Mumbai Dabbawala fame) is how it all started. The Friday morning couldn’t get better for the audience who were eagerly waiting to catch a glimpse of the juggernaut. What a terrific start! To add to the excitement, there were media houses constantly running up to capture the moments. Going into details, the eminent speaker Dr. Agrawal lighted the lamp and gave a nod to start the session. A foreword by Dr. S.P.Chauhan, Director, Asia Pacific Institute of Management, filled the room with curiosity followed by a floral welcome by Dr. Surabhi Goyal along with the Director, extending a warm welcome to Dr. Agrawal which successfully set the mood for the event.

Now it was time for Dr. Agrawal to address the management graduates and he started off perfectly with the words of wisdom on knowledge sharing with others. ‘Everybody has knowledge but listening and concentrating is a must along with knowledge’ were the first few words that the eminent speaker used to address the audience. Everybody does business but how they deliver is what makes all the difference, opines Dr. Agrawal. Sharing his thoughts and past real experiences from his journey, he made sure the audience gets stuck to their seats as what was about to come was really interesting. Dr. Agrawal, known for his humor added ‘ Jo Biwi se Karey Pyaar, Vo Dabbawala ko Kaise Karey Inkaar’. Needless to say, a big round of applause is what he indeed got for these lines. Talking about the essence of delivery and supply chain management, the speaker shared how 5000 Dabbawalas never fail to deliver the lunch boxes to their customers without any error. Focus is the key to achieve success in life and work. Dr. Agrawal addresses his team as the ‘Masters of Logistics and Supply Chain’. Adding more to that, he said, one should master the art of work that one takes upon himself.

History of Dabbawalas

Mumbai Dabbawala started their operations in 1890 with a small team. The company got registered in 1956. Today the employee strength of Mumbai Dabbawalas is 5000 delivering 2,00,000 tiffins every day. For the last 127 years, they have been delivering Dabbas with only 1 error so far. Dr. Agrawal is born to a farmer father and came to Mumbai in 1979. He completed his PhD. After long 9 years of studying the essence of Dabbawala. According to Forbes, as said by Dr. Agrawal, the error ratio is 1 out of 16 million so far. He further adds, ‘Mistakes are not be made in the process as customer retention and satisfaction is vital to his organization’. He then focused on the word ‘Punctuality’ and addresses the students giving examples of how punctuality is connected to customer satisfaction.

Main Principles on which Dabbawalas works

Mumbai Dabbawalas believe in main four principles i.e. ‘Work is Worship’, ‘Customer is God’, ‘No alternate to Hard Work’ and ‘Importance of Human Values’. He adds, there is no substitute for hard work and if you want to achieve success, it is the core key. He was time and again laying emphasis on how customer centric approach towards business can make it grow as the customer is the vital point to be cared for. Hardships and daily struggles may come but there has to be a system to tackle all of that, opines Dr. Agrawal. In their business hierarchy, there are Mukadams, group leaders, who are divided according to the area where the tiffins are to be delivered. Whenever there is a conflict among the Dabbawalas, it is the Mukadam who ensures the problem is solved and there is no effect on delivery cycle.

Dr. Agrawal laid emphasis on one major point i.e. the will power to do the work. He adds, ‘ Karna Hai to Karna Hai’. He recalled an event where Prince Charles was to meet the Dabbawalas. They gave a warm welcome to Prince Charles and later on got invited to his wedding to Queen Camillia Parker. Going on with the Indian tradition of sending a gift, Mumbai Dabbawalas gifted Puneri Petha, Saree, Kolhapuri Chappal in the wedding. Gladly, he recalled this event and told how customer centric approach and business relations are important. He then recalled another incident where he was glad to meet Richard Branson, the founder of Virgin Airlines. He adds, it is your work that can take you to places in life, so staying focus is important. He recalled another interesting incident where he came up with a tagline ‘Share My Food’. If any customer is unable to eat the food on any particular day, the Dabbawalas made sure the food goes right to the street children. Dr. Agrawal praised the institute for being consistent in delivering quality education to the management graduates and did not divert from its path by only offering post graduation program for the last 21 years.

The event was a sure shot success and came to an end only after the interesting QnA round where students asked some thoughtful questions to the speaker. Dr. Agrawal enthusiastically answered all the questions and thanked all the students and dignitaries for such a wonderful event. He distributed Dabbawala caps and miniature tiffins to the faculty and students and honoured the AIM’s photographer Preetam Sarkar with a book. With this, the event came to an end. The students at AIM were rejoiced by his gracious presence and also shared how these events help them understand the market scenario better. They also requested the team to organize such event more frequently so that they get the latest insights into business management from the future perspective.

 

 

 

 

 

Dr. Pawan Agrawal (Mumbai Dabbawalas fame) to address the management graduates at AIM

best mba institutes in delhi, top colleges in delhi for mbaInspiring speeches are one of the ways to address budding managers which train them to be perfect in the long run. One such inspiring speech is yet to be delivered by none other than Dr. Pawan Agrawal (Mumbai Dabbawalas fame). Asia Pacific Institute of Management is happy to invite Dr. Agrawal to address the large crowd of management graduates. The event is scheduled for 4th August 2017 and will be held at AIM’s premises.

This news has created quite a buzz on social media as everyone wants to listen to Dr. Agrawal. Students are excited enough that they are already in process of preparing questions to be asked to the speaker. What’s more, AIM team is also curious to have been given an opportunity to listen to the man behind Mumbai Dabbawalas.

As eagerly as the students are waiting for the D-day, faculty at AIM is also waiting for the day to come soon as this would be the first of its kind event at Asia Pacific. Dr. Agrawal would talk about his personal experiences as to how he manages his business and earns profit out it. He would also be addressing the students on points like customer service, management skills, product delivery, etc. Besides, he would also talk about his journey in becoming a big tycoon in his field. All his hardships, challenges and struggles will also be a part of his speech.

The event will start at 10:30 AM and will end around 12:30 PM. In these 2 hours of knowledge-sharing session, students are sure to take some learning from Dr. Agrawal that they can inculcate in their daily routine. AIM is all excited about the event and you can have a glimpse of the event by connecting with us through social media. Students are counting the days, so is the whole team of AIM.

Asia Pacific organized a ‘Presentation Competition’ on the ‘Best Practices of HR’ at its premises

Asia Pacific Institute of ManagementThe discussions and debates on the best HR practices have always created curiosity, and many inputs from the influential people in the education and corporate sector have been inculcated by the renowned corporate houses. In this ever changing and dynamic world of corporate, there are some HR practices which remain unchanged while other policies are bound to change with time. On the similar lines, Asia Pacific Institute of Management organized a ‘Presentation Competition’ for the budding managers (fresh management graduates) on 12th July 2017. The topic on which the students were supposed to deliver the presentation was ‘Best Practices of HR’. The chief guest for the event was Ms. Sunaina Dutta, an HR expert currently working in Hewitt India Pvt. Ltd. The event was organized by the Department of Human Resource and Organizational Behaviour.

‘Human Resource is the essence of Management’. With that thought in mind, the students started presenting their part in front of a large audience. There were different teams comprising of two members in each team. Each team competed against each other for the ‘Best Team Award’. During the presentation, students spoke on many informative topics like the Latest Trends in HR, Employee Engagement Techniques, Gamification of HR Practices, etc. The presenters also talked about the newly introduced Goods & Services Tax on the HR practices of the industry in general. A lot of enthusiasm was seen among the students as they talked about the above-mentioned topics.

When it was time for Ms. Dutta to speak, students were keen enough to be addressed by such an eminent personality. During her speech, she shared her valuable inputs on how the budding managers should be prepared to face the dynamic nature of ever changing Human Resource practices. She also laid emphasis on how the management graduates can cope up with the challenges that will come their way when they enter the corporate arena. Also, a lot of stress was given to the ethical HR practices which each employee must be aware about.  Team A (Abhilasha Chaudhary and Rohit Khandelwal) was declared to be the best, but the guests and audience felt highly about all the teams. Kanika Bhardwaj and Shambhavi Pandey bagged the second prize for their impressive presentation skills. There was a lot of information and knowledge sharing during the event. Out and out, it was a thoughtful event with students taking some amazing tips from the chief guest that they are sure to incorporate in their practice of becoming a successful manager.

AIM organizes a seminar on ‘Smart City’ in association with NARII Foundation

NARRI FOUNDATIONDR. SAMBIT PATRA

The journey of making a smart city starts with you, opines Dr. Sambit Patra (National Spokesperson, BJP). It is in the area of accolades that he has bagged credits from being a medicine professional to becoming an associate with BJP. Asia Pacific Institute of Management conducted a seminar on ‘Smart City Development’ in association with NARII Foundation on 20 th July 2017. The auditorium was almost occupied as the management graduates found it an opportunity to listen to what Dr. Patra had to say. The other renowned guests included names like Shri. A.K. Shrivastva (Chairman – Asia Pacific Institute of Management), Shri. Pawan Chopra (Secretary, Delhi Social Welfare), Prof. O.P.Mathur (Senior Fellow and Head, Urban Studies Institute of Social Sciences) and Shri. Sanjay Mayukh (MLC, All India Incharge Media Cell, BJP).

During the seminar, Dr. Patra laid emphasis on three Cs i.e. Challenge, Competitiveness and Continuity. The students were in attendance to what the chief guest had to speak. He also made a statement in Hindi by saying ‘ Is Jeevan Mein Chutti Nahi Milti’ for which he got applauded. The response was also overwhelming when he made a point to do the job of your choice and not take up any career forcefully. Elaborating on these three criterias, the other honourable guests drew attention on the similar lines. They also talked about Indian economy and how smart city development would help the government to provide houses to millions. Further, Dr. Patra added that facing challenges and overcoming them is the only way to be successful and happy in life. He also stated that one needs to be competitive all the time so that a candidate never misses out on competition ever.

With all these inspiring thoughts, the seminar came to an end and students took some great learning from this experience. To brief in a nutshell, the seminar was interesting enough to bind the students together as the speakers were influential enough to give some thought-provoking views on life essentials.

CASH FLOW STATEMENT(AS – 3)

MEANING: Cash Flow Statement is a statement that shows flow of cash and cash equivalents during the period under report. The statement shows net increase or decrease of cash and cash equivalents under each activity separately (operating/ Investing/ Financing) and collectively.

Why Cash Flow Statement: It is possible for a firm to be highly profitable and not be able to pay dividends or invest in new equipment’s. It is possible for a firm to be highly profitable and not be able to service debt. It is also possible for a firm to be highly profitable and go bankrupt.

Consider the following Questions:

  1. You are a banker evaluating a loan request from a prospective customer. What is your primary concern when making a decision regarding approval or denial or the loan request?
  2. You are a wholesaler of goods and have been asked to sell your products on credit to a particular buyer. What is the major determining factor regarding approval or denial of the credit sale?
  3. You are an investor in a firm and rely on the receipt of regular cash dividends as part of your return on investment. What must the firm generate in order to pay dividends?

The answer of all the above questions is cash means whether the firm is able to generate so much of cash to pay its loan instalments, to pay the creditors and to pay dividends to the investors.

Types of Activities:

Lehman Brothers Holding Inc. is one of the oldest bank of USA.  From the table it can find out that accounting income of the bank is increasing year by year but the cash income of the bank is decreasing year after year. It means that bank is earing profit in the books of accounts only but in actual, bank is not having any cash to pay its liabilities. So to pay its liabilities bank had to take loan year after year. And in 2007 due to non-generating of income in cash and due to heavy debts, the bank became insolvent.

Author:

Dr.AbhishekMaheswari

Assistant Professor (Accounting & Finance)

Asia-Pacific Institute of Management 

 

MBA VS PGDM

Most of the graduates would like to pursue an MBA or a PGDM course, so as to polish their credentials and job prospects. While many think that there is a difference between the two, few also perceive both as the same degree, with just a difference in the name. MBA, a degree course and offered by Universities. PGDM offered by the institutes that are recognised by the AICTE and which are autonomous and not affiliated to any university.

Now I am coming to the term autonomy. When an Institute secures autonomy they design their own curriculum to be taught instead of following outdated University syllabus. I have mentioned outdated syllabus because the syllabus change at University level happens once in either 3 or 5 years. Where as in PGDM, since the colleges have autonomy the curriculum can be updated regularly depending on the need in the Industry. Hence one can say that PGDM courses are more Industry relevant, up to date as compared to MBA courses. A student pursuing a PGDM course will be gaining knowledge regarding building soft skills. The teachers who are teaching in PGDM can combine management theories and computer software’s to enhance analytical skills of his/her students. Hence many PGDM institutes are offering courses like Financial Analytic, Marketing Analytic, Operation Analytic and Human Resource Analytic.

In compared to PGDM, generally MBAs are more affordable as the fees is almost similar to university standard. Some private universities are charging huge fees. Second and the most crucial point is that MBA department of many universities do not offer placement services at the end of the course hence it is not the end but a mean. The goods Institutes which are offering PGDM courses are offering placement services and at the end of your course you can get a good employer for your later carrier.

Author:

Dr. Samiran Jana

Asia-Pacific Institute of Management