July 9, 2024

start your own new business? Start it Now. Do not get confused over the thought of what business or industry sector shall be chosen. Every business has its pros and cons, it’s just about the best business ideas to make money. It is just about which business you have the passion and zeal to crack. Your skillset also matters a lot in achieving the target. You should be confident enough to implement the skills you possess and manage to overcome the upcoming challenges. Business Ideas For Teens and Young Entrepreneurs 1.Dropshipping Dropshipping is a low investment and a cost-effective way to start an online or e-commerce business in India. Dropshipping means beginning a retail business online without procuring or storing products. You need to establish an online retail store and tie up with a dropshipping supplier in the dropshipping business. When a customer places an order on your online store, you will need to forward that order to the dropshipping supplier. The dropshipping supplier will process and ship your order to your customer. You will receive the payment for the order, and you need to pay the product cost to the dropshipping supplier after deducting your percentage from the product cost. All you need to do is tie up with dropshipping suppliers and market their products on your online store. 2. Handmade Products You can start your online personalised handmade products business when you are good at arts and crafts. Nowadays, DIY or Do It Yourself is the new trend. Many prefer to give personalised gifts or products to their families or friends for occasions such as birthdays, farewells, weddings, etc. Millennials also prefer to buy personalised products online to decorate homes or for house parties instead of visiting shops. You can create and sell many products, such as accessories, jewellery, home decor, wall hangings, etc. You need to showcase your products and market them on social media accounts or websites to get more orders and profit by selling them. You only need to invest in the materials required for your products. 3. Photography and Videography You can start your own business when you are good at photography or videography. Every occasion needs a photographer and a videographer. You can even charge to take creative photos on the occasion of your friends’ or relatives’ birthdays or functions. Many occasions, such as weddings, get-togethers, themed birthday parties, and pre-wedding functions like sangeet, mehandi, etc., require a videographer. It is one of the lost-cost businesses where you can earn profits. You need a good camera or video recorder to start this business. You can take photos and videos and post them on social media accounts or even send them on Whatsapp to your contacts and get bookings for them. You can also work as a freelance photographer or videographer for events. You can freelance to take photos of events or products since companies require product photos or videos to market them. You can even click and upload your original photos on your website and sell them to interested people. 4. Babysitting Since many couples work, they require a babysitter to look after their kids. Some may even need a babysitter for only a few hours, i.e. after the kids come from school till the parents come home or on weekends. However, it is difficult to gain the trust of parents to be hired as babysitters for their kids. Thus, you can start to babysit your relatives’ and neighbours’ kids initially and ask them to refer you to their friends and family who need a babysitter. You do not need any investment for this, except you need to have a liking towards kids, take care of them and keep them engaged. 5. Pet Sitting Many people have pets at home. They need to leave their pets alone when they go to work or on vacation. Many people are looking for pet sitting services by a trusted person who will take care of their pets for a few days or a few hours. You can start a pet sitting business and look after pets (dogs and cats) when the pet owners travel or go out to office or events.  Market your service to your friends and family members and ask them to refer you to people with pets. There is no investment required for a pet sitting business except that you need to know how to take care of pets. 6. Tutoring You can start an online tutoring business where you can teach students in lower classes. Many prefer taking tutoring classes for their children, which give individual attention. You can tutor children of lower classes in your school or neighbourhood when you are a good student. You can even tutor children at your home. You only need a good PC or laptop with high internet connectivity for an online tutoring class. When you conduct a tutoring class at home, you need a room at your house for tutoring and a board. You will need to spend some time preparing for the class and the course and check the assignments given to students.  7. Youtube Channel Start your own youtube channel. You can start a channel in which you are passionate, such as showing recipes, makeup tutorials, singing, dancing, travelling, educational content, general knowledge content, home decor ideas, craft and DIY ideas, etc. You can monetise from the views of the videos on your youtube channel.  There is no investment required to start a youtube channel except for a good camera to shoot videos, time and internet connection to edit them and upload them. It may take some time to earn revenue from it, but you can earn good revenue as the channel grows. Market your channels to all your friends and family to grow the channel and get subscriptions. 8. Blogging and Vlogging You can create a blog where you can write quality content and publish it online. Vlogging is creating content and posting it on youtube. You must choose a niche

The Reverse Charge Mechanism (RCM) is the process of GST Payment by the receiver instead of the supplier. In this case, the liability of tax payment is transferred to the recipient/receiver instead of the supplier. 53rd GST Council Meeting Update: To simplify claiming ITC, the Council recommends clarifying that purchases under the RCM from unregistered suppliers follow a specific rule. When the recipient issues the invoice for such a purchase, the relevant financial year for calculating the ITC time limit under section 16(4) of the CGST Act will be the year the invoice is issued. The Reverse Charge Mechanism is applicable in the case of : Imports Purchase from an unregistered dealer Supply of notified goods and services This reverses the scenario as the person who is receiving the goods and services needs to pay the taxes. If the receiver is purchasing goods from unregistered providers, there needs to be a GST paid on their behalf. A payment voucher needs to be issued from the supplier to the recipient. The recipient must be a registered person as per Section 2(94) of the CGST Act,2017. As per section 2(98) of CGST Act 2017, “Reverse-Charge” means the liability to pay tax by the recipient of the supply of goods or services or both instead of the supplier of such goods or services or both Under sub-section (3) or sub-section (4) of section 9, or Under sub-section (3) or subsection (4) of section 5 of the Integrated Goods and Services Tax Act What is Reverse Charge Mechanism? The supplier of goods or services pays the tax on supply. Under the reverse charge mechanism, the recipient of goods or services becomes liable to pay the tax, i.e., the chargeability gets reversed. The objective of shifting the burden of GST payments to the recipient is to widen the scope of levy of tax on various unorganized sectors, to exempt specific classes of suppliers, and to tax the import of services (since the supplier is based outside India). Applicability of Reverse Charge Mechanism The reverse charge possibilities for intrastate transactions are governed by Sections 9(3), 9(4), and 9(5) of the Central GST and State GST Acts. In addition, reverse charge possibilities for interstate transactions are governed under sections 5(3), 5(4), and 5(5) of the Integrated GST Act. Let’s get into more information about these scenarios: Supply of certain products and services as determined by the CBIC: The CBIC has produced a list of products and services that are subject to reverse charge under the authority granted by section 9(3) of the CGST Act, 2017. Supply to a certified dealer from an unauthorized dealer: According to Section 9(4) of the CGST Act, 2017 if a seller who is not registered for GST delivers products to a person who is registered for GST, reverse charge will apply. This means that the recipient will have to pay the GST instead of the provider. The registered buyer who is required to pay GST under reverse charge must self-invoice for transactions made.In the real estate business, the government mandated that promoters purchase 80 percent of their inward supplies from registered suppliers. If purchases from registered dealers fall short by 80%, the promoter must pay GST at 18% on the reverse charge to the amount that inbound supply falls short by 80%. If the promoter buys cement from an unlicensed source, he must pay a 28 percent tax. This computation must be performed regardless of the 80 percent calculation.The promoter must pay reverse charge GST on TDR or floor space index (FSI) issued on or after April 1, 2019. Even though a landowner is not engaged in a regular business of land-related operations, the transfer of development rights by such an individual to the promoter is taxable as a provision of service under Section 7 of the CGST Act, 2017. In addition, when one developer sells TDR to another, GST is levied at 18 percent on the reverse charge. Service provision via an e-commerce operator: E-commerce operators can be used as an aggregator by any form of business to sell items or deliver services. According to Section 9(5) of the CGST Act, 2017 if a service provider utilizes an e-commerce operator to deliver specified services, the reverse charge applies to the e-commerce operator, and he must pay GST. This section includes services such as: Passengers are transported by radio-taxi, motor cab, maxi cab, and motorbike. For example, Ola and Uber. Providing accommodation services in hotels, inns, guest houses, clubs, campgrounds, or other commercial places intended for residential or lodging purposes, unless the person supplying such service through an electronic commerce operator is required to register due to a turnover threshold exceeding the limit. For instance, Oyo and MakeMyTrip. Housekeeping services, such as plumbing and carpentry, unless the person providing such services through electronic commerce operators is required to register owing to turnover above the threshold level. For example, Urban Company employs plumbers, electricians, instructors, beauticians, and other professionals. RCM Provisions Under GSTR Forms – GSTR 1 – GSTR 2 This system is being carried forward from the VAT regime. In case the supplier is registered, but the goods or services come under reverse charge mechanism, the input tax credit cannot be claimed by the supplier as the tax is not credited by him but the receiver is paying the taxes. In the case of importers of goods, taxes need to be paid under the reverse charge mechanism to the Government on the import. This is in addition to the import duties. The details of the charges pertaining to the inward supply of goods or services are to be mentioned in GSTR 1. The details of inward supply are stated in the form GSTR 2. A person who is liable to pay tax under reverse charge mechanism needs to be registered under GST irrespective of the turnover. The goods/service supplier gets the input tax credit that is paid under the reverse charge. The only condition is that the input tax credit is used only for the furtherance of business. The list of

Bihar ration card is an official document issued by the State Government of Bihar. One of the important benefits of a Bihar ration card is that it enables the holder to obtain subsidized food commodities from the State Government. Benefits of Ration card The Public Distribution System (PDS) of the State Government of Bihar provides basic needs such as Grains, Food Products, Edible Oil, Kerosene, etc. to the families of Ration Cardholders for subsidized rates. Moreover, the ration card is an essential tool for identification. One can have a copy of Ration Card as proof of identification while applying for other documents like marriage certificate, domicile certificate, etc. Types of Bihar Ration Cards Above Poverty Line (APL):  The Government will issue APL ration card to the people living above the poverty line. Below Poverty Line (BPL): The Government will issue BPL ration card to the people living below the poverty line. Antyodaya Anna Yojana (AAY) Cards: The Government will issue Antyodya Anna Yojana (AAY) cards to the economically weakest section of the societies. Eligibility Criteria The applicant should be a resident of the State of Bihar. The applicant must not be in possession of a ration card. Couples who recently got married in Bihar can apply. Required Documents Passport size photo Address proof Driving license Income certificate Application procedure Step 1: Visit the nearest Circle Office/S.D.O. The office where you can obtain the application form for the Ration Card. Step 2: Fill up the application form properly and attach all required documents. Step 3: After filling the form, submit it to the same office. FAQs What is a Bihar Ration Card? A Bihar Ration Card is an official document issued by the Government of Bihar to households for purchasing subsidized food grains and other essential commodities from fair price shops under the Public Distribution System (PDS). What are the benefits of having a Bihar Ration Card? The benefits of having a Bihar Ration Card include access to subsidized food grains, kerosene, and other essential commodities provided under the PDS scheme. It helps in ensuring food security for economically weaker sections of society.

The Government of Telangana (GoT) passed the Telangana State Industrial Project Approval and Self-Certification System (TS-iPASS) to increase the processing rate of applications related to the various issue of clearances to set up industries. TS-iPASS was introduced through Telangana State Industrial Project Approval and Self-Certification System Act, 2014 (Act No.3 of 2014). The TS-iPASS shall be monitored by the Government of Telangana. TS-iPASS TS-iPASS is a certification system that provides support to industries, services, manufacturing companies in Telangana. It is an online process that helps to clear certification process and permissions within short timelines. TS-iPASS was established with the following features; they are: Eliminating the direct approach Approvals for certification Online payment for certification and clearance to set up industries Quick response to quick queries through feedback and grievance cell Establish Investor facilitation cell to have a single point of contact and to increase the investments Features of TS-iPASS Pre-scrutiny shall be conducted twice a week for the application process All the approval process shall have a single point of approval system by the relevant developments Accepted applications will be referred by District Committees and examined by state-level TS-iPASS committee members Approval for Megaprojects will be issued by self-certification, and the receipt for the self-certification will be received to the applicant within 15 days Provision of penalty if the departments have delayed clearances Secure and progressive regulation for the business environment Services including IT, medical and communication services with relevant infrastructure development Types of Certificates Approved from TS-iPASS Portal Approval certificate from Pollution Control Board for establishing industry( for Red, Green, Orange categories only) Approval of factory plan from the Factory Department Approval of building plan from the Hyderabad Metropolitan Development Authority (HMDA), Directorate of Town and Country Planning (DTCP) and Kakatiya Urban Development Authority (KUDA) Change of land from HMDA Non-Agricultural lands Assessment (NALA) conversion from the Department of Revenue Feasibility for Power from the Department of Telangana State Southern Power Distribution Company Limited (TSSPDCL) No Objection Certificate (NOC) from Gram-Panchayat NOC from the Fire Department Permission from the Department of Metropolitan Water Supply and Sewage Classification of Projects Mega Projects: Investment above Rs.200 crore Other Large Projects: Investments from Rs.10 crore to Rs.200 crore Medium Projects: Investments from Rs.5 to Rs.10 crore Small Projects: Investments from Rs.25 to Rs.25 lakhs Micro Projects: Investments less than Rs.25 lakhs Investment Limits for TS-iPASS The investment for TS-iPASS has been divided into three categories, they are Direct TS-iPASS State TS-iPASS Telangana State Wide Investment Facilitation Board (T-SWIFT) S. No. Jurisdiction Investment Limits 1 Direct TS-iPASS   The investments for projects can be up to Rs.5 crore in Plant and Machinery including components and capital expenditure 2 State TS-iPASS The investments for projects can be from Rs.5 crore to rs.200 crore in Plant and Machinery including components and capital expenditure 3 Telangana State Wide Investment Facilitation Board (T-SWIFT0 All investments for megaprojects above Rs.200 crore or with an employment potential of more than 1000 people in Plant and Machinery including components and capital expenditure Time Limit for Processing the Applications S. No. Investment Amount Time Limit 1 For investments in capital expenditure less than Rs.200 crore A maximum time limit of 30 days from the date issuing the acknowledgement 2 For investments in capital expenditure above Rs.200 crore Approval within 15 days. Clearance from the agencies is not required. (except state government) Time Limit for Setting up the Industry If the land allotted for the company has been provided by TSIIC or any other government agency, the company should provide financial closure within one year. The company should have also stated the operations within two years from the date of permission. Companies failing to adhere to the rules should return the land to the government. Documents Required A signed copy of Annexure I Documents related to combined Site Plan Documents related to the building plan Certificate for Incorporation Documents related to HMDA Form B1 and Form B2 (for red category only) Common Application Form (CAF) Application Process Step 1: Click on login to Register with TS-iPASS portal Step 2: Click on ‘New User Registration’ Step 3: Fill all the boxes with relevant details Step 4: Enter the OTP to register with TS-iPASS portal Step 5: After registering with TS-iPASS, the applicant can choose from three options to upload or seek approval for certificates “Entrepreneur Dashboard – CPE (Pre-Establishment Approval)” “Entrepreneur Dashboard – CFO (Pre-Operational Approval)” “Others (Grievance, Incentive, Raw material, Help Desk)” Step 6: Provide the details as required by CPE/CFO Step 7: Fill the questionnaire before filling the common application and make payments Step 8: Fill the boxes with relevant project details Step 9: Submit the questionnaire as per applicable approvals Step 10: Pay the relevant fees as stipulated by each department Step 11: Attach all the necessary documents Step 12: After successful payments for all the departments, the applicant can download the receipt for the payments FAQs Who can apply for approvals through TS-iPASS? Entrepreneurs, business owners, and industrialists looking to set up new industries or expand existing ones in Telangana can apply for approvals through TS-iPASS. It caters to all types of industries, including micro, small, medium, and large enterprises. How does one apply for TS-iPASS? Applicants can apply for TS-iPASS through the official TS-iPASS portal. The process involves registering on the portal, submitting the required documents, filling out the application form, and paying the necessary fees. The portal provides step-by-step guidance for the application process.

Education infrastructure is a vital part for delivering quality education. Bank of Baroda (BOB) to facilitate educational institutions and centres for higher learning has created the Baroda Vidyasthali Loan scheme. Under the scheme, BOB provides loan for construction, renovation, creation of infrastructure facilities and/or land, purchase of hardware, software, finance of working capital gap, consolidation of current liabilities to any other infrastructural enhancements.  Bank of Baroda is a state-owned global banking and financial services company headquartered located in Vadodara, Gujarat, India. It is a major bank in India with total assets in excess of Rs.3.58 trillion and a network of 5493 branches in India and overseas and 10441 ATMs as on September, 2016. The bank was created by the Maharaja of Baroda, Maharaja Sayajirao Gaekwad III on 20th July 1908 in the Princely State of Baroda, in Gujarat. The bank, together with 13 other major commercial banks of India, was nationalized on 19 July 1969, by the Government of India and has been termed as a profit-making public sector undertaking (PSU). Baroda Vidyasthali Loan Scheme Affordable Private Schools Private Schools Play Schools Private Degree Vocational Colleges, Coaching Centers Teachers SME catering goods and services to the Education segment. Loan under the scheme can be used for meeting the monetary requirements for setting up the institutions which is inclusive of construction of building, purchase of equipment and so on.  Purpose Construction of buildings, including expansion, renovation, and modernization of educational institutions. Purchase of instruments for education or training purposes. Financing for the purchase of land alone is not permissible. However, if the land cost is included in the total cost of the project, the same can be financed.  Also, land cost must not be more than 20% of the total project cost, and an undertaking shall also be obtained that construction will be completed within 2 years. OD for short-term fund requirements based on the budget, provided that the educational institution is profit-making and without any other bank liability. Vehicles can be financed as per the CV finance product guidelines. Eligibility Criteria Educational Institutions, schools, colleges as well as other education bodies handling education activities are eligible for availing loan under the scheme. However, HUF is not considered eligible. Amount of Loan Under the scheme, a minimum loan amount of Rs.25 lakhs to a maximum loan amount of Rs.15 crores can be availed. Equitable mortgage of land and building (agricultural land would not be accepted) would be required. Further, hypothecation of instruments and equipment obtained out of the loan and other assets of the Educational Institution is required. Finally, the personal guarantees of the promoters of the Institution would be required. Interest Rate & Margin For loan of upto Rs.5 crores, base rate + 1% is charged. For loans between Rs.5 crores to Rs.10 crores, base rate + 1.5% is charged. For loans between Rs.10 crores to Rs.15 crores, base rate + 2.25% is charged. The repayment period would be setup based on the cash flow of the project with a maximum tenure of 84 months, inclusive of a moratorium period of 2 years. The promoters are required to infuse 25% of the project cost as promoters margin. FAQs What is the Baroda Vidyasthali Loan? The Baroda Vidyasthali Loan is an education loan offered by Bank of Baroda to help students cover the costs of their schooling and higher education. This loan aims to provide financial support for tuition fees, books, equipment, and other educational expenses. Who is eligible to apply for the Baroda Vidyasthali Loan? Students who are Indian nationals and have secured admission to recognized schools, colleges, or universities in India or abroad are eligible to apply. The loan is available for courses at the primary, secondary, and higher education levels.