INSTANCES WHEN QUICKCREDIT PROVED TO BE HELPFUL TO THE BORROWERS

As an individual seeking for an instant short-term cash loan, it’s likely that you might have come across platforms that specialize in peer-to-peer lending. Lending is an old tradition but the way of looking at it lately changed. These platforms gained popularity over time because of one obvious reason, they are the most convenient and simplest alternative way of financing for individuals.

So now,

If you question the term p2p lending, then they’re an intermediary between privileged lenders and needy borrowers or institutional investors. To help you decide if quickcredit p2p lending is the best option for you in your needy times, we will break it down even better.

We here at quickcredit aim at bridging the gap between the lenders and borrowers and make it, even more, simple and easy say just a click away for the borrower. As a borrower, we understand the time constraint and urgency of the individual. Hence, we realized the need of completely eradicating the concept of physical verification and making the process as quick as 2 hours for the new users and just a click away for the registered ones.

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Here are few instances where we proved to be the helpful ones for our customers when they were left with nobody to count on.

1. Sudheer, one of our privileged customer, 1-year ago he applied for a loan from us, for his mom’s urgent eye surgery and now he is amongst our happiest borrowers.

2. Rina, 40-year-old only mother, with the dream of her daughter’s marriage added to the happy family of quickcredit.

3. Young Rahul was caught up in a situation where he didn’t know, either to pay all the utility bills or to enjoy his birthday month.

4. Karthik, with a beautiful wife and 2-month old daughter now, once applied for a loan to take her beloved partner out for their very first dinner date.

5. We gave Shopaholic Tina her best birthday gift.
“Shop now and pay later”

Thank you for helping us grow and to make us better day by day with your support and suggestions.
Welcome to our family.

How will GST impact employee-employer transactions?

HR to rethink and bring in new guidelines to create a win-win situation for both employee and employer by accommodating the new changes envisaged under GST

The Goods and Service tax is one of the biggest fiscal reforms in India since Independence with the objective to streamline India’s complicated indirect taxation. Change is definitely never easy. While every small or large business entity is busy in complying with GST regime, HR professionals are also engaged in discussions to assess the effect of GST on their transactions with the employees under various categories.

Here are some of the teething troubles which are taking its own time and shape while implementing this unified tax system.

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Every employer under its various program distributes gifts to their employees. In India, festivals like Diwali incur huge show of gifts for most companies’ workforce. Even in off sites, gifting T-Shirts, Bags and other items are common. Celebrating special days like birthdays, work anniversary, farewell, etc. is blended in the culture of every organization. With the advent of this new change, all of these gifts will now come under the gamut of GST.

GST will be applicable if the value of gifts increases INR 50,000 in a financial year. If the value of all gifts in the year is more than INR 50,000 then the GST is applicable on the amount above INR 50,000. However, if the amount of a single gift is more than INR 50,000, then GST will be applicable on the total amount of the single gift.

Now, HR and the related department will have to start planning and tracking of various gifts of an individual employee in the financial year to ascertain the applicability of GST.

Free cab or subsidized facility

Many companies provide cab services to its employees at a subsidized rate to commute from home to workplace. If it is a part of the employment contract then it is not subjected to GST because it becomes a contractual liability of the company to provide the services.

However, if it is not a part of the employment agreement then it is considered as a supply by the employer to the employee which attracts GST. And in such a case, it will be taxed at 5% rate (similar to rent-a-cab) with no input tax credit. The company can later claim taxes paid on cab expenses as a credit when they provide services to employees at open market value.

It’s time for HR folks to explore new possible solutions to amend their contracts with transporters to reflect that cab services are being directly offered to employees. They may have to show and prove that the company is merely acting as a medium to recover invoices from employees on their behalf. This will safeguard the liability of GST on the company.

Provision of subsidized or free food

Food is offered either free or in subsidized prices to employees in their regular work day. In fact, some companies offer free lunches (only in the literal sense) to their employees too. Also, the majority of organizations have been providing delicious rewarding food on special days for celebrations like Diwali, Christmas, Women’s Day, New Year, etc. In all these cases too, GST will be applicable on the amount paid to outdoor caterers.

However, the credit can be claimed by the company only if it can be treated as outward supply to employees at the open market price. Companies need to alter their existing contract by structuring it in a way that the caterer is supplying food directly to the employees and company is acting as a recovery entity of the invoice from the employees. This will help the company in safeguarding itself from such GST liabilities.

Notice pay recovery

Recovery of notice pay has always been a tricky area. Different companies follow different procedures. As per a recent report of PwC, notice pay recovery is an issue under current Service tax regime and may continue to remain an issue under GST regime. However, considering that the same appears from a contractual obligation, a position may be taken that no GST should be charged on the same. The company needs to appropriately word the same in their employment manual.

The good news is that, apart from the above employer to employee transactions where we can see a visible impact, there are other areas which are not covered under the purview of GST as of now. Given below are some of the transactions which remain unaffected by the new change.

  • Medical insurance
  • Health check facility
  • Company issued devices (laptop/mobile/tablet)
  • Mobile reimbursements
  • Relocation benefits
  • Personal accident insurance
  • Temporary accommodation
  • Mobile handset
  • Company car
  • Employee referral program
  • Long service award
  • House lease

Restructure and communicate

Whatever the case be, it has become necessary for HR to restructure some of the processes and transactions for GST compatibility. Not only this, HR and top executives must re-think the other often overlooked areas to further refine and simplify their existing process. And as a next step forward, it is imperative to effectively communicate all these changes to the stakeholders including all the employees in an unambiguous way. Repeated and crisp communication is the key to proper implementation of any new change in the system. Make all GST related communication transparent and help address these teething problems with utmost ease.

GST: Know better

Prime Minister Narendra Modi this July 01 ruled out all the primitive tax system and rolled in the new only one tax ‘GST‘, which has been 17years in making. Gst aims at creating a common national market by striking the inter-state trade barrier, incorporating various indirect taxes like excise duty, service tax, VAT, CST, luxury tax, entertainment tax etc. One central tax with different slabs. So now Fruits and vegetables will be taxed at 0%(no tax), cooking gas at 5%, cell phones at 12%, mineral water at 18% and washing machine at 28%, irrespective of the state.

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According to GST scheme, business with annual turnover of over Rs20 lakh must file taxes online every month along with annual returns, previously they had to do it annually or quarterly.Now invoices are supposed to be uploaded online by 10th of every month. Gst also aimed at increasing the efficiency by digitizing the entire procedure.So, the intention was to simplify the tax structure but somewhere Gst made tax filing even more complex for 13 million registered companies. Moreover, small business will be forced to hire Charted accountants and invest on computer systems.ClearTax, an online tax filing startup introducing services to simplify the tax filing under Gst’s incumbency.

ClearTax software is a ready-to-use-cloud based software.According to ClearTax’s CEO in a country like India, it will take 12-18 months for it to run smooth.ClearTax’s framework works such a way that the form 16 issued to salaried people breaks down into visual blocks.

So, how much ready and prepared are you?