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AJAY KUMAR PATRA (M.Com& MBA-Finance)is a seasoned finance professional with an illustrious career spanning 28 years, marked by excellence and leadership in the field of Finance and accounts.

 His journey commenced in started from Accounts Asstant1995 and extended through 2021 as GM- (Finance & Accounts), during which he garnered invaluable experience from the large-scale manufacturing sector in India. Today, Mr. Patra stands as the visionary founder and Chief Executive Officer of "AJAY TAX CONSULTANT," a pioneering firm dedicated to delivering a spectrum of financial services to individuals and businesses across India.

 Throughout his professional trajectory, AJAY KUMAR PATRA has been a stalwart in the domain of Finance & Accounts, showcasing a meticulous approach and an astute understanding of the intricacies of the financial landscape. His tenure in large manufacturing entities during the mid-90s provided him with a solid foundation, equipping him with insights into the complexities of financial operations in the industrial sector.

 In 2021, AJAY KUMAR PATRA ventured into the entrepreneurial realm, establishing "AJAY TAX CONSULTANT" with a vision to offer holistic financial solutions to individuals and businessmen of India.

 With a focus on excellence and client satisfaction, he has transformed his firm into a comprehensive service provider, addressing the multifaceted needs of individuals and businesses in India. As the Founder and CEO, AJAY KUMAR PATRA brings a wealth of expertise to the forefront, specializing in areas critical to financial management.

 His proficiency spans across Income Tax, where he navigates the intricacies of the tax system to optimize financial outcomes for clients. Furthermore, his adept understanding of GST (Goods and Services Tax) positions him as a reliable guide in the ever-evolving landscape of indirect taxation. Company Registration is another forte in Mr. Patra's repertoire, where he facilitates the establishment of businesses, ensuring compliance with regulatory frameworks. TDS (Tax Deducted at Source) and TCS (Tax Collected at Source) are areas where his acumen shines, offering strategic advice to businesses on tax implications during transactions. In the digital era, the significance of Digital Signature Certificates (DSC) cannot be overstated.

AJAY KUMAR PATRA, with his forward-thinking approach, assists clients in securing and utilizing digital signatures effectively. Additionally, he plays a pivotal role in guiding businesses through the intricacies of obtaining ISO certification, contributing to their operational excellence and global competitiveness. Insurance is a critical component of financial planning, and AJAY KUMAR PATRA extends his expertise to ensure that individuals and businesses are adequately protected against unforeseen risks.

 Furthermore, his services extend to facilitating bank loans, recognizing the integral role that financial support plays in the growth and sustenance of enterprises. Under Mr Patra's leadership, "AJAY TAX CONSULTANT" has emerged as a trusted partner for a diverse clientele, ranging from individual taxpayers to small and medium-sized enterprises (SMEs).

 His commitment to integrity, transparency, and client-centric solutions has earned the firm a reputation for excellence in the financial consulting domain. Beyond his professional endeavours, AJAY KUMAR PATRA is known for his commitment to staying abreast of the latest developments in the financial and regulatory landscape. His proactive approach ensures that clients receive advice and solutions that align with the dynamic nature of the industry.

 As a leader, AJAY KUMAR PATRA embodies the qualities of vision, resilience, and adaptability. His journey from a seasoned finance professional to the founder and CEO of "AJAY TAX CONSULTANT" reflects not only his personal growth but also his dedication to contributing meaningfully to the financial well-being of his clients and the broader business community in India.

In conclusion, AJAY KUMAR PATRA's profile is a testament to a rich tapestry of experiences, skills, and achievements in the field of Finance & Accounts. His journey is characterized by a relentless pursuit of excellence, a commitment to ethical business practices, and a passion for empowering individuals and businesses through comprehensive financial solutions. To Know More: Visit: https://www.ajaytaxconsultant.com/ Mob:-7327990177


Why Should I Pay Income Tax?

 The citizens of India are required to pay Income tax as well as other taxes as per law.

 1. Some people raise the question 'Why should I pay tax?

 We have to pay for tax for my food, house, travel, medical treatment, for owning a vehicle not only the cost of vehicle but also vehicle tax and whatnot. Even on many roads, one has to pay toll tax in India.

 They also say that if we compare with countries like the USA and UK, the people get social security as well as medical facilities virtually without any cost. But India does not offer such facilities.


2. What does the Government do for citizens in India:

 Indeed, India does not offer social security and free medical facilities as being provided in some developed countries. We need to appreciate that the Government of India has to discharge several responsibilities, which include Health care through Government hospitals (usually they offer service without any cost) and education (In Municipal and Government schools the fee is negligible).

 The Government of India also provides cooking gas at a concessional rate or gives subsidies. Of course, the major expenditure of the Government has to be incurred on National Defence, Infrastructure Development etc. Taxes are used by the government for carrying out various welfare schemes including employment programmes.

There are Lakhs of employees in various departments and the administrative cost has to be borne by the Government. Though the judicial process involves delay, the Salaries, and perks of Judges, Magistrates and judicial staff have also to be paid by the Government. Thus, considering these various duties of the Government, we need to appreciate that we must pay taxes as per law. We have to act like a responsible citizen.


 3. Let us join hands to develop tax culture in India:

a)It is an admitted fact that in India, we are lacking tax culture. Despite considerable efforts for widening the tax base, the number of taxpayers in our country is about 7.4 Crore people who filed Income Tax returns in AY 2023-24, which is 5.23 per cent of the over 142crore population, which is too small for our country.
 
In contrast, in the U.S., about 45 per cent of the population pays taxes. There are many reasons for this. Part of it has to do with the fact that many Indians do not earn enough annual income to even qualify to pay income tax, but a larger factor has to do with the lack of tax culture, as well as India's huge rural and underground economies.

b) Indians earning up to Rs. 2.5 Lakhs annually (which covers the overwhelming majority of the country) are exempt for paying any income tax. Those earning between Rs. 2.5 Lakhs and 5 Lakhs are subject to 5 per cent tax; that earning between 5 Lakhs and 10 lakhs rupees, 20 percent tax; and those above 10 lakhs, a 30 percent rate. Further, you are not required to any income tax if your total income doesn't exceed Rs. 5,00,000. This is done by providing a tax rebate of up to Rs. 12,500 in case of small taxpayers earning income up to Rs. 5,00,000.

 The Govt. has also introduced a new optional tax regime for Individuals, HUF, AOP, BOI, and AJP wherein no tax is payable on income up to Rs. 3 Lakhs annually. Those between Rs. 3 Lakhs and 6Lakhs are subject to 5 per cent tax; those earning between 6Lakhs and 9 lakhs rupees, 10 per cent tax; that earning between 9 Lakhs and 12lakhs rupees, 15 per cent tax; that earning between 12Lakhs and 15 lakhs rupees, 20 per cent tax; and those above 15 lakhs, a 30 per cent rate. Here also tax rebate of up to Rs. 25,000 is provided if taxpayers earn income up to Rs. 7,00,000.

C)For sure, the potential for tax collection is much higher than what we achieve at present but that is possible if we make adequate and sustained efforts to develop a tax culture and also take sincere steps to minimize harassment of tax-payers as well as develop a sense of accountability to ensure hassle–free service, just and fair dealing with the taxpayers.

The government provisional figure for tax collection (net) was Rs 16.61 lakh crore for the financial year 2022-23.

 d)The department has already started to focus on non-filers and stop-filers to enhance the tax base. We should aim at achieving a tax regulation regimen in India that can match the best in the world. According to the Credit Suisse Global Wealth Report, India now has some 1815 ultra-high net worth individuals with a wealth of at least $50 million, 761 who have more than $100 million of assets and about 2,45,000 millionaires.On the other side of the wealth spectrum, it reflects India's immense income inequality, 95 percent of Indians have assets below $10,000.


 5. The reasons for the apathy of the government and the taxpayers towards the tax payment and development of tax culture are:-

 a) Most people feel that tax is a burden and should be avoided.

 b) Taxpayers feel that they are being treated harshly and the punitive provisions in the tax laws are applied ruthlessly against them. Hence, it is better to be away from the tax department and the number of non-filers of tax returns is increasing.

c) A proper tax culture can develop only when taxpayers and tax collectors discharge their obligations equally well.

 d) Many taxpayers become defiant, demotivated and disillusioned because of wrong notions held by tax collectors about their powers, the desire to pass on their part of work to taxpayers, indifference towards them and an attitude that assessees are out to manipulate figures and evade taxes. Such notions strike at the roots of a healthy tax culture.


 6. Changing behaviour of taxpayers :

The present reality of taxpayers' behaviour is are increasing tendency for payment of lawful tax. Particularly the young businessmen's trend is to pay proper tax, which is a welcome sign. An analytical study of grievances about work culture and a sense of fair play on the part of the IT authorities will further help.

 7. Tax payers' education:

 If one learns the basic rules, he feels comfortable in compliance, and fears that the income tax department may remain no longer. In fact many times it is a fear of the unknown. It is necessary to frequently organize meaningful and well-designed taxpayers' education and assistance programmes coupled with making available to the taxpayer's departmental publication in Hindi, English as well as local language of that State/ region.

 8. Role of professionals:

What is needed on the part of the tax professionals also is to advise their clients on the present tax scenario which is much more liberal than earlier decades. They may play a vital role in educating the taxpayers as to why they should pay the right amount of tax.

9. Those having taxable income :

Those having taxable income should certainly declare the income, pay income tax and furnish the Income tax return within the prescribed time. The default or delay in fulfilling one's obligation may result in a levy of interest and penalty.

 Even in some cases of tax evasion and other serious lapses, the authorities may launch prosecution against erring people. The department may carry out a Survey.

 It has also an Investigation wing, which is empowered to carry out search and seizure operations. Therefore one needs to be very careful.

 10. Students are the future of the nation:

We should even inculcate among students how important it is to pay the right amount of tax for the development of the nation. They are the future of the nation.

Conclusion:-

 Paying taxes is a fundamental civic duty that sustains the infrastructure services crucial to our society. It facilitates education, healthcare, public safety and many more. Taxes are the lifeblood of a well-functioning government enabling collective progress and societal wellbeing.

Embracing our responsibilities fosters community and solidarity ensuring everyone contributes their fair share. By understanding the tangible benefits of taxation, we can appreciate its role in building a stronger, more equitable nation.

Ultimately, paying taxes is an investment in the shared future promoting social harmony and the greater good for the nation.




What are the Benefits of GST to Citizens of India?

 What is the purpose behind GST?

 GST aims to enhance tax compliance by bringing more businesses into the formal economy. The transparent nature of the tax system, with the digitalization of processes and electronic records, helps in curbing tax evasion and increasing transparency.

The President of India on 8th September 2016, enacted the 101ST Constitution Amendment Act, 2016. The GST Council was notified on 12th September 2016. To assist the GST Council, the office of the GST Council Secretariat was also established.

The GST Council, consisting of the Union Finance Minister and representatives from all States and Union Territories, was established to decide on various aspects of GST, including tax rates, exemptions and administrative procedures. It plays a crucial role in shaping the GST framework in India.

On July, 12017, GST laws were Implemented in India, replacing a complex web of Central and State taxes Under the Indian GST. It replaces a complex web of Central and State taxes. Under the Indian GST, goods and services are categorised into different slabs including (5%,12%,18% and 28%).

Some of the essential commodities are exempted from GST. Gold and job work for diamonds attract low rates of taxation. Cess is being levied on demerits of goods and certain luxury items in India.

How many types of GST?

There are Four GST types namely Integrated Goods and Services Tax (IGST), State Goods and Services Tax (SGST), Central Goods and Services Tax(CGST) and Union Territory Goods and Service Tax (UTGST).

 The GST system follows a dual structure, comprising Central ( CGST) and (SGST) levied concurrently by the Central and State governments respectively.

 Additionally, an Integrated GST(IGST) is levied on interstate supplies and imports which is collected by the Central government. GST-replace the excise duty, service tax, value-added tax(VAT), Entry Tax, Luxury Tax etc.
The state of Assam is the first state of India, who introduce GST in the state in India.

 10 Important Benefits of GST Law Implementation in India.

Goods and Services Tax (GST) is a comprehensive Indirect tax levied on the supply of goods and services in India. Some of the Important Benefits of GST implementation in India.

1. One Nation One Tax:-
GST replaced multiple indirect taxes levied by the Central and State Governments, such as excise duty, service tax, value-added tax(VAT), and others. It brought uniformity in the tax structure across India.

 2. Dual Structure:-
GST operates under a dual structure, comprising the Central GST(CGST)levied by the Central Government and the State GST(SGST) levied by the State Governments. In the case of Interstate transactions, integrated GST(IGST) is applicable, which is collected by the Central Government and apportioned to the respective state.

Import of goods or services would be treated as interstate supplies and would be subject to IGST in addition to the applicable customs duties.

 3. Destination-based GST:
 It is a destination-based tax, levied at each stage of the supply chain from the manufacturer to the consumer. It is applied to the value addition at each stage allowing for the seamless flow of credits and reducing the tax burden on the end consumer.

4. Input Tax Credit (ITC):
GST allows for the utilization of input tax credit, wherein businesses can claim credit for the tax paid on input used in the production or provision of goods and services. This avoids double taxation and reduces the overall tax liability.

5. Threshold Exemption:
 Small businesses with a turnover below a specified threshold ( Currently, the threshold is Rs. 20 Lakh)for supplier of services/both goods & services and Rs. 40 lakh for a supplier of goods (Intrastate) in India are exempt from GST.

6. Composition Scheme:
The composition scheme is available for small taxpayers with a turnover below a prescribed limit(currently 1.5 Crore and Rs. 75 Lakh for special category states). Under this scheme, businesses are required to pay a fixed percentage of their turnover as GST and have simplified compliance requirements.

 7. Online compliance GST:
GST introduced an online portal, the Goods and Services Tax Network( GSTN), for registration, filing of returns, payment of taxes and other compliance-related activities. It streamlined the process and made it easier for taxpayers to fulfil their obligations.

8. Anti Profiteering Measures:
To ensure that the benefits of GST are passed on to the consumers, the government established the National Anti Profiteering Authority(NAA). The NAA monitored and ensured that businesses did not engage in unfair pricing practices and profiteering due to the implementation of GST. ALL GST anti-profiteering complaints are now dealt with by the Competition Commission of India ( CCI) from 1-12-2022.

9. Sector-specific:
 Certain sectors such as health care, education and necessities like food grains are either exempted from GST or have reduced tax rates to ensure affordability and accessibility.

10. Relation of Centre & State for Economic Development of Country:-
Accounts would be settled periodically between the Centre and the State to ensure that the credit of SGST used for payment of IGST is transferred by the exporting state to the centre. Similarly, IGST used for payment of SGST would be transferred by the Centre to the Importing State.

Further, the SGST portion of IGST collected on B2C supplies would be transferred by the Centre to the destination State. The transfer of funds is carried out based on information contained in the returns filed by the taxpayers.


 Collection of GST of Nation Building:-
1. It is the sixth time that the gross GST collection has crossed Rs1,60,122 Crore in March 2023.
2. The total collection of GST for FY 22-23 is Rs.18.10 Lakh Crore

 Conclusion:-
GST ease of doing business has many benefits. These include simplifying tax rules, increasing compliance, enhancing economic growth, making business easier, reducing tax evasion and making Indian enterprises more competitive abroad.

It is expected to reduce the cost of production and inflation in the economy. Thereby making Indian trade and industry more competitive, domestically as well as internationally.

It is also expected that the introduction of GST will foster a common or seamless Indian market and contribute significantly to the growth of the economy.




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