Azim Premji is one of the most influential and respected figures in the Indian business world. He is the founder and non-executive chairman of Wipro Limited, a global leader in the software and IT industry. He is also a renowned philanthropist who has pledged to donate most of his wealth to various social causes, especially education. He is widely regarded as the czar of the Indian IT industry and one of the world’s wealthiest people.

His early life and education

• Premji was born on July 24, 1945, in Bombay (now Mumbai), India, into a Nizari Ismaili Shia Muslim family from Gujarat.
• His father, Mohamed Hashem Premji, was a successful businessman who founded Western Indian Vegetable Products Ltd., a company that produced cooking oil and other products.
• Premji attended St. Mary’s School in Mumbai and then graduated from St. Xavier’s College with a bachelor’s degree in electrical engineering.
• He was studying engineering at Stanford University in the US when his father passed away in 1966. He left Stanford and returned to India to take over the family business at the age of 21.

Accomplishments

• Premji transformed the family business from a vegetable oil manufacturer to a diversified conglomerate that ventured into consumer products, lighting, hydraulic cylinders, and eventually information technology.
• He renamed the company Wipro in 1977 and capitalized on the opportunity created by the exit of IBM from India in 1979. He shifted the focus of Wipro to developing software and hardware for the domestic and international markets.
• Under his leadership, Wipro became one of the largest and most successful IT companies in India and the world. It offers a range of services, such as software development, consulting, business process outsourcing, cloud computing, artificial intelligence, and digital transformation.
• Premji is also known for his high standards of corporate governance, ethics, and social responsibility. He has been recognized with numerous awards and honors, such as Padma Vibhushan, India’s second-highest civilian award, Legion of Honour, France’s highest civilian distinction, and Carnegie Medal of Philanthropy, one of the world’s most prestigious awards for philanthropy.

Contribution of Wipro to Indian Economy

Wipro has been a key player in the Indian IT industry and the global software landscape. It has made a positive impact on the Indian economy and society with its work and generosity. It has also set an example for other businesses to follow.

• Generating revenue and employment: Wipro is one of the largest and most successful IT companies in India and the world. It offers a range of services, such as software development, consulting, business process outsourcing, cloud computing, artificial intelligence, and digital transformation. It has over 240,000 dedicated employees across 55 countries and reported a gross revenue of Rs. 225.4 billion (US$ 2.06 billion) in the third quarter of FY23. It is among the leading tech companies in India and the world
• Promoting innovation and excellence: Wipro is known for its high standards of quality, innovation, and excellence. It has been recognized with numerous awards and honors, such as the National Intellectual Property Award, the NASSCOM Corporate Award for Excellence in Diversity and Inclusion, the CII Industrial Innovation Award, and the NDTV Business Leadership Award. It has also launched various initiatives and platforms to foster innovation and collaboration, such as Wipro-Google Cloud Innovation Arena, Wipro AWS Launch Pad, Wipro FieldX, and Wipro 5G.
• Supporting social and environmental causes: Wipro is committed to corporate social responsibility and sustainability. It has undertaken various projects and programs to support education, health care, environment, governance, and livelihoods in India and beyond. It has also pledged to achieve net-zero greenhouse gas emissions by 2040 and to source 100% renewable energy for its operations by 2025. It has also contributed generously to the fight against the COVID-19 pandemic in India by donating Rs. 1,125 crore (US$ 154 million) through Wipro Limited, Wipro Enterprises Ltd., and Azim Premji Foundation.

Philosophy of life

• Premji is a man of simple tastes and modest lifestyle. He is known for his frugality, humility, and integrity. He drives a Toyota Corolla, flies economy class, and stays in budget hotels when he travels.
• Premji believes that wealth is a social trust and should be used for the benefit of society. He has committed to donate most of his wealth to philanthropic causes through his foundation, Azim Premji Foundation.
• Premji is passionate about improving the quality and access of education in India. His foundation works with various stakeholders, such as governments, NGOs, schools, teachers, and communities, to enhance the learning outcomes of millions of children across India.
• Premji also supports various initiatives in health care, nutrition, water, sanitation, environment, governance, and livelihoods through his philanthropic arm, Azim Premji Philanthropic Initiatives.

Work legacy

• Premji has left an indelible mark on the Indian IT industry and the global software landscape. He has been instrumental in creating a world-class IT company that has contributed to India’s economic growth and global reputation.
• Premji has also inspired generations of entrepreneurs, leaders, professionals, and innovators with his vision, values, and achievements. He has mentored many successful business leaders and supported many social entrepreneurs through his investments and guidance.
• Premji has also set an example for corporate citizenship and philanthropy in India and beyond. He has shown that business success and social good can go hand in hand. He has demonstrated that wealth can be a powerful force for positive change in society.

Azim Premji is a living legend who has made a lasting impact on the world with his work and generosity. He is a role model for anyone who wants to pursue excellence, innovation, and social justice.

Godrej is an Indian multinational conglomerate that was founded in 1897 by Ardeshir Godrej and Pirojsha Burjorji Godrej. The company is engaged in many businesses like – consumer goods, real estate, furniture, industrial engineering, appliances, security, and agricultural products. Over the years, Godrej has become one of the leading multinational conglomerate companies in India and has expanded its business globally. The company’s geographic influence actually goes beyond Earth because a lot of India’s space projects are currently powered by its engines.

Godrej has a turnover nearing INR 5500 Crores at the end of the fiscal year 2022. The corporation works in a variety of industries, including agriculture, consumer goods, industrial engineering, real estate, appliances, and furniture.

Godrej Industries Limited’s operating revenues range is Over INR 500 cr for the financial year ending on 31 March, 2022. Its EBITDA has increased by 180.70 % over the previous year. At the same time, it’s book net worth has decreased by -2.82 %. Other performance and liquidity ratios are available here.

The history behind Godrej:

Godrej was founded in 1897 by Ardeshir Godrej and Pirojsha Burjorji Godrej. The company started as a lock-making business in India. Ardeshir Godrej had previously tried his hand at making safes but was unsuccessful. He then decided to focus on locks and was able to create a lock that was unpickable. This lock became very popular and helped the company to grow.

Pirojsha Burjorji Godrej was Ardeshir Godrej’s brother and was instrumental in expanding the company’s business interests across various sectors. He was also a philanthropist and contributed to various social causes.

1. A Humble Beginning:

The story of Godrej Group began with a simple idea – to manufacture locks that were sturdy, reliable, and affordable. Ardeshir Godrej’s commitment to quality and innovation led to the creation of the iconic ‘Nav-Tal’ lock, a groundbreaking product that set the foundation for the Group’s future ventures. The success of the Nav-Tal lock showcased the potential of the Godrej brand, and it marked the beginning of their journey towards becoming an industrial powerhouse.

2. Diversification and Growth:

The Godrej Group’s ability to adapt and diversify has been a key factor in its enduring success. After establishing a strong presence in the security solutions sector, the company ventured into various other industries, including consumer goods, furniture, appliances, real estate, agribusiness, and more. Each expansion was backed by a commitment to quality and customer-centric values, helping the Group gain the trust of consumers across India and beyond.

3. Innovation and Sustainability:

Innovation has been at the core of Godrej’s success story. The company has consistently invested in research and development to create cutting-edge products that cater to evolving consumer needs. From the world’s first soap made from vegetable oils to eco-friendly refrigerators and sustainable agricultural practices, Godrej has been a pioneer in incorporating sustainability into its business model.

4. Global Recognition:

With a strong focus on excellence, innovation, and ethical practices, Godrej has not only made a mark in India but also earned recognition on the global stage. The Group’s products are exported to over 80 countries, and its international presence has helped establish India’s credibility in the global markets.

5. Ethical Leadership and Governance:

The success of Godrej can also be attributed to its strong leadership and ethical business practices. The Group has maintained high standards of corporate governance and transparency, which have built a strong foundation for sustained growth and trust among investors, employees, and customers.

Key factors behind Godrej’s success:

Godrej’s success can be attributed to many factors. One of the key factors is that the company has always been able to adapt to changing market conditions and consumer preferences. The company has also been able to diversify its business interests across various sectors, which has helped it to mitigate risks and maintain a stable growth rate.

• Adaptability to changing market conditions and consumer preferences
• Diversification of business interests across various sectors
• Focus on innovation

How Godrej has contributed to society:

Godrej has been actively involved in Corporate Social Responsibility (CSR) initiatives that focus on addressing critical social, environmental, and economic needs of the marginalized/underprivileged sections of society. The company has adopted a shared value approach that helps solve these critical problems while strengthening its competitive advantage.

Godrej Industries Limited (GIL) is committed to the Godrej Group’s ‘Good & Green’ vision of creating a more inclusive and greener India. The company’s CSR policy focuses on aligning its CSR strategy with the Godrej Industries Group’s Good & Green vision and goals. 

The success story of Godrej Group is a testament to the power of perseverance, innovation, and ethical leadership. From manufacturing locks to becoming a diversified conglomerate, Godrej’s journey has been nothing short of extraordinary. The company’s commitment to excellence, sustainability, and social responsibility sets a shining example for businesses worldwide.

As Godrej continues to evolve and adapt to the changing times, it will undoubtedly inspire future generations of entrepreneurs and leave an indelible impact on the world of business and beyond.

Big Bazaar is one of the largest retail chains in India and is owned by Future Group. The company was founded in 2001 and has since grown to become one of the most successful retail chains in India. Big Bazaar offers a wide range of products at affordable prices and has become a household name in India. The company has been able to achieve this success by focusing on customer satisfaction and by offering products that are tailored to the needs of the Indian consumer.

Big Bazaar has been able to create a unique shopping experience for its customers by offering a wide range of products under one roof. The company has also been able to leverage technology to improve the shopping experience for its customers. Big Bazaar has been able to achieve this success by focusing on customer satisfaction and by offering products that are tailored to the needs of the Indian consumer.

In a significant move during February 2022, Reliance Industries assumed control of more than 200 Future Group stores, propelling the transformation of Big Bazaar into the newly rebranded ‘Reliance Smart Bazaar Stores.

Founder of future group:

Kishore Biyani, an illustrious Indian businessman, is widely recognized as the Founder and CEO of Future Group, he completed his graduation from HR College, Biyani obtained a B.Com degree. However, his true passion lay in entrepreneurship and trade, rather than academic pursuits. At the young age of 22, he delved into the world of business by venturing into the production of trousers. His journey began with Bansi Silk Mills before he eventually set up his own enterprise in 1983. The new venture involved commissioning the manufacturing of fashionable fabrics for garment makers.

It was during this phase that Biyani introduced his own brand called “WBB,” representing the three primary colors of fabric used for men’s trousers: white, brown, and blue. This laid the foundation for his iconic brand “Pantaloons,” aptly named after the Hindi word “patloon,” meaning trousers. Pantaloons rapidly gained popularity and achieved immense success.

Building on the triumph of Pantaloons, Biyani’s vision expanded, culminating in the launch of “Big Bazaar” under the Future Group umbrella. With its inception, Biyani solidified his status as the undisputed retail king of India.

However, Kishore Biyani’s ventures were not confined solely to the retail world. Alongside his business pursuits, he also explored the realms of filmmaking. Although his efforts in this domain did not yield the desired outcomes, they reflect his adventurous and creative spirit.

Factors that have contributed to Big Bazaar’s success:

In the world of Indian retail, success stories don’t come bigger than that of Big Bazaar. What started as a small retail store in a nondescript neighborhood has grown into one of India’s largest and most successful retail chains. This blog explores the remarkable journey of Big Bazaar and the factors that have contributed to its unparalleled success.

1. A Visionary’s Dream: The Big Bazaar success story began in the early 2000s when visionary entrepreneur Kishore Biyani saw the potential for organized retail in India. He envisioned a store that catered to the needs of the common people, offering a wide range of products at affordable prices. With this vision in mind, he set out to create something revolutionary in the retail landscape.
2. The Concept of Hypermarket: One of the key factors that set Big Bazaar apart was its introduction of the hypermarket format in India. By combining a supermarket, department store, and specialty outlets under one roof, Big Bazaar redefined the shopping experience for Indian consumers, offering convenience like never before.
3. Understanding the Indian Consumer: Big Bazaar’s success can also be attributed to its deep understanding of the Indian consumer. The brand recognized the diverse needs and preferences of Indian shoppers and tailored its offerings to cater to different demographics and income groups, making it accessible to all.
4. Unbeatable Value Proposition: From its inception, Big Bazaar focused on providing unbeatable value to its customers. Through bulk purchasing and efficient supply chain management, the brand offered significant cost savings, translating into competitive pricing for customers.
5. Innovative Marketing Strategies: Big Bazaar’s marketing strategies have been nothing short of ingenious. From the famous ‘Sabse Sasta Din’ (Cheapest Day) campaigns to the unique ‘Wednesday Bazaar’ offers, the brand created excitement and buzz around its promotions, attracting hordes of eager shoppers.
6. Embracing Technology: As the retail landscape evolved, Big Bazaar embraced technology to enhance its operations and customer experience. The introduction of online shopping, mobile apps, and loyalty programs further strengthened its position as a market leader.
7. Community Engagement and CSR: Beyond just business, Big Bazaar has always believed in giving back to society. The brand actively engages in various community development initiatives and corporate social responsibility (CSR) projects, earning goodwill and loyalty from customers.
8. Expanding Horizons: Big Bazaar’s success was not limited to one region. The brand strategically expanded its footprint across India, penetrating both metro cities and smaller towns. This pan-India presence further cemented its position as a household name.

The success story of Big Bazaar serves as a beacon of inspiration for aspiring entrepreneurs and business leaders. It exemplifies the power of a visionary idea, understanding the target audience, and staying adaptable in a dynamic market. Big Bazaar’s journey from a modest store to a retail giant is a testament to the fact that with the right strategy, dedication, and customer-centric approach, even the loftiest of dreams can be realized.

Walmart is one of the most successful and influential companies in the world. It is the largest retailer, employer, and private company in the US, and the largest company by revenue in the world. It has more than 10,500 stores in 24 countries, serving over 220 million customers every week. It has annual revenues of $573 billion, and a market value of $392 billion. It has also returned increased dividends to shareholders for 49 consecutive years.

In this blog post, we will explore the journey of Walmart from a small town store in Arkansas to a global giant, inspired by the book Made in America by its founder Sam Walton.

The Beginnings of Walmart

Sam Walton was born in 1918 in Kingfisher, Oklahoma. He grew up during the Great Depression, and learned the value of hard work, thrift, and customer service from his parents. He graduated from the University of Missouri with a degree in economics, and joined J.C. Penney as a management trainee in 1940. He left the company after three years to join the army during World War II.

After the war, Walton decided to start his own retail business. He borrowed $20,000 from his father-in-law and bought a Ben Franklin variety store in Newport, Arkansas. He applied his principles of low prices, high volume, and friendly service to his store, and soon increased its sales from $80,000 to $225,000 a year. However, he lost his lease after five years, and had to sell his store.

Walton did not give up. He moved to Bentonville, Arkansas, and opened another Ben Franklin store with his brother Bud. He also experimented with a new concept of discount retailing, which offered lower prices than traditional department stores by cutting costs and margins. He opened his first discount store called Walton’s Five and Dime in 1950.

In 1962, Sam Walton decided to expand his discount store concept to a larger scale. He opened his first Wal-Mart Discount City store in Rogers, Arkansas, with two more to follow two years later. He wanted to offer quality merchandise at everyday low prices to customers in small towns and rural areas that were underserved by other retailers. He also wanted to create a culture of partnership and respect among his associates, suppliers, and customers.

Walton had a vision of creating a chain of discount stores across the country. Walton overcame these challenges by being innovative, persistent, and adaptable. He used his own trucks and planes to transport goods from his distribution centers to his stores. He negotiated directly with manufacturers to get better deals and eliminate middlemen. He adopted new technologies such as bar codes and satellite systems to improve inventory management and communication. He also diversified his product portfolio to include groceries, pharmacy, optical, jewelry, auto service, and more.

The 7 strategies behind Walmart success:

Walmart has achieved remarkable growth and success in the past 60 years. However, it is not resting on its laurels. It is looking ahead to the future with a vision of becoming “the trusted partner for everyday living – powered by people”. To achieve this vision, Walmart has set some goals and strategies for the future. Some of these goals and strategies are:

1. Daily reporting: Sam Walton believed that daily reporting was vital for monitoring and improving the performance of his stores. He used various methods to collect and share data on sales, inventory, expenses, margins, and profits. He also used satellite systems to connect his stores and headquarters, and bar codes to track his merchandise. He used daily reporting to identify problems, opportunities, and best practices. He also used daily reporting to motivate his associates and managers by ranking them against each other and rewarding them for their achievements.

2. Study your competition: Sam Walton was always eager to learn from other businesses and competitors. He visited hundreds of stores every year, studied their operations, products, prices, and strategies, and adopted the best practices that suited his business. He also learned from his own mistakes and failures, and improved his performance.

3. Weekly meetings: Sam Walton believed that weekly meetings were crucial for sharing information, ideas, and feedback among his managers and associates. He held weekly meetings every Saturday morning at his headquarters in Bentonville, Arkansas, where he invited managers from all his stores to attend. He used these meetings to review the sales and performance data of each store, discuss the problems and opportunities, recognize the achievements and contributions, and brainstorm new strategies and innovations. He also used these meetings to create a fun and exciting atmosphere, by playing music, wearing costumes, organizing contests and games, and making bets and challenges. He also encouraged his managers to hold weekly meetings at their own stores with their own associates, following the same format and principles.

4. Aggressive promotion: Sam Walton believed that product promotion was essential for attracting and retaining customers. He used various methods to promote his products, such as advertising, word-of-mouth, discounts, coupons, giveaways, and special events. He also created a fun and exciting atmosphere in his stores, by playing music, using loudspeakers, wearing costumes, and organizing contests and games. He also involved his associates and suppliers in his promotional activities and encouraged them to interact with customers and demonstrate the products.

5. Empower your associates: Sam Walton treated his associates as partners, not employees. He shared his vision, goals, profits, and success with them. He also empowered them to make decisions, take risks, and be creative. He valued their opinions and feedback, and recognized their contributions.

6. Treat the customer as king: Offer everyday low prices, Sam Walton’s main strategy was to offer quality merchandise at everyday low prices to his customers. He achieved this by cutting costs and margins, negotiating directly with manufacturers, eliminating middlemen, using his own distribution network, and selling in high volumes.

Sam Walton’s ultimate goal was to satisfy his customers and make them happy. He offered them a wide selection of products, friendly service, convenient locations, easy returns, and guarantees. He also listened to his customers and responded to their needs and feedback

7. Choose location strategically: Sam Walton believed that location was a key factor for the success of his stores. He focused on serving customers in small towns and rural areas that were ignored by other retailers. He thought that if he offered prices as good or better than stores in cities that were four hours away by car, people would shop at home. He also chose locations that were convenient, accessible, and visible to his customers.

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Watch this video, we have brought up insightful points about Walmart’s success from the book “Made in America” by Sam Walton.

The Growth of Walmart

By 1970, Walmart had grown to 38 stores with sales of $44 million. It also became a publicly traded company on the New York Stock Exchange. Walton used the capital raised from the stock market to fund his expansion plans. He also reinvested most of his profits back into the company.

By 1980, Walmart had grown to 276 stores with sales of $1.2 billion. It also became the largest retailer in Arkansas and Missouri. It also introduced its first supercenter concept, which combined a discount store with a full-service supermarket under one roof.

By 1990, Walmart had grown to 1,528 stores with sales of $26 billion. It also became the largest retailer in the US and opened its first international store in Mexico City. It also launched its own private label brands such as Sam’s Choice and Great Value.

By 2000, Walmart had grown to 4,099 stores with sales of $165 billion. It also became the largest private employer in the US and opened its

Here is the completed information:

By 2000, Walmart had grown to 4,099 stores with sales of $165 billion. It also became the largest private employer in the US and opened its first international store in Mexico. It also developed new retail formats, such as Sam’s Club discount warehouses and Wal-Mart Supercenters, which combined grocery and merchandise stores.

Walmart is a remarkable example of how a small town store can become a global giant by following a simple but powerful philosophy: to offer quality merchandise at everyday low prices to customers in small towns and rural areas. Walmart has shown that with trust, partnership, innovation, leadership, and culture, anything is possible. We hope you enjoyed reading this blog post and learned something new about Walmart and its success story.

The Goods and Services Tax (GST) has had a significant impact on the Indian economy, and the pharmaceutical industry is no exception. The implementation of GST has brought about several changes in the way pharmaceutical companies operate, from supply chain management to pricing strategies.

In this blog, we will explore the key ways in which GST has impacted the pharmaceutical industry.

1. Increased tax rate on drugs: Under the previous tax system, pharmaceutical products attracted a tax rate of 5% to 6%, depending on the state. With the introduction of GST, the tax rate on drugs increased to 12%, which has impacted the pricing of drugs. This has led to concerns among patients, especially those suffering from chronic diseases, who may find it difficult to afford the increased prices of medicines.
2. Simplified tax structure: The GST system has simplified the tax structure for pharmaceutical companies. Under the previous tax system, pharmaceutical companies had to deal with multiple taxes, such as excise duty, value-added tax (VAT), and central sales tax (CST). The GST system has consolidated all these taxes into a single tax, which has made it easier for companies to comply with tax regulations.
3. Reduced logistics costs: GST has streamlined the supply chain management system for pharmaceutical companies. Under the previous tax system, companies had to maintain warehouses in multiple states to avoid paying multiple taxes. With the introduction of GST, these warehouses can be consolidated into a single location, which has reduced logistics costs.
4. Reduction in the overall cost of technology – Under the previous regime, the healthcare sector’s machinery was very costly. Also, the duty charged on the same was not allowed as a tax credit. However, under GST, the IGST component will be allowed as a tax credit.
5. Improved operational efficiency. Previously, eight types of taxes were levied on the pharmaceutical industry. However, the GST combined all these taxes into one, eliminating the cascading effect of many taxes. GST also streamlines the supply chain to improve operational efficiency.

Categorization of medicines and medical goods

The GST Council has categorized medicines and medical goods under three tax slabs: Nil, 5%, 12%, and 18%.

NIL GST Rate on medicines and medical Goods Human blood and its components by products used in medicine, all kinds of contraceptives, sanitary napkins or tampons.

The 5% GST rate is levied on essential medicines and medical goods that are necessary for the treatment of various diseases. This includes animal or human blood vaccines, insulin, oral rehydration salts, diagnostic kits for detection of all types of hepatitis, among others. Milk food for babies and COVID-19 diagnostic test kits are also levied with a 5% GST rate. This low tax rate has made essential medicines and medical goods affordable and accessible to the general public.

The 12% GST rate is applicable to medicines and medical goods that do not fall under the essential category but are still necessary for the treatment of various diseases. This includes medicaments comprising two or more constituents, wadding, bandages, gauze, and similar articles, impregnated or coated with pharmaceutical substances, and instruments and appliances used in surgical, medical, dental, or veterinary sciences.

The 18% GST rate is levied on products that are not directly related to the treatment of diseases but are used in the healthcare industry. This includes surgical, medical, dental, or veterinary furniture, such as operating tables, hospital beds, examination tables, etc., and organic surface-active products and preparations for washing the skin, whether or not containing soap.

The GST implementation has brought in transparency and accountability in the pharmaceutical industry. It has also helped to streamline the supply chain, reduce logistics costs, and improve efficiency. However, some challenges persist, such as the compliance burden on small and medium-sized pharmaceutical companies, the lack of clarity on the classification of certain products, and the tax treatment of free samples and promotional items.

GST on unsold or expired medicines

When medicines reach their expiry date and remain unsold, they are returned to the manufacturer through the supply chain. The retailer or wholesaler has two options for handling the returned goods.

The first option is to treat the returned goods as a fresh supply, which involves destroying the expired goods and recording the return of expired goods as purchases. In this case, the manufacturer will reverse the ITC availed on such goods because no ITC will be available on destroyed goods.

The second option is to issue a credit note for the returned goods. The supplier can only adjust the tax liability if the person returning the expired medicines has not availed ITC. If ITC has been availed, it must be reversed.

The implementation of GST in the pharma industry has had both positive and negative impacts. While it has streamlined the taxation system and reduced the cascading effect of taxes, there have also been challenges in the implementation of GST, such as the classification of medicines and the availability of ITC on expired goods.

Here are some frequently asked questions and answers related to GST in the pharma industry:

Q: Is there any exemption from GST for pharma companies?

Ans: Yes, some exemptions are available for pharma companies under GST. For example, exports of medicines are zero-rated under GST, meaning that no GST is applicable on exports. Additionally, certain medicines such as those used for the treatment of malaria and tuberculosis are exempt from GST.

Q: How has GST affected the pricing of medicines?

Ans: The impact of GST on the pricing of medicines has been mixed. While some medicines have become cheaper under GST, others have become more expensive. This is because of the different tax rates applicable to different medicines.

Q: Can pharma companies claim input tax credit under GST?

Ans: Yes, pharma companies can claim input tax credit (ITC) under GST. This means that they can offset the GST paid on their purchases against the GST collected on their sales.

Q: What are the compliance requirements under GST for pharma companies?

Ans: Phama companies need to comply with various GST requirements such as registration, invoicing, filing of returns, and payment of tax. They also need to maintain proper records and ensure that their suppliers and customers are GST-compliant.

Q: How has GST impacted the supply chain in the pharma industry?

Ans: GST has brought about significant changes in the supply chain in the pharma industry. It has streamlined the distribution of medicines by eliminating the need for multiple state-level taxes and reducing the compliance burden on pharma companies. However, the implementation of GST has also posed some challenges for pharma companies, particularly in terms of adapting to the new tax regime and complying with the new rules and regulations.

The Goods and Services Tax (GST) is a value-added tax that was introduced in India in July 2017. The impact of GST on airfares in India has been mixed.

Before GST was implemented, air travel was subject to airfares taxes, including service tax, excise duty, and value-added tax (VAT). The total tax burden varied from state to state, resulting in different air fares in different parts of the country.

With the introduction of GST, all of these taxes were replaced by a single tax, which was set at a standard rate of 5% for domestic air travel and 12% for international air travel. This reduced the tax burden for some airlines, particularly those operating in states with high VAT rates.

The Tax rates under the Service Tax regime was:

Under the new GST regime; the tax rate for economy-class flight tickets are 5%. Whereas, the business-class attracts a higher tax at 12%. Thus, the revised tax under GST regime is:  

Domestic air travel will obviously grow after the introduction of GST, which has lowered air travel prices. So, budget travelers have reason to rejoice and plan their upcoming vacations. Business class fares, on the other hand, will be more expensive, but this is only a small increase from 9% to 12%. A small increase in travel prices may not be enough to deter business travelers from planning their trips.

The air fare calculation for economy class:

Pre-GST regime

Post GST regime

The air fare calculation for business class:

Pre-GST regime

Post GST regime

A bigger portion of the airline’s revenue comes from economy-class travelers. Additionally, airlines may only request ITC for economy inbound services but may request ITC for consumables other than spare parts, food, and fuel for business class.

The impact of GST on airfares in India has been mixed, with some airlines reducing fares and others increasing them. The impact has varied depending on factors such as the airline’s operating costs, the tax burden in different states, and the GST rates on goods and services used by airlines.

Here are some of the top frequently asked questions about GST charges on airfare:

• Who has to pay GST on airfare?

Ans. Passengers who book air tickets have to pay GST on airfare. The GST is included in the ticket price and is collected by the airlines.

• Is GST on airfare applicable to all airlines?

Ans. Yes, GST on airfare is applicable to all airlines operating in India, including domestic and international airlines.

• Are there any exemptions from GST on airfare?

Ans. Yes, there are some exemptions from GST on airfare. For example, air tickets booked for government officials and armed forces personnel on official duty are exempt from GST.

• Can I claim a refund on GST paid on airfare?

Ans. No, you cannot claim a refund on GST paid on airfare, even if you cancel your ticket. However, if the airline cancels the flight, you are entitled to a refund of the ticket price, including the GST.

Chennai is one of the primary cosmopolitan and metropolitan locations in India. It is the capital of Tamil Nadu and professes enormous heritage, legacy, and economic growth. It is one of the principal center points for modern monetary development and business improvement.

The industrial and economic landscape of the city is expanding and attracting new age and young entrepreneurs. Popularly called Detroit of Asia, developments of industries like automobiles, software, data centers, hardware manufacturing, medical tourism, the fintech industry, and more head the city’s industrial development. 

Chennai is highly renowned for its high quality and excellent standards of living, endless opportunities, welcoming nature, and technologically advanced methodologies. It is among the top cosmopolitan cities for the young population. 

There is a wide variety of industries in Chennai. Here are the top industries you can find in the metropolitan city: 

Banking and Finance 

Banking and Finance is another popular industry in Chennai. It serves as the headquarters or central hub for a greater number of important private and government financial institutions, banks, and other buildings. Its financial operations cater to a high transaction volume serving up to 1.5 billion people globally. Some of the popular banking/ financial institutions include Abu Dhabi Commercial Bank, Asian Development Bank, Goldman Sachs, etc. 

Automobiles 

Chennai is the hub for a diverse variety of automobile companies renowned for their technologically advanced machinery and ethics. Some popular companies in Chennai include Yamaha, Ford, Mahindra and Mahindra, Nissan, PTV, Royal Enfield, etc. It is home to the manufacturing units of popular and top automobile companies worldwide. 

There are various small-scale, wide-scale, domestic, and international companies located in Chennai. It also comprises Mahindra Research Valley, which is the second-largest research valley. 

Medical Tourism 

Lakhs of medical tourists, researchers, scholars, and enthusiasts from worldwide come to Chennai to experience top-quality healthcare, the best medical amenities, and super specialty centers. It amounts to over 45% of the medical tourists and patients globally who come to Chennai for treatment.  Chennai comprises highly esteemed medical institutions and hospitals offering economical healthcare facilities, experienced and highly acclaimed doctors, and other supporting personnel with the latest techniques. 

Some key areas of focus include treatments like Cancer, Heart Surgery, Plastic surgery, Orthopaedic illnesses, and psychological and neurological issues. The capital adds to the economy through its unparallel services attracting foreign patients to gain premium care. Some of the esteemed healthcare institutions include Adyar Cancer Institute, Apollo Hospitals, and Fortis Healthcare. 

Entertainment Industry 

Entertainment of the film industry flourishes in Chennai. It is one of the primary industries in the city and primarily focuses on Kollywood, which is a dominating industry.  Koi Some of the key entertainment types included the music industry, motion pictures, direction studios, Choreography,  and television. The Tamil filmmaking industry has a significant effect in India and is widely loved by a diverse audience. 

The Entertainment industry in Chennai is recognized as second to the Hindi cinema and has a global presence covering countries like Oceania, Japan, North America, Sri Lanka, and Singapore to name a few. 

Garments and Textiles 

It is another crucial industry in Chennai. Chennai is among the top supply chain operations and management sectors for the production and circulation of textiles and garments. It comprises the leading exporters in garments and experiences a bulk supply of goods like Kanchipuram saree, ethnic wear, and authentic and organic cloth. 

It primarily focuses on traditional wear, however, ready-made clothing items, accessories, and clothing to compliment the outfits, digital garment goods, etc, are also picking up pace with high demand among consumers. 

Small Scale Industry 

Chennai is a self-sufficient city, and due to this, various small and medium-scale industries flourish in the area. The small-scale industries in the city enhance the state employment rate and induce development with a low investment rate for the project. Small-scale companies and manufacturing units have a vast potential and significantly improve the country’s development. They have a direct effect on the GDP and economic development of a country and are usually labor-intensive. 

Software Services or IT Industry 

Software services are crucial to the development of science and technology in a country. Chennai software industries have developed into a major pillar for financial development. Chennai’s software services fall second to India’s IT hub, i.e Bangalore. Companies like Infosys and TCS have the largest operations and management control in India via their central hub in Chennai. 

However, there are other regional, national, and international companies and head offices in Chennai, such as PayPal, Amazon, Tata Consultancy Services, eBay,  IBM, Infosys, Ford Sync, Honeywell, Ramco, Wipro, etc. These software industries offer financial and technological solutions, publicize software applications for the public good, etc. 

Food and Beverages 

Agriculture, food processing, ready-on-the-go food items, and beverages are other important industries in Chennai. Chennai attracts potential businessmen and food manufacturers through various food projects, agricultural gains investments, and Food awareness and propagation parks. The Chennai government’s keenness to produce the highest quality, hygienic food items and beverages within the optimum food standards has developed the Food and Beverage industry manifolds. 

One of the key positive impacts of such an industry is the improvement and change in the eating habits and lifestyle of the population. Modern technologies enable higher food production and enhance the capacity to reach more people. The purpose of the food and beverages industry in Chennai is to promote healthy, hygienic, and flavorful products and maintain consistent quality and nutritional values. 

Electronics Hardware 

The electronic hardware industry is crucial to the economy and growth in India. Chennai has developed into an extravagant zone to provide optimum resources and tools to supplement the electronic industry. It is deemed one of the nation’s key electronic hardware exporters and the largest electronic machinery and equipment dealer. 

Some of the major electronic and software corporations include Alcatel, Nokia Corporation, Texas Instruments, Texas, and Xerox, to name a few. The electronics and software industry is flourishing in Chennai due to the ever-increasing electricity consumption. 

Chennai welcomes entrepreneurs, well-established companies, and enterprises to unleash the highest potential and produce optimum results. To get more details on the key industries, their turnover, net worth, and crucial details on their financial statements, click on this link.

PLI scheme; a production-linked-incentive scheme that is planned to give companies incentives on incremental sales from products manufactured in domestic units.

It was launched in April 2020, for the large-scale Electronics Manufacturing sector, but later the scheme was introduced for 14 other sectors. This scheme was introduced to promote the India’s Atmanirbhar Bharat campaign. 

The objective of the scheme is to invite foreign companies to set up units in India, it also aims to encourage local companies to set up or expand existing manufacturing units and also to generate more employment, cut down the country’s reliance on imports from other countries. Every manufacturing company, either Indian or have a registered unit in India will be eligible to apply for the scheme.

The government of India has rolled out this scheme with an outlay of about ₹2 lakh crore across 14 sectors, including pharma, automobiles and auto components, textiles, food products, white goods, high-efficiency solar PV modules, advanced chemistry cell, and specialty steel.

With the PLI scheme, the government targets at achieving the following:

• Government targets to make India an integral part of the global supply chain & eventually enhance exports.
• India is anticipating having a USD 1 trillion digital economy by year 2025 as it is looking forward to the increase in electronics demand.
• The PLI scheme will make the Indian automotive Industry more competitive and will enhance the globalization of the Indian automotive sector.
• The Indian textile industry is one of the leading manufacturing sectors in the world. This scheme shall attract large investments in the manufacturing sector and boost domestic manufacturing.
• India is the second-largest producer of steel in the world. Introducing it under the PLI scheme will benefit the country as it can help in expanding export opportunities.
• In similar way, telecom, solar panels, pharmaceuticals, white goods, and all the other sectors introduced can contribute to the economic growth of the country and make India a manufacturing hub globally.

The incentives planned under this scheme:

• The incentives, calculated on the basis of incremental sales, range from 1% for electronics to 20% for technology products; for the manufacturing of critical key starting drugs and certain drug intermediaries.
• Some of the sectors such as chemistry cell batteries, textile products, and the drone industry, the incentive to be given will be calculated on the basis of sales, performance, and the local value addition done by the company over the period of five years.

Further to add here, to ensure the overall turnaround of the project; a group has been allocated to identify the bottlenecks in PLI schemes, coordinate between states and companies for faster approvals, and evaluate and ensure quick investments.

Watch this interesting conversation between Tofler’s CEO & founder “Ms Anchal Agarwal” and Mr. Chandramowli Srinivasan ex-CFO of a listed ball bearing manufacturing company; talking about the PLI scheme and how SMEs can get benefit from it.

Thanks to the push from the infrastructure sector & home-based solutions; the glass business is one of the growing businesses in India.  With the government schemes like Made-in-India, there are multiple sectors that have started their manufacturing units in India and the glass manufacturing industry is also of them.

Indian glass market is expected to be a revenue of USD 4629.8 Million by 2028. Market is expected to grow with a CAGR of 6.42% During 2021-2030.

There are multiple companies as below have their establishment in India :-

1. Asahi India Glass Ltd

Asahi India Glass Ltd (AIS) is one of the major brands India as a glass manufacturer. Established on 10 Dec 1984, offering varied types of glass products & services for institutional buyers as well as retail customers.

The company has glass products in Automotive, Architectural, windshields, windows etc. 

CIN number : L26102DL1984PLC019542

Purchase financial report.

2.    Borosil Renewables Ltd

Borosil Renewables Ltd is one of the major brands in India. Company was formed on 14 December 1962 by Mr Lele. Presently company has factory in Bharuch, Gujarat.

The company is the major manufacturer in patterned glass and low-iron solar glass for photovoltaic (PV) panels.

CIN number : L26100MH1962PLC012538

Purchase financial report.

3.    La Opala RG Ltd

La Opala RG Ltd is one of the major brands in India. This company was formed on 11 June 1987. Mr. Sishil Jhunjhunwala and Mr. Ajit Jhunjhunwala  is/was one of the major promoters of this company. The company is engaged in manufacturing and marketing of opal glass tableware and crystalware products in India and internationally.

Opal glass tableware products include Plates, Bowls, Dinner Sets, Cup-Saucer sets, Coffee Mugs Cups, Tea and Soup Sets, Pudding Dessert sets Crystalware products.

CIN number : L26101WB1987PLC042512

Purchase financial report.

4.    Saint-Gobain Sekurit India Ltd

Saint-Gobain Sekurit India Ltd is another major play in glass manufacturing in India. The company was formed in 11 November 1973 and is subsidiary organization of Compagnie de Saint-Gobain ( of Paris).

Company is one of the leading car glazing manufacturer in India. Laminated Windshields, Tempered Side Glasses, Backilites, Door Glasses, Quarter Glasses, Sliding Windows, Rear Side Fix Glasses.

CIN number : L26101MH1973PLC018367

Purchase financial report.  

India Tobacco Company Limited (ITC Limited) is an Indian company headquartered in Kolkata. The company was incorporated on 24 August, 1910. The company was renamed as I.T.C. Limited in 1974. ITC Ltd.

The company has 13 businesses in 5 segments. It exports its products in 90 countries. Its products are available in 6 million retail outlets. ITC is one of India’s foremost private sector companies with a Gross Sales Value of ₹ 90,104 crores and Net Profit of ₹ 15,058 crores.

ITC Limited has 16 directors – Nakul Anand, Arun Duggal, and others.

Here is a summary of financial information of ITC LIMITED for the financial year ending on 31 March, 2022.

• Revenue / turnover of ITC LIMITED is Over INR 500 cr
• Net worth of the company has decreased by -7.85 %
• EBITDA of the company has decreased by -13.30 %
• Total assets of the company has decreased by -4.86 %
• Liabilities of the company has increased by 11.93 %

For a detailed balance sheet: [[L16005WB1910PLC001985]]

The key products segments include packaged Food Item, Agricultural Products, Paper & Paper Boards, Tobacco Unmanufactured, Hotel, Printed Materials. The main products & services are cigarettes & cigars, foods, personal care, stationery, safety matches, agarbattis, hotels, paper products, agri commodities, IT. Here is the list of products of ITC:

· FOODS

• Aashirvaad
• Sunfeast
• Bingo!
• Kitchens of India
• YiPPee!
• B Natural
• Sunfeast Milkshake
• mint-o
• Candyman
• Jelimals
• GumOn
• Fabelle
• Sunbean
• ITC Master Chef
• Farmland
• Sunrise

·  PERSONAL CARE

• EDW Essenza
• Dermafique
• Fiama
• Vivel
• Engage
• Superia
• Nimyle
• Nimeasy
• Nimwash
• Savlon
• Shower to Shower
• Charmis

·  EDUCATION

• Classmate
• Paperkraft

·  MATCHES & AGARBATTI

• AIM
• Mangaldeep
• Homelites