Approx most of the day we heard about this Term GST, if we Recharge mobile current postpaid bill is Rs 500, we will have to shell out Rs 590. It is Rs 15 more than what you are currently paying. Food, electricity, gold, land, loans in these services GST is applicable
GST, Goods and Service Tax Act passed in the parliament of India on 27th March 2017 and came into effect on 1st July 2017.
The day was celebrated on 1st July 2018 to mark the first anniversary of the new indirect tax regime.GST is a single indirect tax on the supply of goods and services right from manufacturers to consumers. It’s replaced a number of taxes such As excise duty, service tax, central sales Tax, Value-added Tax(VAT), and Octroi.
Excise duty is an indirect tax that levies on the goods which, are produced within the country. This tax is not related to the Customs Duty. Excise Duty is also known as Central Value Added Tax. value-addedTax is collected by the state government. For example, if we purchase a good then we must pay an additional tax as Value Added Tax to the government. The VAT rate is decided based on the nature of the item and state.Custom duty and OctoroiThis tax is levied on those goods that are imported into India from outside. The Custom Duty tax is paid at the port of entry in the country as the airport. This tax rate also varies over the nature of goods. While the Octroi tax is charged on the goods entering the municipality.
GST was First coneceptual by Former Indian Prime Minister Atal Bihari Vajpayee,1999.
In an official message on the occasion of GST Day, Finance Minister Nirmala Sitharaman on Wednesday said that more efforts are required to ease tax compliance further for the taxpayers, especially the micro, small and medium enterprises (MSMEs). Wednesday marked the third anniversary of the launch of the Goods and Services Tax (GST) regime.In message, Ms Sitharaman herhighlighted the steps taken towards easing the return filing process, including the recently introduced feature of SMS-based filing for nil return
On November 2016 Prime Minister Narendra Modi urge for the digitalization and India to be a cashless economy.But the cashless economy was not the original goal but due to ‘demonization’ which leads to the shortage of notes gave a fillip to “E-Wallets” or “Digital-wallets”.E-wallet is a online payment account where one can store money and it used for making transaction through a computer or smart phones”. An E-wallet needs to be linked with bank account to make payments.The E-wallet segment broadly consists of services related to banking transactions, transfer of money as well as value added services like bill payments, shopping, ticketing,electricity bills, DTH and transport bills and they also are useful in making payments to mom and pop stores who are rajistered with these digital platform.Digital wallet provides more convenient transactions.The experience of purchasing items become quicker and easier which lead to a great sense of satisfaction.it’s a safer method you don’t need to carry cash when you are travelling alone or going abroad.Some kind of E-wallets are Paytm,Google pay,Bhim app,Phone pay etc.
Financial crisis is any broad variety of situations in which some financial assets suddenly loose a large part of their nominal value these situations are interlinked with the stock market crashes and the bursting of the other financial bubbles, currency crisis and sovereign defaults.In the 19th and early 20th century,many financial crises were associated with banking panics,and many recession coincided with these. Financial crises directly results in loss of paper wealth.The World major economies are currently affected by the pandemic this is a crisis like no other, and there is substantial uncertainty about its impact on other and people’s lives and livelihoods. A lot depends upon the epidemiology of the virus , the effectiveness of the containment measures and the development of the vaccine which is hard to predict.The corona virus recession or the great shut down has which rose an economic consequence.The first major sign of the corona virus was the 2020 clash stock market clash and the International monetary fund (IMF) reported that all of the G7 nations has already entered or entering the “deep recession” and that had already lead to slowdown of the emerging economies.The recession had led to unemployment Worldwide and the recession saw the collapse of the price of oil triggered by the price war.During the crash, global stock market made unpredictable and volatile swings mainly due to extreme uncertainty in markets.
As indicated by one Facebook report, there has been a 70% expansion in time spent on the application in Italy. A March 2020 study of U.S. conducted on online networking users discovered that 43.1% would scroll through Instagram more whenever staying home while 63.7% and 62.3% used YouTube and Facebook, in comparison to the other websites, more.
Presently is a prime chance to develop business accounts by putting out valuable content that doesn’t focus on a hard sell. The objective should rather be to assemble an internet following through:
1) For example, how to extract productivity out of “work from home” and methods of reducing expenses on veggies.
2) Posting harious content of mockery, similar to funny clippings and memes.
3) Collaborating with an influencer. 63% of shoppers trust influencers more than brands and COVID-19 has allowed influencers over a wide scope of ventures to make their administrations accessible at a sensible cost.
With relatively little expense and exertion, an organization can understand results that keep on profiting them long after the situation improves.
GENERATING MARKETING SCHEMES OVER THE WEB
Online campaigns help to spread the word about their businesses and the new ways of functioning, with less amount of time and effort invested, than asking their regular set of customers to do so.
This can be achieved through Smart bidding like Google Ads, Content Marketing and Coupons designed from Easy Promo Or Woobox
CARRYING OUT DAY-TO-DAY OPERATIONS ONLINE
There are not many organisations can transition their day-to-day functioning using internet. However due to the availability of video conferencing facilities like Zoom and Google Meet, there can still be interactions between the customers and the buyers.
Orders of groceries and other essentials can be taken online, education through schools and Institutions is being provided online and live tutorials and sessions are being conducted in which clients are asked to make the payments online. There are several other courses available on digital marketing too which can be availed to enhance the speed of the working staff and enable them to make the most out of the present situation.
WHAT’S IN IT FOR YOUR BUSINESS?
Numerous organizations are curtailing their showcasing endeavors due to COVID-19, however what they should do is multiply while making the most of the new open doors that are springing up.
This accentuation on digital marketing isn’t something that they’ll need to back off on once the lockdown is over. Internet shopping won’t stop at any point in the near future, and most organizations will find that online associations are more helpful than in-person interactions.
While it might be viewed right now as an alternate course of action, when the pandemic is over, everybody will probably understand that it’s much more than that.
On the off chance that a very much upgraded site, all around arranged advertising devices, and selection of virtual interchanges can get an organization through one of the most exceedingly terrible crises in present day times, for what reason can’t digital-based promoting make its all intents and purposes relentless?
Presently is a lucky opportunity to put resources into longer-term venture channels, especially if an advertising expenditure plan can be rearranged towards that path.
The global market is chaotic and questionable now, so outbound strategies can presumably be moved to working out inbound resources, similar to the organization blog.
For instance:
1) Making announcements on the home webpage passing information that the business is willing to support its customers. Incorporating a connecting link to a FAQ where clients can get more data about assistance hours and delivery options.
2) Reorganising product/services or administration pages with new illustrations and portrayals. Brief specials or discount offers could be made to maximise the orders.
3) Setting up an internet business framework for taking on the web orders. Major web hosts have incorporated Stripe integration in their progressed facilitating packages. Local companies and small businesses can likewise opt for Shopify or Etsy, which have e-commerce facilities. Many individuals also use Paypal. Managing account there can also speeden up the growth of orders.
Businesses that have generally sold items to customers from shops/stores only may scrutinize the intelligence of building advanced resources like an online store, accepting that they can’t contend progressively with bigger, established portals like Amazon.
Notwithstanding, due to over-crowding in web based shopping and much-expanded social networking, individuals are currently holding up longer than even a month to receive their Amazon packages, and no one’s upbeat about it.
In the event if people discover that an independent business is selling what they require and that they’ll receive it quicker without prolonged delays, they’ll be up for it instantly.
TAKING FIRST STEPS WITH SEO MARKETING
The pandemic has transformed the way customers approach the idea of shopping. Roughly 47% expressed that they are staying away from shopping centers and strip malls in an online poll.
Then again, SEO is experiencing a gradual upward trend, with certain brands announcing a noteworthy increment in their search visibiility from January-March 2020.
Suggested steps towards creating an impactful SEO procedure during Coronoavirus pandemic are as follows:
1) Content creation intended to fabricate trust.
COVID prevention measures have made purchasers increasingly pessimistic. As per a Forrester report, they don’t confide in organizations to finish on guarantees. Brand messages should be created with the goal to instruct, advise, and console rather than gruffly requesting a buy.
2) Adapting a “take-charge” attitude while dealing with the corporate web.
It is significant for organizations to deliberately deal with their online brands. Refreshing item accessibility, keeping the Google My Business page current and keeping client information secure would all be able to put forth the picture of a reliable business. ATTRACTING AUDIENCE ON SOCIAL MEDIA
An ever increasing number of individuals are managing self-isolation by going on the web to get access to recent news, look for data, and engage themselves.Hence, business social media pages can be easily promoted.
Some issues tend to just disappear if they don’t receive our attention for a longer period of time. However, the coronavirus pandemic is a mammoth issue for the companies all over the world. It is becoming extremely troublesome to just let go of the problem for it is hugely influencing the way business is being carried out globally.
Furthermore, a lot of businessmen, managers and directors are finding it difficult to bring about a change in their marketing strategies so as to get used to this short-term “new normal”.
The possible reasons could be that they maybe still not convinced to adapt to this sense of normalcy with so much going around and them facing their own issues but whatever the reason, this is only going to lead to much bigger problems and could even result in the downfall of their respective companies.
Moreover, handshakes are being replaced by the new norms of digital marketing and remote work forces during the signing of the business deals amongst a handful of other organisations.
These dynamic companies are not only accepting the Covid-19 world with open arms but are also ramparting the need of the hour, the recession resiliency.
HOW HAVE THE BUSINESSES BEEN IMPACTED?
Despite the fact that somehow, every business has been able to keep itself intact amidst the current situation, it hasn’t been any easier for the small startups due to the lack of capital or reserves to sustain their existence especially those which were massively dependent on physical interactions like beauty salons, fashion boutiques, Health Care Centres for yoga etc.
Since these startups were habituated to getting constant customer reviews and then stimulating their growth, they are now afflicted by colossal losses to such an extent that their spontaneous takeaway on this entire situation has been to minimise the product marketing expenditure which should have otherwise been to explore much innovative methods.
All the types of businesses irrespective of their magnitude of growth can easily extract benefits out of digital marketing. The only thing that needs to be done is to bring about a small change in the route of reaching their customers i.e by making business accounts on social media to ensure the prolonged survival of their businesses.
Because customers are in immediate need of all sorts of products but they cannot step out of their homes so the only way to flourish is by doing business digitally.
THE FIRST STEPS TO CARRYING OUT A BUSINESS ONLINE
In the pre Covid era, every customer was well aware of the the “best” that every local business had to offer. Now as we take the present situation into consideration, some of these local businesses have been shutdown after being categorised as “non essential”. Also, the customers are not informed that whether or not they can still continue to buy products from their local favorites as there is a huge question mark on them being still in business.
So now this is the time that these affected startups and local businesses grab most of the opportunity and make this bold decision to step out from the confining walls of their stores and expose themselves to new horizons by establishing their accounts on social media and connecting with customers all over.
CONNECTING WITH CUSTOMERS
Given below are enlisted three steps which are crucial in springing up that link between the buyer and the seller and keeping the momentum going to ensure the business continuity and also building strong connections by adhering to the technological aspects of the process.
1) The first email: If the delivery of products like milk, groceries etc has been affected by Covid 19, the business should make an effort to inform its customers via Email or WhatsApp briefing about the new changes.
2) Updating about post-corona functioning on existing platforms: Businesses who already own emails or other digital communication facilities should inform their customers about the new methoods of operation.
3) Making announcements: Lastly, a public post on social media needs to be made regarding the resuming of online orders while also briefing about how their business is responding to the pandemic.
P.S~ This is a highly detailed research report that I have done on this topic and hence this is just PART 1 of it so that it doesn’t become too lengthy or monotonous. Next part would be published soon.
International Journal of Research (IJR) 