No Such Thing as Too Many Cooks

As an organization, we are out to ‘Break Limits’. We have arrived at the august club of ‘fastest growing financial services organizations’ in the shortest possible time, but that hasn’t been down to all work and no play. We have taken a ‘human first’ approach —we have a fun, personal side that we often tap into to unleash energies that are waiting to find expression.

At heart, an organisation is usually a reflection of its employees. People from different parts of the country, from different verticals and industries, come on board to join forces as a team, out to achieve common goals. What’s the secret sauce that binds them in this mission?

Capital Float Cookout

 

Capital Cookout - Chennai

India is a myriad mix of colours, culture, terrain, weather and of course food! It is not surprising that Indians are by nature great foodies and passionate food critics. Quality, taste and creativity are found in abundance, and bonding over food is in our DNA. Perhaps this was the reason why our people resources team decided to spice up life by organising a free-for-all cookout. Going by the results, they were well on target!

Held in Delhi and Chennai, the Capital Float Cookout was a food fiesta sprinkled with healthy doses of competition, cooperation, fun and, of course, food. Our Delhi office saw a “fireless cooking competition”, which involved 15 minutes of introduction, 45 minutes of cooking and 15 minutes of evaluation. It takes a lot of creativity and courage to cook up dishes that haven’t seen “fire”. The session in Chennai was colourful with a lot of variety. The Chennai office fielded five teams of seven members each and cooked up a storm of three to four dishes per team. The top three earned compliments, culinary fans and Amazon gift vouchers.

In all of this, a culture was created and seeded—a culture of camaraderie, fun, togetherness, friendship and cooperation.

Spirit of Fun and Togetherness

Capital Cookout - Delhi

 

Winners were not the only ones to stand out in these cookouts. What stood out was the fiercely competitive zest of the people trying to help their own competitors. What stood out was the happy backslapping among the teams and the sharing of food that was made for what was supposedly a “competition”.

Language barriers, functions, departments and designations all melted in the cooking pot, creating a cohesive team. And when a bunch of individuals come together as a team, there’s seldom any competition within. In the process, the team’s human side stands out—a sense of humour here; a deft salad chef there; an unexpected leader, musician and dancer. Interesting stories about each person emerge and amalgamate to create our unique culture – a culture of togetherness.

Moving forward, we will be organising the ‘cookout’ in various other office locations, beginning with Mumbai in a couple of weeks. This activity is surely going to stay, appeasing the palates of our team members and stirring a broth of excitement across the organization.

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What Is GST And How To Register For It

India is all set to implement the Goods and Services Tax, or the GST, from July 1, 2017. The intent is to standardise the indirect taxation system in the country, related to the supplies and consumption of goods and services. The new regime is one of the biggest indirect tax reforms pan-India, and one that will directly affect both business owners and consumers to a marked degree. It is thus important to know the whats and hows of the GST rollout.

What is GST?

GST is a new system for indirect taxation. Under this, a new four-tier tax structure has been finalised. Goods and services will be taxed under the slabs of 5%, 12%, 18% or 28%. The highest slab is for luxury items and items such as tobacco. The Union Cabinet has passed four bills for four different categories of tax regimes under the GST, as follows:

Central GST Bill: Applies to the supply of goods and services by the Central government within the boundaries of a state.

Integrated GST Bill: Applies to the supply of goods and services between different states, carried out by the Central Government.

Union Territory GST Bill: Applies to the supply of goods and services in the Union Territories.

The Compensation Bill: An allied bill that will govern the provision of compensation for revenue losses brought on by GST implementation, over a period of five years from implementation.

These four bills together are set to change the tax norms in the country.

Advantages of GST

The GST will prove advantageous at both seller and consumer levels. According to our Finance Minister Arun Jaitley, GST has the potential to boost economic growth by as much as two percentage points. From a business perspective, a number of pros are evident.

Greater compliance: The GST implementation will be reinforced by a backbone of robust IT systems and processes. All taxpayer services will be available online, making tax compliance and operations simple and transparent.

Uniform tax rates: This will ensure that tax structures and rates are common across the country, and will consequently make cross-locational business easier and quicker.

Reduce overlap: Often, a single product, for example, a shirt, being sold is taxed at various stages. With VAT, excise duty and other taxes payable at different stages, payments often roll up to large numbers, posing a cost to the company. The GST will facilitate the removal of different layers of tax levies and will replace them with a single, clear interface.

Cost advantage: Under the GST practice, many local Central and State taxes will be subsumed. At the Central level, the Central Excise Duty, Additional Excise Duty, Service Tax, Countervailing Duty and Special Additional Customs Duty will be subsumed. At the State level, we will see the following getting subsumed: State Value Added Tax or Sales Tax, Entertainment Tax, Octroi, Purchase Tax, and Luxury Tax, to name a few. These measures will reduce the cost of manufactured goods or services, thereby increasing the competitiveness of Indian goods in an increasingly global market.

The end consumer also stands to benefit from the following:

Better tax clarity and planning: Often, consumers are not aware of the taxes that they pay on the purchased goods or services, either due to the confusion caused by multiple indirect taxes or because the tax component is not revealed in the selling price. Such taxes may mask the real cost. GST will help streamline this by having only one tax applied from manufacturer to consumer, enabling tax transparency.

Lesser tax burdens: A single rollout across the nation is bound to bring in efficiency gains. At the same time, a transparent tax process with fewer hidden taxes will help reduce taxes for most commodities, leading to better affordability for the consumer.

The next steps for businesses: Applying for GST

Every business that is currently registered under any existing tax regime has to compulsorily migrate to GST. If your business is not registered under any tax regime, then you have to register for GST only if your aggregate turnover in a financial year exceeds a threshold limit of 20 lakhs liability for payment of tax (10 lakhs for North Eastern states).

If your business is happening inter-state or through e-commerce as an intermediary supplier, then registration is mandatory, even if this threshold limit is not reached. However, note that any casual taxable person or non-resident person is liable to register for GST even if they are not crossing the threshold limit.

Registration/ enrollment for GST is to be completed online under the GST Common Portal https://www.gst.gov.in/ for both taxpayers and businesses. This will be the platform for future filing of returns and tax payments. The government has also appointed GST Suvidha Providers to help with the process. There is no offline process for GST enrolment.

The enrolment is free. In order to log in for the first time into the portal, you must have your username and password that you would have received from the State VAT or Centre Tax Department (these are linked to your PAN). For further logins, create your username and password and begin the enrollment process.

These are the steps to follow for registration:

  1. Fill in Form GST REG-01-Part A, and key in the PAN number, mobile number and email address. The PAN will be verified online while the mobile number and email ID will be verified through the one-time password (OTP).
  2. The applicant will then receive an application reference number along with an acknowledgement of application through FORM GST REG-02.
  3. The applicant must fill the Form GST REG-01-Part B with the applicant’s reference number. The applicant must attach required documents: PAN card, documentation of company such as partnership deed, memorandum of association or incorporation certificate, proof of business such as rent agreement or electricity bill, cancelled cheque of company bank account in the account holder’s name, and proof of key authorised signatories such as list of directors or list of partners with their ID and address proof.
  4. If any additional information is required, the applicant will receive Form GST REG-03 as notification and must fill in and submit Form GST REG-04 within seven days.
  5. On submitting all details correctly, the application will be approved and the applicant will receive their registration certificate, called Form GST REG-06. However, if the application is rejected, Form GST REG-05 is sent to the applicant and they will be required to resubmit an application through Form GST REG-07, only if they need to deduct TDS or collect TCS.

This completes the registration process. It is followed by the issuance of a Provisional Registration Certificate (if approved), and thereafter, a final Registration Certificate that is expected to be issued within six months of the documents being verified by the GST authorities. Remember that different business verticals/locations need to be registered separately, as the registration certificate is generated separately for each.

Currently, the portal states that more than 60 lakh taxpayers have enrolled on the GST Portal between November 08, 2016 and April 30, 2017. Please note that the enrolment process has closed from May 1, 2017, and will reopen at a later date. Visit our GST blog to know more about GST and keep track of latest

Oct 24, 2018

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Online Seller Finance – working capital loans for e-commerce merchants

The fact that ecommerce is growing exponentially all over the world is undeniable. Entrepreneurs everywhere are competing with each other to get a piece of this lucrative pie. Definitely, starting a business in the virtual world entails much less costs, making it easier for more and more people to fulfill their dreams of running their own enterprise.

However, even with ecommerce, there are some things that do need to get taken care. For instance, you will need an impactful website that stands out among the crowd and you will need products and/or services that the market is currently looking for. You will also need to identify a network of suppliers that you can work with and hire employees to take care of the day-to-day activities as well.

Most importantly, you require capital to keep the business running and leverage business opportunities. This is where Capital Float’s Online Seller Finance comes to the rescue. If you, as a new entrepreneur, were to approach a bank or NBFC for a loan, you will be faced with difficult terms and conditions, the least of which is proving that you’ve run the business successfully for at least a year.

On the other hand, with the flexibility, ease of processing and convenience of accessing working capital even an amount as low as ₹1 lakh to as high as ₹3 crores, Online Seller Finance, specifically designed for ecommerce businesses, is the way to go.

Features 

1) Loan range from 1 lakh to 3 crores

We cater to a wide range of e-commerce merchants. Each merchant has a different capital requirement based on their business need or opportunity. With our wide ticket range, we cater to practically any working capital requirement of the online seller segment. These funds could be used for a variety of purposes such as making supplier payments, adding inventory during peak seasons or diversifying into new product categories.

2) Customized credit criteria

We acknowledge that each merchant is inherently different and must be treated individually. Unlike many traditional financial institutions, we don’t follow a cookie-cutter method to underwrite our customers. By leveraging Big Data & Analytics, we are able to underwrite each customer on the merit of their business performance and offer a tailored credit product. For example, the merchant is offered a specific loan amount basis their monthly sales on the marketplace and projected revenue.

3) Quick, online application process

We are a digital finance company and believe in limited paperwork. We offer the convenience of technology to our customers right from the start of the relationship. Borrowers can apply online using their mobile devices, as long as they are connected to the internet. The 10-minute application is very simple, quick and entirely hassle-free. The borrower can upload their documents online and need not visit a physical office for presenting the documents.

4) No pre-closure charges

Borrowers can close their loan by repaying the balance amount before the end of the agreed tenure. We offer the feature of ‘no pre-closure charges’, which means that the borrower will not be liable to pay any extra charges for closing the loan ahead of time.

5) Get up to 2x credit based on your marketplace sales

Online merchants applying for ‘Online Seller Finance’ can avail up to twice the amount of sales they make on e-commerce marketplaces. For example, if the seller makes ₹10 lakhs in sales per month, the seller can receive working capital funds of up to ₹20 lakhs. These funds can fuel growth on the marketplaces, helping the seller to increase their business geometrically. Higher the sales, the higher the eligible loan amount, higher the chances of leveraging business opportunities.

Benefits

1) Collateral-free

Our Online Seller Finance credit product is an unsecured working capital loan. The borrower need not pledge any security or asset as collateral to avail this loan. Funds are approved on the merit of the borrower’s business performance on the marketplace and not on their assets. Merchants can avail funds and operate without the anxiety of conceding their securities.

2) Funds in 3 days

Our technology and Big Data capabilities help us speed up the underwriting process. We understand that ‘timing makes all the difference’ to online merchants, given how dynamic the business is. Payments can’t be delayed and opportunities must be seized immediately. Bearing this in mind, we disburse loans to the borrower in less than 72 hours of the loan application.

3) Flexible repayment terms

Banks and other NBFCs typically function using the model of EMIs, or easy-monthly-installments. ‘Online Seller Finance’ allows you to repay the installment on a fortnightly basis. As a result, the installment is smaller in amount and is less burdensome to repay when compared to a monthly installment, which would typically be twice the sum. This way, your cash flows remain unaffected and you have more funds to deploy into your business.

4) Ideal for expanding your business

Financing the online seller segment is relatively new in the lending space. Not many financial institutions have fully understood this segment, which has caused several e-commerce sellers to return empty handed from formal lenders. Capital Float was the pioneer in digital lending to e-commerce sellers. Therefore, we’ve made it a lot easier for online merchants to avail finance for their business. Our partnerships with leading marketplaces like Amazon, PayTM, Snapdeal, Myntra, Shopclues, eBay, Craftsvilla, etc. has enabled us to reach to a wide range of sellers. Merchants on these platforms can avail easy funding and expand their business on the platform.

Eligibility and Documents

To qualify for ‘Online Seller Finance’ you must comply with the following parameters.

Eligibility

1) Applicant’s business must have minimum operational history of 1 year

2) Applicant’s partnership minimum vintage should be between 3-6 months

3) Minimum quarterly sales of ₹25,000

Documents

1) Bank statements for the last six months

2) KYC documents of the applicant and the organization

Fee and Charges

At Capital Float, we conduct business in the most transparent manner. This means, you’re only obligated to pay a processing fee of up to 2% for the loan. There are no hidden or pre-closure penalties during or after your application procedure.

Oct 24, 2018

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Repay with ease using Paytm

As India’s leading digital lender, we are always mindful of what’s most important for us: our customers. All Capital Float’s finance solutions can be customized based on the nature of your business and the rate of cash flows, among other things. Our online loan application process ensures that you can avail a loan anytime, anywhere with minimal documents. Flexible repayment terms through offline and online channels are facilitated to ensure that you have a seamless financing experience with Capital Float, through and through.

With the added ease that digital wallets provide, we have collaborated with Paytm to set up yet another payment option for your convenience. EMI payment can now be done through your Paytm wallet in two ways: directly through the Paytm app or from your Paytm wallet via the Capital Float mobile app.

Here are the steps for a successful EMI transaction using your Paytm wallet.

1. Via the Paytm Mobile App

Capital Flo

Step 1: Login to the Paytm app on your smartphone. Under the ‘Recharge/Pay for’ section, click on Loans

Step 2: From the list of financial lenders listed, choose Capital Float

Step 3: On the page ‘Pay Your Loan EMI’, enter your Loan Account Number (LAN) and click on Get Payable Amount.

Step 4: Your due EMI will be automatically generated on the next screen. Click on ‘Proceed to Pay’ to make the payment.

 

2. Via the Capital Float App

Capital Flo

Step 1: Open the Capital Float app, and Login by entering your registered phone number or email ID & password. You can also Login via Google if you had registered with a Gmail email address.

Step 2: Under the Loans tab, click on the option ‘Repay’. If your EMI payment is overdue, check the Updates tab for Overdue and select ‘Pay Now’.

Step 3: The Overdue Amount will be shown. If you select Upcoming Amount only, then this will get preselected. You can enter a lesser amount under ‘Make Payment of’ as well.

Step 4: Choose the option ‘Pay from your Paytm wallet’ and login using your registered mobile number and a 6-digit OTP code.

Step 5: Recharge using debit card/credit card/net banking or utilize the available balance in your Paytm wallet to complete the transaction.

Note: Capital Float accepts EMI payments via Paytm ONLY through the above mentioned methods. A Capital Float representative will NOT ask you to make loan payments to other mobile numbers. In case you receive such a request, please contact us at 1800 419 0999 or email us at myloan@capitalfloat.com

Oct 24, 2018