Can we prevent applicability of GST and have a profit sharing model, asked by Dr. Sanjay. Hope you liked and got inspired by what you just saw in the video. Join us LIVE in our next webinar - Meet us LIVE 🤩 to understand how we can help YOU take your medical professional to the next level just like we have are helping 5000+ doctors inside the community.💥 Follow us here to get latest updates 🎁 ✅Closed FB Group- ✅Follow us on Instagram- ✅Telegram Channel- ✅Linkedin Page- Thanks and Regards🙏 Dr.Pranav Sharma & Amit Singh Moga The Doctorpreneur Academy 🥼🎓 🏆 “Emerging Healthcare Startup of the Year” by MSME, GOI Dr. Pranav Sharma MBBS, MS, M.Ch (CVTS, AIIMS) Former Chief Medical Administrator(CMA) & Professor of Cardiac Surgery at U.N. Mehta Institute of Cardiology & Research Centre, Ahmedabad. Dr Pranav Sharma has completed his medical education from AIIMS Delhi where he specialised in cardio-vascular surgeries. After completing his education at AIIMS, he started with a career in U.N. Mehta Institute of Cardiology & Research Centre, Ahmedabad. Rising the corporate ladder he became the Chief Medical Administrator at U.N. Mehta where he oversees the expansion of the hospital from 100 bed to 1200 bed in a very short span of time. After his stint in the corporate world, he decided to do something different and independent and start his own healthcare consultancy where he has helped thousands of doctors and other healthcare professionals to open up new hospitals/clinic/nursing homes across India. MR. AMIT SINGH MOGA MBA (IIM Ahmedabad), B.Tech (IIT Roorkee) Former Scientist, Ex-Banker, Author, TEDx Speaker, Serial Entrepreneur Ex DRDO Scientist, A former Banker, An Author (The Black Book) and TEDx Speaker, Mr. Amit Singh Moga has done multiple things in a short span of time. Wearing multiple hats, Mr Amit Singh is an entrepreneur at heart . Being an engineer and MBA from India’s top institutes, it was very easy to rise in the corporate world and live in his comfort zone but he decided to travel the road less taken. After spending 10+ years in the corporate world, last being a banker where he oversees many big healthcare projects been funded, he quit the job world and started his entrepreneurship journey in the world of healthcare alongside Dr Pranav Sharma. Their Vision-🌈 Our VISION is to provide easy access to quality healthcare for all Indians by 2030. We believe that ‘doctors’ will be instrumental in achieving this vision and we want to be catalyst. Hence, we are on the path of empowering doctors in the country with guidance, information and technology and help them become independent entrepreneurs by opening new clinics and hospitals....(read more)
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Can We Prevent Applicability of GST and Have a Profit-Sharing Model? The Goods and Services Tax (GST) has been a topic of discussion and debate since its implementation in many countries around the world. While it was introduced with the intention of simplifying the taxation system and promoting economic growth, there have been concerns about its applicability and impact on businesses, especially small and medium enterprises (SMEs). One alternative approach that has been proposed is a profit-sharing model, which aims to give businesses more flexibility and incentives for growth, while also ensuring fair taxation. This model suggests that instead of imposing a fixed percentage of tax on businesses, the government and businesses can work together to create a system where taxes are based on profits earned. The profit-sharing model can be seen as a win-win situation for both businesses and the government. Here's how it can work: 1. Flexibility for Businesses: Under this model, businesses would be taxed based on their actual profits. This means that during periods of low profits or losses, businesses would have the option to pay lower or no taxes. This provides much-needed flexibility, particularly for SMEs, which often experience fluctuating profits. It allows these businesses to allocate their resources more efficiently and continue their operations during challenging times. 2. Incentives for Growth: With the profit-sharing model, businesses are encouraged to grow and increase their profits. Unlike GST, where businesses are taxed regardless of their profitability, this model promotes business expansion and innovation. When businesses thrive, the government benefits through higher tax revenues generated from increased profits. 3. Fairness in Taxation: As opposed to a fixed tax rate imposed by GST, the profit-sharing model allows for a fairer distribution of tax burden. Businesses with higher profits would naturally pay more taxes, while businesses with lower profits or losses would pay fewer or no taxes. This ensures that taxation is proportional to businesses' financial success, creating a more equitable system overall. However, there are also potential challenges and considerations to address with the profit-sharing model: 1. Implementation Complexity: Designing and implementing a profit-sharing model would require close collaboration between the government and businesses. It would entail setting up mechanisms to accurately assess and verify business profits, which can be complex and challenging. Proper monitoring and enforcement would also be essential to prevent tax evasion. 2. Accounting and Reporting Standards: The profit-sharing model would require businesses to maintain transparent and accurate financial records, which may pose a challenge for some SMEs. Enhanced accounting and reporting standards would need to be put in place to ensure the integrity of the tax assessment process. 3. Ensuring Social Welfare: GST is often lauded for its potential to reduce tax evasion and improve social welfare by generating more tax revenues. The profit-sharing model would need to ensure that tax revenues are still adequate to support public services and welfare programs, maintaining a balance between businesses' growth and overall social development. In conclusion, while the profit-sharing model presents an alternative to GST, it is essential to evaluate its feasibility, implementation complexities, and potential impact on businesses and society as a whole. Such a system would require careful consideration, effective collaboration, and constant monitoring to ensure fairness, transparency, and social welfare. Finding the right balance between taxation and incentivizing business growth is a vital step towards fostering a sustainable and thriving economy. https://inflationprotection.org/is-it-possible-to-avoid-the-implementation-of-gst-and-adopt-a-profit-sharing-model/?feed_id=123047&_unique_id=64c8b088e0317 #Inflation #Retirement #GoldIRA #Wealth #Investing #ProfitSharingPlan
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