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Taking account of current economic situation, Prime Minister Narendra Modi on Monday formed Economic Advisory Council (EAC) which will be headed by current member of NITI Aayog, Bibek Debroy.&nbsp;

Other members of the Council are Ratan Watal, former finance secretary, Surjit Bhalla, CMD, Oxus Investments, Rathin Roy, Director, NIPFP and Ashima Goyal, Professor, IGIDR.&nbsp;

Key role of EAC is to analyse any issue, economic or otherwise, referred to it by the Prime Minister and advising him thereon. Also, to address issues of macroeconomic importance and presenting views thereon to the Prime Minister. This could be either suo-motu or on reference from the PM or anyone else, the statement said.&nbsp;

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<blockquote>
Interestingly, this move came in just after a week when the government decided to extend term of chief economic advisor to Government of India Arvind Subramanian, by one year.&nbsp;
</blockquote>

The question is: How the committee is different from Subramanian's role?

EAC is an independent body which will advise the prime minister on economic and related issues.&nbsp;

Madan Sabnavis, Chief Economist, Care Ratings said that having more such think-tanks is always useful as it will lead to debate, discussion and decisions.

<blockquote>
"Having an economic advisory council is useful as it would work as advisor to the PM, which is different from CEA who advises Ministry of Finance," he said.&nbsp;
</blockquote>

"The Niti Ayog is already there to carve out broader policies for the government while specific issues pertaining to the PM or FM would be taken up by the other two posts. The canvas for economic discussion is really large and there are fixed roles for various such outfits/positions," Sabnavis explained.&nbsp;

Subramanian, was the mind behind the term "JAM trinity" (Jan Dhan, Aadhaar and Mobile numbers), pitched ideas to deal with "bad bank" as rise in bad loans severly affect the balance sheets of banks. Moreover, he also proposed the concept of Universal Basic Income.&nbsp;

Now, it will be interesting to see what decisions EAC body takes to boost the economy.&nbsp;

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</blockquote>

Key role of Economic Advisory Council is to analyse any issue, economic or otherwise, referred to it by the Prime Minister and advising him thereon.&nbsp;


EAC or CEA: Know the difference between Bibek Debroy and Arvind Subramanian's role

Finance Minister Arun Jaitley has made it clear that the Indian economy will need a booster shot to stimulate it into action.&nbsp;

Jaitley, earlier this week, said that the government is currently contemplating various routes to ways to bring the economy back on track.&nbsp;

India's GDP (Gross Domestic Product), which is a sum total of all goods and services produced in the country in a given period, dropped to a three-year low at 5.7% in three months ended June 2017.

Sources, as quoted by various media outlets have said that the government may look to interject anywhere between Rs 40,000 to Rs 50,000 crore in the Indian economy over the coming months in order to give it a much needed push.&nbsp;

<blockquote>
"From Day one, this is a proactive Government. We are analysing the economic indicators and appropriate action will be taken at right time," the Finance Ministry tweeted Jaitley as saying at an investor meet earlier this week.
</blockquote>

However, an economic package would mean that the government may have to push its target of reaching 3.2% of fiscal deficit by the end of the current fiscal year.&nbsp;

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Reuters said that fiscal deficit, given the stimulus, could reach 3.7% at the end of March 31, 2018. India's fiscal deficit at the end of March 31, 2017 stood at 3.5%.&nbsp;

Investors, naturally, are not very amused by the news and this reflected in India's sovereign bonds rates and rupee's value as against the American dollar on Thursday September 21, 2017.&nbsp;

Fiscal deficit is the difference between a country's expenditure and earning. The bridge is capped by way of borrowings and hence the impact on interest rates on government bonds and rupee.&nbsp;

Madan Sabnavis, Chief Economist at Care Ratings said that presently private investment is down and hence the only entity which can spend is the government. Within governments, states have their issues with Fiscal Responsibility and Budget Management (FRBM) norms and hence it is the centre which can &nbsp;plug the gap.&nbsp;

<blockquote>
"50 bps increase in fiscal deficit i.e. from 3.2 to 3.7% will involve around Rs 80,000 crore which will help. But for accelerated growth we need private investment to step up, which will come only with a lag."
</blockquote>

Kavita Chacko, Economist at Care Ratings believes that the amount should be around 0.5% of India's Gross Domestic Product.&nbsp;

V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services, said, "Fiscal stimulus should be, ideally, increased spending in infrastructure. For finding the resources for the stimulus, the government can slacken the fiscal deficit target of 3.2 % this year and maintain it at the previous years level of 3.5%."

Sabnavis believes that additional borrowing will be entailed in case fiscal deficit goes up by 50 bps. While GST and better tax compliance will get more revenue, there is a shortfall already on account of lower RBI transfers by around Rs 30,000-35,000 crore.&nbsp;

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Hitesh Jain, Associate Vice President – Research, IIFL Wealth Management, said, "With Central government’s July end Gross fiscal deficit already standing at 92.4% of actual to budgeted estimates for FY18, there is certainly a question on how government will play the role of an economic savior. However, we sense that higher government spending will continue, after rising 21% during FY17. In fact, government final consumption expenditure during Q1 of this fiscal year increased 17.2% (yoy). The incumbent regime is garnering courage from projections of higher tax revenues, steady foreign capital inflows and likely disinvestment of various PSUs."

Having similar views, Aditi Nayar, Economist at ICRA, said, "A targeted programme that addresses concerns raised by exporters, particularly regarding procedural issues related to GST, as well as other businesses, could be instituted to shore up sentiment and economic growth."

Economists believe that one area which needs investment is infrastructure.

<blockquote>
Nayar, Chacko and Sabnavis said interventions to boost infrastructure spending, particularly in areas such as affordable housing, could be considered.&nbsp;
</blockquote>

Jain said focus should be accentuated on job creation through incentives to various industries. "It is widely reported that the government might boost affordable housing or incentivise exports to stimulate the overall economic activity. There is also a need to revive household spending, which showed signs of slowing down during Q1 of this fiscal year," he said.&nbsp;

Vijayakumar said that initiative from RBI is required. "Another 25 basis points cut in policy rates is warranted since inflation is within RBI’s target of 4 % for March 2018."

The 6% appreciation in rupee this year so far has hurt exports and accelerated import substitution. The pickup in consumption in recent months has led to higher imports rather than higher domestic production as evidenced by the spike in non-oil, non-gold imports. rupee appreciation is singularly responsible for this, he said, adding, "Perhaps more than the rate cuts, India now needs rupee depreciation."

India's GDP (Gross Domestic Product), which is a sum total of all goods and services produced in the country in a given period, dropped to a three-year low at 5.7% in three months ended June 2017.


Economic stimulus on its way but where should it be spent? 

Whenever we talk about "investment" it is generally looked as a long-term one as nobody discusses the investment for short-term.&nbsp;

Whether it is mutual funds, equities or any other financial instrument, most of the financial planning is done for long-term goals.&nbsp;

But what about short-term expenses? Should that be ignored? Here comes Short-term funds into picture.&nbsp;

Short-term financial goals require as much careful planning and regular investment. The difference is the time you stay invested.

People who have regular income or monthly income, save for short term goals via Recurring Deposits (RDs) or simply by accumulation money in savings account.&nbsp;

Amol Joshi of PlanRupee said, "Mutual funds have a product with similar characteristics - liquid or Ultra short term funds. These funds have no equity exposure, very less interest rate volatility and no lock-in period or exit load. Many liquid funds help you save money via a smart-phone application as well. You can save/invest via a click on your smart-phone and amount can be redeemed too, via an app. Using liquid funds in such a convenient manner can be effectively used to plan and meet short term goals."

Mutual funds are not only the easiest way to invest in the market, they are also among the most secure and have the potential to yield the highest returns. If you are looking at mutual funds, entering the industry via Systematic Investment Plan (SIPs).&nbsp;

Ajit Narasimhan, Category Head - Savings and Investments, BankBazaar.com said, "You can take the SIP route not only for long-term investments but also short-term ones. You can invest in short-term and ultra-short-term debt funds, liquid funds, etc. through an SIP."

Ultra short term funds, also known as liquid plus funds, are the new popular investment option which investors can benefit from, due to their growing interest rates.&nbsp;

Ultra short term funds are basically those funds which allow you to invest in fixed-income instruments which are characterized by a very short maturity period and easy liquidity. These instruments carry a far lower interest risk as compared to long term investments.

Ultra short term debt funds will ordinarily yield annualized returns between the rates of 4.5% to 7%. If you, as an investor, are looking to invest in ultra short term debt funds for a time frame that is below a year, then, it is advised that you opt for the dividend option. This will help ensure that you receive better post-tax returns.

So, do not think mutual funds as only long-term option, invest for meeting short-term goals too.

Short-term financial goals require as much careful planning and regular investment. The difference is the time you stay invested.


Not RDs or savings account, short-term funds can help you with short-term expenses

Investing in any financial instrument is not as easy as it sounds. In fact, when it comes to money, nobody likes to take any chance.&nbsp;

But, should that "fear" of loosing money stop you from investing? No, it shouldn't.

To balance out the risk factor, Mutual Funds come into picture.&nbsp;

Mutual Funds&nbsp;is still a new financial product for Indians but now the awareness has been increasing due to various educational/awareness creation initiatives as well as due to ‘Mutual Fund Sahi Hai’ campaign.&nbsp;

Sharing a data, Amol Joshi of PlanRupee said, on data points, total banking deposits in the county are in excess of Rs 100 lakhs crores and mutual funds manage just over Rs 20 Lakhs Crore, making mutual funds about 20% of total banking deposits size.

Though Mutual Funds has been managed by experts, one as an investor should also know how to pick a fund.

Sharing few tips, Ajit Narasimhan, Category Head - Savings and Investments, BankBazaar.com said, "Pick a good fund with a healthy track record and stay invested for the long term. Don’t merely look at short-term performance while choosing a fund. If a fund has underperformed in the short term, examine the fund’s holdings and check the reasons for under performance. Do not take hasty decisions while reviewing the scheme."

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Moreover, Mutual funds come with administration and fund management charges. Higher the charges, lower your gains. So evaluate the expense ratio of the fund before you invest.

Further, another factor which needs to be looked at is the "Risk appetite".

Giving an example Joshi said, "For instance in Equity MFs; markets being at an all time high, returns across all time frames (1 year, 3y, 5y, 10y) look positive. It however must not be ignored that equity markets can be volatile and in such phase the investments may actually show negative returns.&nbsp;

"Now, over long term equity markets do recover and so does an investment, but the difficult phase of negative returns needs strong conviction and staying power. Lower NAV is temporary loss (loss on paper only), if one sells during down phase it becomes permanent loss. Hence commit to equity MFs knowing your risk appetite and only for medium to long term goals," Joshi added.&nbsp;

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The last factor which needs to keep in mind is the "asset allocation".

Research has proven that asset allocation contributes largest part of return over long term. Get your asset allocation right, in terms of Debt and Equity percentage.&nbsp;

In your 20s and 30s, long-term equity should be a major part of your investment portfolio. However, as you near retirement, you should move to debt funds.

So, invest in mutual funds wisely and pick up your fund which suits your goals the best.&nbsp;

<blockquote>
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</ul>
</blockquote>

Mutual Funds&nbsp;is still a new financial product for Indians but now the awareness has been increasing due to various educational/awareness creation initiatives as well as due to ‘Mutual Fund Sahi Hai’ campaign.&nbsp;


Mutual Funds: This is what you need to keep in mind while picking a fund

Global tensions kept the domestic markets highly volatile in past one month. Where NSE Nifty crossed 10,100-mark on August 1 and BSE Sensex touched 32,000-mark in mid-July raised a lot of hopes among equity investors.&nbsp;

On Friday, markets opened lower after another missile launch by North Korea dampened sentiments. However, till noon, Sensex, Nifty maintained their high-levels.&nbsp;

At 1412 hours, Sensex was trading at 32,217.47, down 24.46 points or 0.08% while Nifty was trading at 10,067.70, down 18.90 points or 0.19%.

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According to Pragnesh Jain, AVP Technical Research - Institutional Equities, Systematix shares, "Sustainability above 10350 is required for further upside, failure of which can lead to a sideways to correction in Nifty. Failure to break &amp; close above 10137-10150 zone decisively can see a dip back towards 9980-9960 levels where immediate support lies. Below 9960, further weakness can be seen. 
&nbsp; 
"Sensex – While Nifty is almost at its recent life time High, Sensex is nearly 1% far from its respective life time High. The current up-move can extend towards 32500-32700 levels where resistance is seen. A breakout above this will lead to further upside towards 33100-33200 levels in the short term. Failure to break 32700 decisively can see a sideways to corrective move," Jain added.&nbsp;

Having similar views, Motilal Oswal in its daily market outlook report said, if Nifty sustains below 10050 then only a profit booking could be seen towards10000-9980 zones while on the upside a decisive move above10138 could commence the next leg of rally towards 10200 levels.

Till now, in 2017, Sensex touched a high of 32,686.48 and lowest at 26,447.06 (which was in the beginning of the year). Which means, the benchmark gave a return of nearly 23%.&nbsp;

While, NSE Nifty gave return of 24.6% where it touched highest at 10,137.85 and lowest at 8,133.80 in these nine months of the year.&nbsp;

<iframe frameborder="0" height="400" scrolling="no" src="https://docs.google.com/spreadsheets/d/e/2PACX-1vSS_m9cRllK1iDAPAK4PULZv-69gDLxxDtmB_Vh3VKiHkgAcavw7iGUVghJz0EH5pNfoHs-MOB169IC/pubchart?oid=1092641980&amp;format=interactive" width="100%"></iframe>

Moreover, if you look at the stocks performance, this year there shares which gave returns in the range on 13-47 times more than Sensex in 2017.

Here's a list of stocks which ave robust returns to its investors, as shared by Amit Goenka, Analysts at Multibaggerstocks.co.in:

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Indiabulls Ventures gave the highest return of 1375% in nine months. The shares of the company touched highest at Rs 295 per piece and lowest at Rs 20 per piece.&nbsp;

Goenka said, "Expect nifty to be between 8000-8500 before the end of the current financial year. A major correction has been due for a long time. I am bearish on the markets starting October 2017."

Disclaimer: This story is for informational purposes only and should not be taken as an investment advice.

At 1412 hours, Sensex was trading at 32,217.47, down 24.46 points or 0.08% while Nifty was trading at 10,067.70, down 18.90 points or 0.19%.


10 stocks that gave 13-47 times returns in 2017; Do you own any? 

Marking the 10th anniversary, Cupertino-based tech giant Apple on Tuesday evening launched iPhone X, which was the highlight of the event. Along with it, the company also launched iPhone 8 and iPhone 8 Plus.

Apart from the features, what grabbed the attention was pricing of these phones in India.&nbsp;

This is how it is: Apple iPhone 8 price in India will start at Rs 64,000 for the 64GB variant of the iPhone 8. Apple iPhone 8 with 256GB storage will cost Rs 77,000. The iPhone 8 Plus will start at Rs 73,000 for 64GB storage and Rs 86,000.&nbsp;

Apple iPhone X will cost Rs 89,000 in India for the 64GB variant while the 256GB version will cost Rs 102,000. The iPhone X launches officially on November 3.

<blockquote>
With this costing, for Indians, you can spend that much of money over a luxurious vacation, or buy gold or try clearing your EMIs and so on.&nbsp;
</blockquote>

Those who want to own a premium phones can surely go ahead while spending whooping Rs 1,02,000 amount. But, isn't it a better option to invest this much money and double it.

Here comes Systematic Investment Plan (SIPs).

Investing in Mutual Funds is always advisable despite the risk factor it carries. If you invest a big amount in mutual funds at one go, you can earn robust returns.&nbsp;

Now, look at this scenario. For instance, you are spending Rs 1,02,000 on a phone which you will be using for say six years. But, what if you put the same amount in SIPs for the same time period.&nbsp;

If you park lump sum of Rs 1,02,000 for six year and considering the expected rate of return of 15% per annum, at the time of maturity you will get back Rs 2,35,932. The amount is more than double and your earning on investment will be Rs 1,33,932.&nbsp;

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Isn't this a better option. So, before you head towards any Apple store, do think about SIPs and double your money.

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	<li><a href="http://www.zeebiz.com/personal-finance/news-mutual-funds-lump-sum-or-small-amount-which-one-should-you-choose-for-long-term-investments-22422" target="_blank">Mutual Funds: Lump sum or small amount, which one should you choose for long-term investments?</a></li>
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</blockquote>

Apple iPhone X will cost Rs 89,000 in India for the 64GB variant while the 256GB version will cost Rs 102,000. The iPhone X launches officially on November 3.


Why to spend Rs 1,02,000 on an iPhone, when you can double it by investing

For Indians, festivals are just an excuse to shop. Buying gold, new car or planning an international trip, the festive season comes with list of expenses.&nbsp;

Amid all the expenditure, you need to start planning the finances now! What is interesting during the festive period is "discounts and offers" which can help you in going overboard with expenses.&nbsp;

Ajit Narasimhan, Category Head - Savings and Investments, BankBazaar.com, said, "The first step is to make a budget and stick to it. Budgeting is at the heart of money saving exercises. Take stock of how much money you have by calculating the amount left in your account after deduction for EMIs and other utility bills."

At the same time, it is important to plan your Credit Card expenditure too by deciding how much Credit Card debt you can manage in future. Once you have zeroed in on an amount that you can spare for your festival shopping, stick to that budget.

Next, make a shopping list. Make a note of all the things you want to buy right from clothes for family, crackers for kids, furniture for home, gifts for friends and relatives, among others.&nbsp;

"Once you are done with the shopping list, start purchasing only the items mentioned in the list and refrain from impulsive buying. If you stick to your shopping list, the chances of overshooting your shopping budget will be smaller," Narasimhan added.

Check for the best deals when you shop. Do a thorough market research to find the best offers available. It is not necessary that the best deals are only online. You may actually get some really good offers offline in stores and showrooms as well.&nbsp;

Try to get your hands on discount coupon codes when you shop online as it will save you a great deal of money when you add up all the small savings on each and every purchase.

So, keep your shopping bags ready and grab all the offers this festive season.

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</ul>
</blockquote>

It is important to plan your Credit Card expenditure too by deciding how much Credit Card debt you can manage in future. Once you have zeroed in on an amount that you can spare for your festival shopping, stick to that budget.


Festive season coming soon, are your finances ready?

The biggest hindrance to investing money in order to make it grow is the fear of losing it.&nbsp; 
&nbsp; 
To overcome the fear, we start saving money by putting it in 'safe' instruments like banks, fixed deposits, or in the form of gold.&nbsp;

If you consult any financial advisor, they will say invest in some financial instruments.&nbsp;

We tell you five simple ways how you can save more and not lose out your hard-earned money:

1. Start investing early: This is not something you might be hearing for the first time. However, we still not follow. But it is utmost important to start investing as soon as you get your first salary.&nbsp;

This way you will get enough time to manage finances for your long term. The early you start investing, more returns you will get at the time of maturity. Simplest way is investing in Systematic Investment Plan (SIP) through Mutual Funds. It will help you in developing habit of investing and saving money.

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2. Needs vs Want: This is very important to consider for someone who is a fresher and recently got a job. When your salary comes, naturally you want spend on parties and buying something which you want but not need.&nbsp;

Try to separate both: what you actually need like a house may be say 15 or 20 years later or a secured retirement life. But, at the same time you want to buy a gadget costing around Rs 50,000. So, isn't it better to save that Rs 50,000 for your house or for emergency?

3. Consider "Risk" factor: While you are investing money, always consider what all risk could be possible. Firstly, make sure your family is fully secured if anything happens to you.&nbsp;

Also, at the same time, create an "emergency" corpus which can be useful at the time of uncertainities.&nbsp;

Another factor you need to keep in mind is inflation. Your returns on investment should balance out after including the inflation.

4. Focus on your long term goals: For instance, your short term goal is to save for your child's education . Like every other expense, education fees will also increase over time. So the sooner you start, the easier would it be for you to save up enough to fund your child’s education

But, amid all the education planning, you must not forget that you are getting old too and the age of retirement is getting near with each passing year. That is your long term goal.&nbsp;

Do not compromise on your own retirement planning because you were too busy saving for your children.&nbsp;

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5. Stay invested: In a hurry to get money, the biggest mistake we commit is withdraw money early. For investing, you need patience. The power of compounding money works only if we stay invested for a long period.&nbsp;The early you pull out money, less returns you will get.&nbsp;

With these five tips, you can easily save more without losing your money.&nbsp;

Disclaimer: This story is for informational purposes only and should not be taken as an investment advice.&nbsp;

<blockquote>
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</blockquote>

We tell you five simple ways how you can save more and not lose out your hard-earned money.


Financial Planning: Five tips to help you overcome the fear of losing money 

The savings account rate is at its lowest making it one of the most unfavorable financial instrument to park money. However, it can be an opportunity for other products to grow.&nbsp;

One such product which is the immediate peer savings account when it comes to liquidity and flexibility is Liquid Mutual Funds.&nbsp;

ICRA in its research report titled "Opportunity for mutual funds to sell low-risk products to capitalise on savings rate cuts" said that as the private banks are slashing the savings rate, it has created an opportunity for liquid mutual funds to tap into retail savings, by providing an avenue for parking surplus liquidity while earning a premium over savings rate.&nbsp;

Liquid funds are short-term debt mutual funds where an investor has the option to park one's fund for few days or months and earn returns for the holding period as per market rates.&nbsp;

According to research agency, the liquid funds, which offer the advantage of easy accessibility at the time of maturity and easy redemption, are expected to gain prominence as an alternative tool as retail investors also increase usage of the available benefits of liquid schemes.

"The growth in the individual investor base for mutual funds had hitherto driven the growth in equity assets under management (AUM) while the individual investors’ interest in the liquid schemes was limited. The cut in savings rate below 4% may result in emergence of liquid mutual funds as a direct alternative to savings deposits and lead to greater individual investor participation in this asset class," ICRA said.

[[{"fid":"23422","view_mode":"default","type":"media","link_text":null,"attributes":{"height":281,"width":1026,"class":"media-element file-default"}}]]

If we look at the calculation, putting money in liquid funds at this moment can give you 78% more returns than that by savings account.&nbsp;

For instance, you deposit Rs 10 lakh in savings account and the same amount in Liquid funds. At present rate of interest in savings deposit is 3.5% while liquid funds' is 6.25%.&nbsp;

According to ICRA calculation, the annual return by savings deposit will be Rs 35,000 while by liquid funds will give you Rs 62,500. Which means 78% more returns given by liquid funds.&nbsp;

Further, if you look at Income Tax rate, in case of savings account, the rate depends on tax slab and tax rebate on interest up to Rs 10,000. However, in case of liquid funds, the tax rate depends on the short term capital gains which decides the tax slabs.&nbsp;

Considering income tax rate at 30%, which will be Rs 7,500 in case of savings account and Rs 18,750 in case of liquid funds. Even then, post tax return by savings deposit will be Rs 27,500 while by liquid funds would be Rs 43,750, which is nearly 60% more.&nbsp;

[[{"fid":"23423","view_mode":"default","type":"media","link_text":null,"attributes":{"height":296,"width":1033,"class":"media-element file-default"}}]]

Karthik Srinivasan, Senior Vice President and Group Head - Financial Sector Ratings, ICRA Limited said, “Liquid schemes have reported annualised returns in the range of 6.5% to 7.0% over the last one year; the returns have however moderated to 6.25% to 6.50% over the last five months on the back of declining repo rates. These schemes have provided 2.75% to 3.00% higher pre-tax returns, on an annualized basis, than savings accounts."

With the arbitrage between liquid mutual funds and savings rate and that between liquid mutual funds and bulk deposit rates likely to continue, the pace of incremental inflows into liquid mutual funds is expected to increase over the near to medium term, the research agency added.&nbsp;

Liquid mutual funds to be more favorable than savings account, Icra says

The government has collected Rs 92,000 crore from the new tax regime Goods and Service Tax (GST) in just 60 days of its roll out.&nbsp;

GST which was rolled out on July 1 has garnered just 38.38 lakh returns, which the government said was hardly 64% of the total expected filings.&nbsp;

The government said that excluding the taxpayers who have registered with the GST Network in August 2017 and the composition dealers, total number of tax payers who were required to file the returns for July 2017 were 59.57 lakhs, of which, till yesterday, 38.38 lakh returns have been filed.

While the government is counting notes, it is time for taxpayers to shift to next return form. According to ClearTax, the deadline for the next GST Return form GSTR-1 for the month of July is September 5. Which means, the taxpayers have just six days to submit this form.&nbsp;

<h3>What is GSTR-1?</h3>

GSTR 1 is a monthly return that should be filed by every registered dealer. It contains details of all outward supplies i.e sales. GSTR-1 has a total of 13 sections.&nbsp;

The GSTR 1 filed by a registered dealer is used by the government to auto populate GSTR 3 for the dealer and GSTR 2A for dealers to whom supplies have been made. GSTR-1 should be filed even if there is nil returns to be filed (no business activity) in the given taxable period.

What is important to note is that GSTR 1 once filed cannot be revised. Any mistake made in the return can be revised in the next months return. It means that if a mistake is made in September GSTR 1, rectification for the same can be made in October’s &nbsp;GSTR 1.

<h3>Details of GSTR-1</h3>

On August 29, the government on its official GST twitter handle had said, "GST is a set of auto-populated returns. Only GSTR-1 is to be filed and remaining two parts would be mostly auto-populated."

There are 11 deatails which needs to be provided while filing this form. Here are those:

1. Provide GSTIN (provisional id can also be used as GSTIN if you do not have a GSTIN)

2. Legal name of the registered person

3. Aggregate Turnover in the preceding Financial Year and for April to June 2017: Aggregate Turnover is total taxable supplies made. This excludes purchases on which tax is paid under reverse charge, exempt supplies and export of goods or services.

4. Taxable outward supplies made to registered persons (including UIN-holders): All B2B supplies should be mentioned in this section.

5. Taxable outward inter-State supplies to un-registered persons where the invoice value is more than Rs 2.5 &nbsp;lakh &nbsp;

6. Zero-rated supplies and deemed exports: All type of zero-rated supplies, exports, deemed exports (supply to SEZ, EOUs) has to be mentioned under this head. A registered dealer has to give details of invoice, bill of export or shipping bill.

7. This section contains a rate wise summary of all sales made during the month: All sales including sales made through e-commerce operator has to be mentioned here. Also separate mention of supplies made through e-commerce operator should be declared here.

8. Nil-rated, exempt and non-GST outward supplies: All the other supplies whether nil rated, exempt or non-GST which has not been reported under any of the above needs to be reported under this head.

9. Amendments to taxable outward supply details furnished in returns for earlier tax periods in table 4, 5 and 6 (including current and amended debit notes, credit notes, and refund vouchers): Any correction to sales data submitted in the return of previous months pertaining to registered dealers can be done by filling in this section.

10. Amendments to taxable outward supplies to unregistered persons furnished on returns for earlier tax periods: This point is for making correction to regarding details of unregistered dealers both B to B and B to C provided in earlier returns.

11. Consolidated Statement of Advances Received or adjusted in the current tax period, plus amendments from earlier tax periods. 
&nbsp;

Six days left to file GSTR-1 form for July; 11 details you need to provide

Season 7 popular TV show "Game of Thrones" has just concluded. Fans of the show are still coping up with the fact that they have to wait for two years, this time can be utilised for learning financial lessons from the show.

Yes, you read it right. Game of Thrones can teach you a lot about managing your finances.&nbsp;

Consider this "throne" as your financial goal. The goals which you need to achieve over a period of time.&nbsp;

Here are five financial tips:

1. Pay your debt:&nbsp;

If you have been following the show, one thing which House Lannister believes is "A Lannister always pay his debts".

Financial lesson: Always pay back your debts without any delay. In today's time, taking loans from bank has become a necessity simply because owing anything without bank's help is always out of budget. Whether to buy a car, home or opt for higher studies, you are piled with multiple loans.&nbsp;

The thing to remember here is do not borrow huge amount which is out of your budget. Once you took the loan, do pay its monthly EMIs without fail.&nbsp;

<iframe allowfullscreen="" frameborder="0" height="400" src="https://www.youtube.com/embed/XpfoWAiNHgk" width="100%"></iframe>

2. Trust worthy financial adviser:&nbsp;

In the show, you can see a lot of betrayals, whether it is by family members or friends. Every character backstabs the other character simply to sit on the "throne".

Financial lesson: Make sure your financial adviser does not betray you. While investing or buying a property, every individual tend to take advice from someone who is an expert in that segment.&nbsp;

What needs to keep in mind is that adviser should be trustworthy. For instance, take a case of mutual funds. What makes this financial instrument special is that your invested money is managed by an expert. However, this could become your nightmare if that adviser is not aware about the funds.&nbsp;

3. Women are better finance managers:&nbsp;

Whether it is Cersei Lannister or Darnerys Targaryen, women plans for the future and ready for any emergency situation.&nbsp;

Financial lesson: Women are better money managers simply because they are more inclined towards saving money. With the saving habit you are more secured and ready to face any kind of emergencies where money is required. This way you are balancing the risk factor.

Apart from saving, you should now also look at growing money by investing it into financial instruments. This way, they you will be able to earn regular returns too.

4. Be ready with emergency funds:&nbsp;

Like in the show, you never know when you have to leave your "house" like Starks had to in the first season or told to leave the "house". In both the cases, you have to be prepared.&nbsp;

Financial lesson: You never know about the future and nobody can predict it until and unless you are Bran Stark (a character who can see future). To be on safer side, start building your emergency fund.

Although there is no specific amount that one should be save as an emergency or a contingency fund, one has to factor in personal needs and family circumstances before arriving at a number.&nbsp;

This number (cash in hand, liquid funds like bank account) must include your average essential monthly expenses, such as EMI/rent, school fees, food and essentials, etc.

<iframe allowfullscreen="" frameborder="0" height="400" src="https://www.youtube.com/embed/i5G5OoBxhXU" width="100%"></iframe>

5. Health insurance or disability insurance:&nbsp;

If you are a Game of Thrones fan, when you read the word "disability" two people for sure comes to your mind "Bran Stark and Jamie Lannister".

Financial lesson: Though in India, disability insurance is less heard of, but life insurance could be an option. Make sure you have one because life insurance policies do covers "accident policy" which compensate you in an event where you become disabled and are no longer able to earn.&nbsp;

So, next time you watch any Game of Thrones episode, do notice any financial tip and use it for your own benefit!

<blockquote>
ALSO READ

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	<li><a href="http://www.zeebiz.com/personal-finance/news-just-10-increase-in-yearly-rs-5000-sip-investments-can-help-you-earn-a-crore-heres-how-21981" target="_blank">How a 10% rise in your SIP of Rs 5000 per month can help you achieve Rs 1 crore goal even with lower returns</a></li>
	<li><a href="http://www.zeebiz.com/personal-finance/news-thinking-where-to-invest-this-is-how-you-can-diversify-your-portfolio-22446" target="_blank">Thinking where to invest? This is how you can diversify your portfolio</a></li>
</ul>
</blockquote>

Game of Thrones&nbsp;fans&nbsp;are still coping up with the fact that they have to wait for two years, this time can be utilised for learning financial lessons from the show.


Five personal finance lessons from Game of Thrones that you must not miss

Prime Minister Narendra Modi's dream scheme "Pradhan Matri Jan-Dhan Yojana" completed three years. In 2014, Modi had announced this financial scheme on the eve of Independence Day.

<blockquote>
Congratulating the beneficiaries, Modi on Monday said, "Today, Jan Dhan Yojana completes 3 years. I congratulate the crores of people, particularly the poor, who benefitted from this initiative. Jan Dhan Revolution is a historic movement to bring the poor, downtrodden and marginalised into the financial mainstream."
</blockquote>

On Sunday, while addressing the nation over his radio programme 'Mann Ki Baat', he had said in the last three years 30 crore families have been linked to Jan-Dhan Yojana and Rs 65,000 crore has been deposited in their accounts.&nbsp;

"We have connected 30 crore new families to it, opened new accounts. This number is more than the population of several countries," Modi had said.

While the government is cheering on completion of three years of the scheme, here's a look at its journey:

What is the yojana?

Starting with, Pradhan Mantri Jan-Dhan Yojana (PMJDY) is "National Mission for Financial Inclusion" to ensure access to financial services, namely, Banking/ Savings &amp; Deposit Accounts, Remittance, Credit, Insurance, Pension in an affordable manner.

Account can be opened in any bank branch or Business Correspondent (Bank Mitr) outlet. Accounts opened under PMJDY are being opened with Zero balance. However, if the account-holder wishes to get cheque book, he/she will have to fulfill minimum balance criteria.

The Zero balance policy was the main highlight of the scheme. To open a Jan Dhan account is free of cost and does not require any amount to be deposited initially. Most savings bank accounts require an initial deposit to open a bank account and also a minimum balance to be maintained on a monthly or quarterly basis.&nbsp;

But with a Jan Dhan account, these requirements are done away with so that anyone can open this account even if they do not have money to deposit right away.

<blockquote>
Interestingly, Ministry of Finance, which runs the scheme holds a Guinness World Record for the highest number of accounts opened in a week anywhere in the world. Over 1,80,96,130 accounts were opened by individuals during the first week of launch of the scheme.
</blockquote>

The collection data

<iframe frameborder="0" height="400" scrolling="no" src="https://docs.google.com/spreadsheets/d/e/2PACX-1vQvhLigz8TmFDCqOXuklmpkg56LUMlKtI8B6Urfs8yESOQvQWetuQ42Z2PDBO_JV4PaTga0dR5bAaDn/pubchart?oid=311566709&amp;format=interactive" width="100%"></iframe>

<iframe frameborder="0" height="400" scrolling="no" src="https://docs.google.com/spreadsheets/d/e/2PACX-1vQvhLigz8TmFDCqOXuklmpkg56LUMlKtI8B6Urfs8yESOQvQWetuQ42Z2PDBO_JV4PaTga0dR5bAaDn/pubchart?oid=530483242&amp;format=interactive" width="100%"></iframe>

If you look at the above chart, number of beneficiaries added has been growing consistently. The scheme has managed to attract nearly 18 crore account holders in the very first year. The number increased to 24.10 crore in the second year and touched 30 crore in the third year.&nbsp;

With the increase in number of accounts, the total balance in accounts also jumped. In the first year, the scheme collected Rs 22900.68 crore which doubled to Rs 42094.24 crore in the second year. By the third year, it was at Rs 65844.68 crore.

Demonetisation impact

The scheme gained a lot of limelight during demonetisation.

On November 8, 2016, Modi in a surprise move had announced the ban on Rs 500 and Rs 1000 notes with immediate effect had given a thrust to new account opening under the PMJDY. Within 100 data after demonetisation, the nuber of accounts under the scheme rose by 2.26 crore and the collection by Rs 19,000 crore.&nbsp;

<blockquote>
At the beginning of the demonetisation process, the zero-balance accounts stood at 23.27 per cent of the total deposits. It came down to 22.84 per cent by November 30. After 100 days of demonetisation, the zero-balance accounts stood at 24.86 per cent.
</blockquote>

The share of such accounts was 37.16 per cent of the total as of November 4, 2015. However, it fell to 28.87 per cent by February 24, 2016, as reported by Business Line.&nbsp;

However, if you look at the data from October to November 2016 saw an over Rs 30,000 crore rise in deposits in Jan Dhan accounts, withdrawals are slowly inching up.

As on March 22, 2017, deposits under Jan Dhan stood at Rs 63,101.48 crore, down by 15.09% from Rs 74,321.55 crore in November 2016.

People started withdrawing money from their Jan Dhan acccounts even before demonetisation drive could end on December 31, 2016.&nbsp;

Moody's Investors in one of its report said, &nbsp;“Although, there has been rise in banks deposit on the back of this note ban drive, the agency expects it to increase by only around 1% to 2%, compared to before demonetisation, with cash remaining the dominant means of retail transactions.”

From insurance to mobile banking facilities

If you look at the scheme overall, the scheme brought the purview of banking to all citizens of the country; irrespective of their financial status or regional location. As it was aimed to help the economically weaker sections of the society and for them to become financially confident, the scheme offered a range of benefits.

<blockquote>
In case of loans, any individual whose Jan Dhan account completes 6 months are eligible to obtain loans of up to Rs.5000. Although the loan amount seems insignificant as compared to that offered as standard loan by various banks, but is quite substantial when we think of the economic status of individuals that this scheme was aimed at uplifting.&nbsp;
</blockquote>

In case of mobile banking facility which was common in private and public banks, was still new for the customers below peverty line, which was the target audience of the scheme. This step was ensure that even people from rural areas and those from the unorganized sector have access to quick and convenient banking options. The idea behind this feature was to innovate as much as possible to ensure financial inclusion as well as financial security to as many Indians as possible.

This feature also pushed the "digitalisation" scheme of the government. The government aims for cashless economy giving a rise to digital transactions. Hence, with mobile banking facilities, the scheme managed to attract people for e-financial transactions.&nbsp;

In case of Insurance, the &nbsp;a lot of people who could not have availed insurance out of their own pocket. The scheme offers a life cover of Rs.30,000 to customers who comply with certain norms of the scheme and offers Rs.2,00,000 as insurance sum in the event of death due to accident.

Apart from these facilities, the scheme offers RuPay debit car for easy withdrawals of money from ATMs and an Overdraft facility of Rs 5000.&nbsp;

<blockquote>
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	<li><a href="http://www.zeebiz.com/india/news-cash-balance-in-jan-dhan-accounts-at-its-lowest-since-october-14295" target="_blank">Cash balance in Jan Dhan accounts at its lowest since October</a></li>
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</ul>
</blockquote>

On Sunday, Prime Minister Narendra Modi&nbsp;had said in the last three years 30 crore families have been linked to Jan-Dhan Yojana and Rs 65,000 crore has been deposited in their accounts.&nbsp;


Pradhan Mantri Jan-Dhan Yojana completes 3 years today; here's a look at its journey

Investing money is not an easy task especially when you are a beginner. Business tycoon Warren Buffett had once said, "Wide diversification is only required when investors do not understand what they are doing."

Unlike earlier times, now a days the investors are flooded with various financial instruments where they can easily park their money. But, the question is "Where to invest?"

This totally depends on your financial goals and how much "risk" you are ready to take.

Here, we try to give you a glimpse of how you can allocate assets and where should you invest:

For instance, your age is in the range of 21-30 years and you are at early stage of your career. Considering that, you can presently, take "Medium" risk.

As investments should be for long-term and as you are a beginner, it would be advisable to take investment horizon for above 10 years.&nbsp;

<iframe allowfullscreen="" frameborder="0" height="400" src="https://www.youtube.com/embed/L-XSVGo6wMs" width="100%"></iframe>

This what how you should allocate your assets:

Based on your above specifications, you should invest 25% into debt and 75% in equity.&nbsp;

[[{"fid":"23302","view_mode":"default","type":"media","link_text":null,"attributes":{"height":436,"width":804,"class":"media-element file-default"}}]]

Divinding it into further, in debt instuments: 12% into be your Long Term fixed income, 8% into debt funds and just 5% should be your liquid cash or bank fixed deposits.&nbsp;

Under equity investment, 22% should go into small and mid cap companies and rest 53% should be invested into Large cap companies.

[[{"fid":"23303","view_mode":"default","type":"media","link_text":null,"attributes":{"height":446,"width":826,"class":"media-element file-default"}}]]

So, think wisely before investing your money and diversify your portfolio to generate returns from each instruments and balancing the risk factor.

Disclaimer: This story is for informational purposes only and should not be taken as an investment advice.

<blockquote>
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	<li><a href="http://www.zeebiz.com/personal-finance/news-how-investing-rs-6000-per-month-can-make-you-crorepati-21784" target="_blank">How investing Rs 6,000 per month can make you "Crorepati"</a></li>
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	<li><a href="http://www.zeebiz.com/personal-finance/news-long-term-investments-this-mutual-fund-gave-over-100-return-in-five-years-20951" target="_blank">Financial Planning: A mutual fund that doubled your money in five years</a></li>
</ul>
</blockquote>

Thinking where to invest? This is how you can diversify your portfolio

Making our money grow through investments like mutual funds and systematic investment plans (SIPs) are a good way to begin but are deeply dependent on the performance of stock markets.&nbsp;&nbsp;

Giving out huge amount towards investment at the early stage of earning is tough because the income is less too. But, the amount can be increased with the rise in income. Which means, if you are starting with Rs 500 per month in one year, this amount should rise by 10% every year to Rs 550 per month.&nbsp;

This is how it works.&nbsp;

For instance, you enter into SIP for an amount of Rs 5000 per month and for the time period of 20 years. Your total investment amount comes to Rs 12 lakh (Rs 5000* 240 months).

Considering rate of return at 15%, at the time of maturity, you will get Rs 75,79,775. This means, your earning on investment is Rs 63,79,775.

[[{"fid":"23143","view_mode":"default","type":"media","link_text":null,"attributes":{"height":478,"width":715,"class":"media-element file-default"}}]]

However, look at another situation. What if you increase the investment amount by just 10% every year.

When you are putting Rs 5000 per month in SIP, you increase it to Rs 5500 per month from next year. Which means, for that year, your investment will be Rs 66,000 (5500* 12 months). So your total amount for two years will be Rs 1,26,000 (Rs 60,000 in first year + Rs 66,000 in second year).

Like this way, if you keep on increasing the investment amount by 10% every year for 20 years, your total amount into SIP will be Rs 23,40,000.&nbsp;

Keeping the rate of return same at 15%, at the time of maturity, your returns will be Rs 1,14,84,899 (Rs 1.14 crore approx). Your earning on investment will be Rs 91,44,899.

[[{"fid":"23144","view_mode":"default","type":"media","link_text":null,"attributes":{"height":394,"width":787,"class":"media-element file-default"}}]]

Hence, with the minor increase in investment, can make give you crores!

Disclaimer: This story is for informational purposes only and should not be taken as an investment advice.&nbsp;

<blockquote>
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</ul>
</blockquote>

Investing in Systematic Investment Plans (SIPs) can help you in giving high returns with marginally increase in investment amount every year.&nbsp;


How a 10% rise in your SIP of Rs 5000 per month can help you achieve Rs 1 crore goal even with lower returns

Following India's largest bank State Bank of India (SBI), eight private banks have cut the interest rates of savings account within a week.

SBI, on July 31 had slashed the pricing for under Rs 1 crore saving deposits by 0.50% to 3.5%. After which, major banks, HDFC Bank, ICICI Bank, Axis Bank and five other banks followed the trend.&nbsp;

<iframe allowfullscreen="" frameborder="0" height="400" src="https://www.youtube.com/embed/_KZAEXBcrL8" width="100%"></iframe>

[[{"fid":"23052","view_mode":"default","type":"media","link_text":null,"attributes":{"height":357,"width":806,"class":"media-element file-default"}}]]

Savings account, which is considered as the most basic financial product, has become a new "tool" for the banks to reduce liquidity post demonetisation period. It is best suited for salaried employees or people with a monthly income.&nbsp;

Savings account become a better option if the interest rate is high. Which means, with banks reducing the savings account rate, small saver will have to face "bad times" ahead.&nbsp;

Till now, savings account was earning interests in the range of 4-8%. Now, it has reduced to the range of 3.5%-5%, which is the lowest since six years.&nbsp;

This news has come as a major drawback for small savers. On one side, before the roll out of Goods and Service Tax, the government had disappointed small savings schemes such as Kisan Vikas Patra and public provident fund by 10 basis points. On the other, now the banks have cut the rates on savings account to as low as 3.5%.

Time to move ahead?

Generally, small savers prefer to put their money in savings account or any low-risk small savings instruments like KVP, National Savings Certificate, Sukanya Samriddhi Account, PPF. However, these schemes still offer higher interest rates as compared to savings account.

Moreover, as compared to savings account, even payments bank and fixed deposits (FDs) offer more interest rates.

Here's a list of financial instruments which have higher interest rates:

[[{"fid":"23051","view_mode":"default","type":"media","link_text":null,"attributes":{"height":298,"width":774,"class":"media-element file-default"}}]]

<blockquote>
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</ul>
</blockquote>

Eight major banks have cut the interest rates on savings account to as low as 3.5%. For savings account, higher interest rates are considered better option. This reduction will majorly impact the small savers.


Hitisha Jain