A.S. Manickam & Co

A.S.MANICKAM & CO
wishes it's Patrons
A MERRY CHRISTMAS

Wishing a Prosperous Financial Year 2025-26.
SHARED:
DIFFERENCE BETWEEN BUSINESSMAN AND ENTREPRENEUR

The terms "businessman" and "entrepreneur" often get tossed around as if they mean the same thing, but they actually represent different ideas and mindsets. Let’s break down the key differences between the two:

1. Definition and Focus

-Businessman:
A businessman is usually someone involved in commercial activities, primarily focused on managing established businesses. Their main job revolves around handling resources, boosting profits, and sticking to tried-and-true business models.

- Entrepreneur:
An entrepreneur, on the other hand, is someone who spots opportunities and takes the leap to create new ventures or improve existing ones. Their attention is on innovation, taking risks, and turning ideas into successful businesses or products.

2. Risk Attitude

- Businessman:
Businessmen generally take a more cautious approach to risk. They often prefer stable, established markets and tend to optimize existing processes rather than diving into uncharted territory.

- Entrepreneur:
Entrepreneurs are usually more open to taking risks as they aim to create something fresh or shake up existing markets. They’re often willing to take calculated risks to chase innovative ideas.

3. Innovation vs. Management

- Businessman:
While businessmen might make improvements, their main role is often about effective management and operational efficiency within existing structures. They usually focus on sustaining and growing the business through conventional methods.

- Entrepreneur:
Entrepreneurs are often viewed as innovators, motivated by a desire to tackle problems or fulfill unmet needs in the market. They prioritize creativity and innovation to come up with

4. Vision vs. Ex*****on

- Businessman:
A businessman usually works within a set vision or framework, focusing on executing that vision effectively. They might not be the ones who came up with the original business idea, but they play a crucial role in keeping things running smoothly and profitably.

- Entrepreneur:
Entrepreneurs, on the other hand, often develop their own vision and take charge of making it a reality. They actively steer their businesses and make key decisions that can influence the entire industry.

5. Motivation

- Businessman:
For many businessmen, the drive comes from achieving financial success and stability. Their main objectives often center around generating profits, increasing market share, and maintaining a competitive edge.

- Entrepreneur:
While entrepreneurs also aim for financial success, their motivations often run deeper. They might be fueled by a passion for their ideas, a desire to make a difference, or a commitment to social change. Their goals can include personal fulfillment or addressing societal challenges.

6. Growth Orientation

- Businessman:
Businessmen typically concentrate on steady growth within their established markets, optimizing operations to ensure ongoing success. Their strategies often involve gradual scaling and sticking to tried-and-true methods.

- Entrepreneur:

Entrepreneurs usually set their sights on rapid growth and scalability, constantly on the lookout for ways to shake up industries and dive into new markets. They’re often quick to adjust their strategies based on what the market tells them.


In summary, while both businessmen and entrepreneurs are vital to the economy, their approaches, mindsets, and definitions are quite different. Businessmen tend to focus on managing established companies and optimizing for success, while entrepreneurs prioritize innovation and risk-taking to create new ventures or transform existing ones. Recognizing these differences can shed light on the various ways individuals contribute to economic growth and progress.

As we embark on our 88th year, we extend our sincere gratitude to our patrons for their unwavering support in reaching this significant milestone.

Established on the 1st of February, 1938, we deeply appreciate your ongoing commitment and encouragement.

Due to Rains,
our Outlet will be closed today- 30th November,2024.

Due to Rains,
our Outlet will be closed today- 15th Oct 2024.

The GST Department has in few cases raised the issue of time barring (Sec. 16(4)) but when the Supplier has filed Return Late.

9th installment of "How to Handle Show Cause Notices," and today we will cover time barring for fault of your supplier.

Link to Read this article:-Click here

Issue:

Your Supplier has filed their GST Returns after the Due Date (let's say after September). These cases are mostly when your Supplier filed their return in Amnesty Scheme.

Now Department has issued to deny you ITC because of your Supplier's fault.

Is this valid?

Facts and Solutions:

A person avails ITC as per Section 16(2) where 4 conditions were mentioned:

1. He has Tax Invoice

2. He has received Goods or Services or Both

3. Tax has been paid to the Government

4. Return has been furnished.

In Point 3, there is no prescribed time line for payment of tax. S.16(4) is applicable on your claim i.e. you should have claimed the Credit (you claim credit by filing GSTR-3B) by or before 30-Sep return.

Note: For FY 2017-18 the date to claim credit was extended to Mar'19.

Honourable Supreme Court in Union of India vs Bharti Airtel Ltd. (2021) has held that the common portal is only a facilitator to feed or retrieve such information and need not be the primary source for doing self assessment.

Rule 36(4) was introduced on 09-Oct-2019 which restricted claim of credit to certain percentage of ITC visible in Form GSTR-2A.

This itself means that before this date there was no restriction on credit to be visible in Form GSTR-2A.

Sec. 42 provided for matching, reversal and reclaim of ITC mechanism and provisions.

As per S.42(3) it is the Department's liability to intimate the Supplier for any mismatch.

But there is no provision in these cases to recover money directly from Recipient for Supplier's fault.

The Madras High Court in M/s D.Y. Beather Enterprises vs The State Tax Officer (Data Cell) Investigation Wing (2021) has held that when the Supplier has collected tax from the purchasing dealer, the omission on the part of the seller to remit the tax in question must have

been viewed seriously, and strict action ought to have been initiated against the Seller, not the Buyer. The Department shall recover the default GST Liability from the Defaulters and not from the recipient, which will be an additional burden to them as a genuine taxpayer.

GST Council's Press Release dated 04-May-2018 the recipient shall be eligible to claim ITC even in case of non-matching and will not be allowed ITC in case of non-compliance by the Seller.

Let us appreciate the fact that even in case of non-payment of Tax by the seller the position is to allow ITC credit whereas in this case there is not non-payment but delay of payment of tax by the seller. Sec.16(4) is applicable to my claim i.e. I have to claim ITC by S.16(4).

In whole GST Law there is no mandate for denying of ITC to the recipient for delay in uploading of details by the Supplier.

I hope you will find today's discussion useful and valuable.

In the battle for GST Simplification and Reforms

Your Friend

Abhishek Raja Ram

A.S. MANICKAM AND CO, wishes it's Patrons
A Happy Ramzan

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UV light from nail dryers may cause cell death and DNA damage. #Science #Biology #Research #Health

https://www.caclubindia.com/articles/details.asp?mod_id=51403

20-Point Checklist for GST & Income Tax for Trade & Industry at FY 23-24 Year-End In this article, we will go through a 20-point checklist for GST and income tax compliance which are required to be done in March and April so that the tax compliances can be adequately taken care of.

18 GENIUS IDEAS TO DECORATE BORING WALLS Timestamps:00:36 How to use a sweater03:07 Awesome wall decor07:45 Decorate your walls with wires------------------------------------------------------------...

We are stepping into the 87th YEAR.
Thank you Patrons
for the support to reach this milestone. Estd: 01st of February, 1938.

Wishing a prosperous
New Year 2024
to our patrons.

.. asmanickamco