Truong My Lan is a businesswoman aged sixty-seven years, recognized for her significant contribution to real estate. She leads the board of Van Thinh Phat which is a well-known company constructing luxury properties. In October 2022, during Vietnam’s fight against corruption, she was arrested.

What is the Case against Truong My Lan?

• Charge: It is alleged that this woman has been part of an enormous fraudulent scheme worth $12.5 billion that accounts for approximately 3% of Vietnamese GDP in 2022.
• Connection: She had ties with the bank merger in 2011 where Saigon Joint Commercial Bank (SCB) was joined by two other banks after Nigeria’s central bank intervened.
• Claims: Between 2012 and 2022, it is claimed that SCB was effectively used as her own personal moneybag through “phantom companies” resulting in losses estimated at $27 billion. Additionally, she has been accused of offering bribes to government officials.
• Co-accused: Truong Hue Van who happens to be Truong My Lan’s niece and CEO of Van Thinh Phat has been convicted for assisting Lan in her crimes and she will spend seventeen years behind bars as per the judgement.

Legal Action Against Truong My Lan:

• Punishment: For financial crimes committed in Vietnam, a rare decision of the death penalty was given to Lan.
• Court’s View: The court said that the trust between the public and Truong My Lan had been destroyed by what happened

Truong My Lan’s Life Secrets

• Early days: Lan was born in 1956 and she helped her mother to manage a beauty shop in Ho Chi Minh City.
• Her professional experience: In 1992, she established Van Thinh Phat and made it become one of the most famous real estate firms in Vietnam.
• Private Life: Lan is married to Eric Chu Nap-kee, who is a Hong Kong investor. The two have been blessed with two daughters.
• Business exploits: Her company which owns properties such as Sherwood Residence Hotel, Times Square Saigon, Capital Place office building and Windsor Plaza Hotel are among other few top class properties located within Ho Chi Minh City

Vietnam has always been dedicated to fight against corruption and uphold financial integrity even when it may involve influential business heads as shown by this case.

Amazon Business is an e-commerce platform tailored specifically for businesses, offering a wide range of products, bulk purchasing options, business-specific pricing, and features designed to streamline procurement processes for organizations of all sizes.

Why Should Indian Business Owner Create Amazon Business Account ?

Indian business owners should create an Amazon Business account to gain access to a vast selection of products, benefit from business-specific pricing and discounts, streamline procurement processes, enjoy convenient purchasing options, and ensure compliance with GST invoicing regulations, ultimately leading to cost savings, efficiency, and growth opportunities for their businesses. Indian Business Owners get GST invoices for all B2B purchases and they can save up to 28% on Amazon Business.

Benefits of Amazon Business Account

Benefits of an Amazon Business account for Indian businesses:

1. Access to a wide range of products with exclusive business pricing and discounts.
2. Simplified GST compliance with GST invoicing for all purchases.
3. Streamlined procurement process with bulk purchasing options and convenient payment methods.
4. Dedicated customer support tailored for Indian businesses.
5. Business analytics tools for insights into purchasing patterns and cost-saving opportunities.

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In Amazon Business, GST is included in product prices, making them transparent for business users. With a GSTIN, purchases are streamlined, ensuring easier tax management.

How to make amazon business account in India ?

To create an Amazon Business account in India:

1. Visit Amazon Business India website. (Official Website)
2. Click “Create a Free Account.”
3. Provide business details including GSTIN.
4. Agree to terms, verify details, and complete registration.
5. Set up your account preferences.
6. Start shopping for your business needs.

Navigating the world of GST invoicing for business purchases can be daunting. However, understanding its importance and how to leverage it can lead to significant savings and streamlined operations for your business. In this article, we’ll break down everything you need to know about GST invoicing, from its basics to practical tips for maximizing its benefits on platforms like Amazon Business.

Features of Amazon Business Account

Features of an Amazon Business account for Indian businesses:

1. Exclusive business pricing and discounts.
2. Bulk purchasing options with volume discounts.
3. GST invoicing compliance for all purchases.
4. Streamlined procurement processes.
5. Dedicated customer support.
6. Business analytics tools.
7. Convenient payment methods.
8. Extensive product selection.

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What is GST Invoicing?
GST invoicing, or Goods and Services Tax invoicing, refers to the process of issuing invoices that comply with the regulations outlined in India’s GST regime. These invoices detail the goods or services supplied, including the corresponding GST amount charged. They are essential for businesses to claim input tax credit and ensure compliance with tax regulations.

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Why is GST Invoicing Important for Business Purchases?

GST invoicing is crucial for several reasons:

1. Legal Compliance: Registered businesses are required by law to issue and receive GST-compliant invoices for taxable goods and services. Non-compliance can lead to penalties and legal issues.
2. Input Tax Credit (ITC): Businesses can claim input tax credit only if they possess GST-compliant invoices. This credit helps offset the taxes paid on inputs, reducing the overall tax burden.
3. Transaction Verification: GST invoices provide a record of business transactions, including details such as seller and buyer GSTINs, tax amounts, and supplied goods or services. They facilitate transaction verification and auditing.
4. Record-Keeping: Proper maintenance of GST invoices is essential for accurate tax filing, accounting, and auditing processes. They serve as crucial documents for record-keeping and compliance.

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Who Should Issue GST Invoices?

GST invoices should be issued by registered suppliers for taxable goods and services. However, there are exceptions and specific guidelines based on factors such as the supplier’s registration status and the transaction type.

Review from Indian Business man about Amazon Business

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Key Features of GST Invoices:

To ensure that GST invoices are valid and eligible for input tax credit, they must include essential features such as:

• Supplier’s Information: Name, address, and GSTIN.
• Receiver’s Information: Name, address, and GSTIN.
• Invoice Number and Date.
• Place of Supply: For inter-state purchases, it should include the name of the place along with the state and code.
• HSN Code (for goods) or SAC Code (for services).
• Description, Quantity, Unit Price, and Total Value of Goods or Services.
• Taxable Value and Applicable GST Rate (CGST, SGST, UTGST, or IGST).
• Signature of the Supplier or Authorized Personnel.

How to Identify GST-Compliant Products for Business Purchases:
Platforms like Amazon Business offer tools to help businesses identify GST-compliant products:

1. GST Filter: Enable the GST invoice filter to list products that come with GST-compliant invoices.
2. GST Badge: Look for the GST invoice badge on product detail pages to confirm GST compliance.
3. Check for Additional Information: Some products may have GST invoices available but may not offer GST tax credit. Ensure to check for any relevant notifications or disclaimers.

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Maximizing Benefits of GST Invoicing on Amazon Business:

Amazon Business streamlines the process of GST invoicing and offers several benefits for businesses:

• Ease of Filing Input Tax Credit: GST e-invoices make it easy for businesses to claim input tax credit, reducing overall tax liabilities.
• Significant Savings: Businesses can save up to 28% on purchases with GST-compliant invoices, leading to substantial cost savings.
• Streamlined Procurement: GST invoices simplify tax filing and auditing processes, ensuring compliance and efficient record-keeping.
• Legal Dispute Resolution: GST invoices serve as proof of transactions, aiding in resolving any legal disputes related to product quality or purchases.

Conclusion:

Understanding and leveraging GST invoicing is essential for businesses to ensure compliance, maximize savings, and streamline operations. Platforms like Amazon Business offer tools and features to simplify the process, making it easier for businesses to access GST-compliant products and enjoy the associated benefits. By following the guidelines outlined in this article, businesses can navigate GST invoicing with confidence and reap its rewards.

Wipro’s Thierry Delaporte has stepped down as MD and CEO of the company. According to the statement from the tech chiefs, Srinivas Pallia will be the new CEO of Wipro.

Recently, a significant change has taken place in the Indian technology company Wipro. Their technology chief and CEO, Thierry Delaporte, has stepped down. Srinivas Pallia has been named as the new CEO in this position. India’s fourth-largest tech major said in its statement on Saturday that Srinivas Pallia, who was the CEO of the company’s Americas 1 region, will take over as the new CEO and MD for five years from April 7, 2024. Srinivas Pallia is a Wipro veteran and has been at Wipro for more than three decades.

Thierry Delaporte will step down as CEO effective May 31, 2024. “The Board of Directors takes note of the resignation of Mr. Thierry Delaporte with effect from April 6, 2024,” Wipro said. “He will be relieved from the employment of the Company with effect from the expiry of the business tenure on May 31, 2024.”

Wipro chief executive officer (CEO) and managing director (MD) Thierry Delaporte has stepped down from his post, the tech major informed Stock Ratings in a certified filing on April 6. Srinivas Pallia replaces Delaporte as the new MD and CEO of Wipro.

Thierry Delaporte defended his leadership style in an interview, saying that Wipro Limited would return to “great levels of growth” as market conditions improved. Delaporte, who took over as Wipro boss in July 2020, also said in the interview, “There is nothing inside the company that tells us that there are fewer development technicians now than there were two years ago.” So, there is no doubt that when the market goes back up, we will be back to a greater level of growth.” He said, “During my tenure as CO and MD, we have led a significant transformation inside the company, which has not only promoted financial growth but also had a positive impact on our partners, goals, and ideologies.”

Following the news of Thierry Delaporte’s resignation, questions have been raised about the stability and instability of the company. Without his influential leadership, how Wipro’s future moves forward is a question being pondered over. The next few months at Wipro will see a reassessment of its representational capabilities under Pallia’s leadership as the new CEO. With this change, there is also a possibility of a change in the basic structure of the company. Among Wipro’s competitors, the impact of this change is being analyzed to see what kind of result it has on their market shares.

In conclusion, despite the initial shock, the decision by the company’s board to appoint Srinivas Pallia to a senior position is a major step towards a sustainable and smooth transition. Now, under the new leadership of the CEO, Wipro can inspire its factions to move in a new direction and build a positive relationship with their enterprise and chemistry. This example mainly states that leadership is important in big and prominent businesses and without the right leadership, no company can succeed.