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Pre-budget meeting: Tamil Nadu seeks unconditional borrowings of 5% GSDP for FY 2022-23 owing to COVID-19

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Also, Tamil Nadu demanded a comprehensive revival package for MSMEs severely affected by the pandemic induced lockdown besides a roll-back of the 12 percent tax (from 5 percent) for textile and apparel sector.Pre-budget Meeting: Tamil Nadu Seeks Unconditional Borrowings Of 5% GSDP  For FY 2022-23 Owing To COVID-19

With the States incurring huge expenditure to combat the COVID-19 pandemic with substantial reduction in revenues, the Tamil Nadu government on Thursday sought the Centre to permit State borrowings of 5 percent of the GSDP without any conditions for 2022-23 fiscal. Also, Tamil Nadu demanded a comprehensive revival package for MSMEs severely affected by the pandemic induced lockdown besides a roll-back of the 12 percent tax (from 5 percent) for textile and apparel sector.

Addressing the pre-budget consultation meeting with finance ministers of States and Union Territories, chaired by Union Finance Minister Nirmala Sitharaman in the national capital on Thursday, Tamil Nadu Finance Minister P T R Palanivel Thiagarajan said the Union Government's pre-conditions for availing additional borrowing limit of 1 percent (0.5 percent for capital expenditure and 0.5 percent for power sector reforms) of the GSDP, adversely affects the State finances and its patterns of expenditure.I urge the Union Government to permit the States to borrow unconditionally within the prescribed limits. Further, as the States have incurred huge expenditure to fight COVID-19 with substantial reduction in revenues, I urge the government to permit borrowing of 5 percent of GSDP without any conditions for 2022 – 23 fiscal, Thiagarajan stressed.

ALSO READ: Govt extends FY'21 GST annual return filing deadline till February 28

Pointing out that the second COVID-19 wave had severely affected the MSME sector in Tamil Nadu due to closure during the lockdown, loss of demand, disruptions in supply chain and shortage of labour, the Minister called upon the Centre to develop a comprehensive revival package for MSMEs including concessional credit, loan moratorium and deferment of statutory dues. These, he argued was because the full benefits of the series of stimulus measures already announced by the Centre has not reached the last mile. A special infrastructure support scheme for creating export related to MSMEs may be announced, he said and wanted the Centre to reexamine the policy of SIDBI and include State Finance Corporations in extending low-cost funds for the benefit of the MSMEs.

Expansion of the VOC port in Thoothukudi with Outer Harbour project including dredging of upto 17 m draught in order to reduce dependency on Colombo port to trans-ship Indian goods, expediting the final sanction by the Cabinet Committee on Economic Affairs for Chennai Metro Rail Phase II project for a 50:50 equity share between Tamil Nadu and the Centre, release of adequate funds for speedier execution and completion of railway projects pending in the State, funding for the National Institute of Pharmaceutical Education and Research (NIPER) project and waiver of customs duty on wood imported for an international furniture park to be set up in Thoothukudi were among the projects which Thiagarajan hoped would be accommodated in the union budget.The Union Budget is an integral part of fiscal federalism and has assumed even greater significance at a time when the finances of all States are under severe stress due to the COVID-19 pandemic, Thiagarajan said and added that recognising the importance of adequate fiscal resources and autonomy, the fathers of the constitution provided States with some powers of taxation and mandated a sharing of taxes between Union and States.

This original balance which was already skewed against true fiscal federalism has been skewed even further towards the Union over a period of time. The increased levy of cesses and surcharges, which do not form part of the divisible pool of taxes, has adversely affected the transfer of resources to the States, he claimed.Cesses and surcharges as a proportion of the Gross Tax Revenue of the Centre have almost tripled from 6.26 percent in 2010-11 to 19.9 percent in 2020-21. In effect, States are deprived of a share in approximately 20 percent of the revenue collected by the Union. If these taxes were added to the divisible pool, the States would have obtained an additional transfer of approximately Rs 1.5 lakh crores as their share from the pool of central taxes in FY 2021-22.

While the share in taxes is a legitimate right and provides the State the autonomy to cater to local needs and aspirations, the grants-in-aid are discretionary and tied funds. This greatly impinges on the federal structure enshrined in the Constitution. I strongly urge the Union Government to merge the cesses and surcharges into the basic rates of tax so that the States receive their legitimate share in devolution, he said.

Govt extends FY'21 GST annual return filing deadline till February 28

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"The due date for furnishing annual return in FORM GSTR-9 & self-certified reconciliation statement in FORM GSTR-9C for the financial year 2020-21 has been extended from 31.12.2021 to 28.02.2022," the Central Board of Indirect Taxes & Customs (CBIC) tweeted.

GST Annual Return Filing Deadline for FY 2020–21 Extended Till February 28,  Says CBIC | LatestLYThe government on Wednesday extended till February 28 the deadline for businesses to file GST annual returns for 2020-21 fiscal ended March 2021.

"The due date for furnishing annual return in FORM GSTR-9 & self-certified reconciliation statement in FORM GSTR-9C for the financial year 2020-21 has been extended from 31.12.2021 to 28.02.2022," the Central Board of Indirect Taxes & Customs (CBIC) tweeted.

GSTR 9 is an annual return to be filed yearly by taxpayers registered under the Goods and Services Tax (GST). It consists of details regarding the outward and inward supplies made or received under different tax heads.

GSTR-9C is a statement of reconciliation between GSTR-9 and the audited annual financial statement.

Furnishing of the annual return is mandatory only for taxpayers with aggregate annual turnover above Rs 2 crore while reconciliation statement is to be furnished only by the registered persons having aggregate turnover above Rs. 5 crore.

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How to Invest in Crude Oil [A Beginner's Guide] | Sharetipsinfo

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There are a variety of options for investors to gain exposure to oil as a financial asset. These alternatives, which range from investing directly in oil as a commodity to gaining indirect exposure to oil through the ownership of energy-related stocks, ETFs, or options contracts, all come with varying degrees of risk. A broker or an online brokerage account can be used to purchase each of these investment types.

Oil as an Asset

Because oil is the source of so much of the energy we use, it is an economically and strategically important resource for many countries. Large stocks of crude oil are held by countries like the United States for future usage. Changes in oil stock levels are reflections of patterns in production and consumption, and the measure of these reserves serves as a signal for investors.

Aside from supply and demand, investors and speculators bidding on oil futures contracts have also influenced oil prices. Commodity-linked assets are held by many big institutional investors presently participating in the oil markets, such as pension and endowment funds, as part of a long-term asset allocation strategy. Others, such as Wall Street traders, trade oil futures for very short periods of time in order to profit quickly. Some analysts believe these speculators are to blame for large short-term volatility in oil prices, while others say their impact is minor.

Oil Investing Directly

One direct means of owning oil is to acquire oil futures or options. Futures are very volatile and carry a high degree of risk. Furthermore, futures trading may involve lengthy research as well as a significant financial expenditure.

Investing in commodity-based oil exchange-traded funds is another option to directly own oil (ETFs). ETFs are exchanged on a stock exchange and can be purchased and sold just like stocks.

Oil Investing Through Indirect Means

Energy-sector ETFs, such as the iShares Global Energy ETF (IXC),5 and energy-sector mutual funds, such as the T. Rowe Price New Era Fund, can also provide indirect exposure to oil (PRNEX). 6 These low-risk energy-specific ETFs and mutual funds invest largely in oil and oil services companies' stocks.

Conclusion

Oil is one of the most volatile investment commodities accessible. Every day, traders and investors in the oil market have a plethora of options. Oil, on the other hand, is a risky investment due to its volatility. As a result, it is recommended that you hire an financial advisor to assist you in making oil investments based on technical analysis.

India’s business resumption hits fresh record high: Nomura

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The Nomura India business Resumption index touched yet another high of 119.8 for the week ended 26 December versus 116.4 in the prior week, 20 basis points higher than the pre pandemic level, the Japanese financial holding company said on December 28.

Business resumption hits record high, regains mojo after 2-week fatigue:  Nomura

The data suggest that the economy remains on recovery path despite fear of surging omicron cases, tightening policy by central bank and inflationary pressure.

Last week, amid rising cases of omicron, many state governments imposed night curfew which will remain until the first week of January.  Further, the Union government has announced booster doses for frontline workers and senior citizens along with vaccination for children aged between 15-18 from January.

The current restrictions appear primarily targeted towards new year festivities, but if these get extended into January, they may affect mobility and delay the recovery in contact-intensive services. However, a more pandemic resilient economy should cushion industry, broader services, and agriculture, supporting overall growth” Nomura Research said in its report.

The number of Omicron cases risen to 578 in India and at least 151 patients recovered, the government said on Monday. It reported 6531 new coronavirus cases and 315 deaths on Monday.

Mobility continued to improve, led by the Google workplace (5.6 percentage points over the week) and Apple driving indices (11.5pp), even though the Google retail & recreation stayed largely flat (-0.1pp).  The labour participation rate inched lower to 40.7% from 40.9% in the prior week, while power demand rose by 2.5% week on week against 3.2% previously.

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Share Market Closing Note , Indian Stock Market Trading View For 27 Dec 2021 - Sharetipsinfo

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Benchmark indices erased previous session losses and ended higher with Nifty closing near 17,100.

Closing Bell: Day Trading, Money Manager and Investor News

At close, the Sensex was up 334.86 points or 0.59% at 57,459.17, and the Nifty was up 92.50 points or 0.54% at 17,096.30. About 1944 shares have advanced, 1285 shares declined, and 124 shares are unchanged.

Tech Mahindra, Cipla, Dr Reddys Laboratories, UPL and Kotak Mahindra Bank were among the top Nifty gainers on the Nifty. Losers were Hindalco Industries, Britannia Industries, IndusInd Bank, ONGC and Grasim Industries.

Among sectors except metal, all other sectoral indices ended higher with pharma index gained 1 percent. The BSE midcap index and smallcap indices ended in the green.

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Topic :- Time:3.00 PM

Nifty spot if manages to close above 17040 level then expect some upmove in coming sessions and if it closes below above mentioned level then some sluggish movement is likely to be seen. Avoid open positions for tomorrow.

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Topic :- Time:2.00 PM

Nifty is trading in green zone now. Nifty spot if manages to trade and sustain above 17080 level then expect some quick upmove and if it breaks and trade below 17740 level then some decline can follow in it.

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Topic :- Time:1.45 PM

Just In:

IIFL HFL Disbursed loans of over ₹ 3000 crore

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Topic :- Time:1.45 PM

New York sees increase in hospitalized children as Omicron hammers US:

With Omicron cases on the rise, New York health officials have reported an increase in hospitalized children, as the White House promised Sunday to quickly resolve the United States Covid-19 test shortage.

The New York State Department of Health warned of an upward trend in pediatric hospitalizations associated with Covid-19, in a statement Friday.

In New York City, it identified four-fold increases in Covid-19 hospital admissions for children 18 and under beginning the week of December 5 through the current week, it said.

Approximately half of the admissions are younger than five, an age group that is vaccine ineligible, the department added.

The number of Covid-19 cases in the United States is on the rise, with an average of nearly 190,000 new infections daily over the past seven days, according to figures from Johns Hopkins University.

The arrival of the new Omicron variant, compounded by holiday celebrations that typically include travel and family reunions, have caused a rush on tests in the United States, where it is difficult to get one in many locations.

Top US pandemic advisor Anthony Fauci on Sunday acknowledged a Covid testing problem and vowed to make more tests available to Americans next month.

One of the problems is that thats not going to be totally available to everyone until we get to January and there are still some issues now of people having trouble getting tested, Fauci told ABC News.

But we are addressing the testing problem, he added, saying it should be corrected very soon.

On Tuesday, President Joe Biden announced a raft of new measures as the United States battles its latest Covid surge, including shipping half a billion free home tests in the wake of the Christmastime testing crunch.

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Topic :- Time:1.30 PM

NATURALGAS Trading View:

NG is trading at 286.50.If it breaks and trade below 286.00 level then expect some decline in it and if it manages to trade and sustain above 287.40 level then some upmove can follow in it.

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Topic :- Time:1.10 PM

Important Alert:

1. RBI says RBL Bank well capitalised, financial position satisfactory

2. RBL Bank has financial strength, capital for growth ahead: Interim CEO Rajeev Ahuja

3. RBL Bank must fix its books, leadership to win back investor confidence

4. Saraswat Bank chairman, seven more booked in cheating case in Pune

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Topic :- Time:1.00 PM

Nifty is rangebound however it is trading in positive zone now. Nifty spot if manages to trade and sustain above 17080 level then expect some quick upmove in the market and if it breaks and trade below 17040 level then some decline can follow in the market.

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Topic :- Time:12.30 PM

COPPER Trading View:

COPPER is trading at 754.20.If it breaks and trade below 752.50 level then expect it to fall till 748-749 levels and if it manages to trade and sustain above 755.50 level then some upmove can be seen in it.

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Topic :- Time:12.00 PM

Nifty is highly rangebound. Nifty spot if manages to trade and sustain above 17040-17050 levels then expect some quick upmove and if it breaks and trade below 17000 level then some decline can be seen in the market. Traders are advised to wait for some movement before taking big positions.

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Topic :- Time:11.30 AM

News Wrap Up:

1. Sensex, Nifty remain choppy; Private banks worst hit

2. BL Bank tanks 20% as Vishwavir Ahuja goes on leave

3. Air Indias return flight to Tatas may get delayed due to pending approvals

4. Adani Group nears first coal shipment from shunned Australian mine

5. Foxconn India plant shut for 3 more days after week-long closure: Report

6. Kabra Extrusion surges 16% on Rs 100 crore capex plan for its battery unit

7. TBO Tek files papers with market regulator to raise Rs 2,100-crore via IPO

8. MFs add Rs 7 trn to kitty in 2021; Omicron possible red flag for 2022

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Topic :- Nifty Opening Note

Indian Stock Market Trading View For 27 Dec,2021:

Consolidation expected in the market. Global cues and omicron threat will act as trend decider for the week.

Nifty spot if manages to trade and sustain above 17040 level then some upmove can follow in the market and if it breaks and trade below 16980 level then some decline can follow in the market. Please note this is just opening view and should not be considered as the view for the whole day.

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At least 70% young students face learning poverty for shut schools, says World Bank

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This generation of students risks losing $17 trillion in lifetime earnings in present value, or about 14 percent of today’s global GDP, as a result of COVID-19-related school closuresAt Least 70% Young Students Face Learning Poverty For Shut Schools, Says  World Bank

More than 70 percent of 10-year-olds in low and middle income economies have slipped into a learning poverty because of the pandemic, risking $17-trillion loss in lifetime earnings for the generation, according to a World Bank estimate.

It will have a lasting impact on future earnings, poverty alleviation, and reducing inequality, the World Bank has said in a note.

One of the devastating impacts of COVID-19 on the poor and vulnerable can be seen in the field of education. It dealt a severe blow to the lives of young children, students, and youth and further exacerbated inequalities in education, the World Bank wrote.

“Due to prolonged school closures and poor learning outcomes, recent World Bank estimates document that increases in learning poverty – the share of 10-year-olds who cannot read a basic text – could reach 70 percent in low- and middle-income countries,” the agency said in a year-end review note. But it did not give country-specific details.

“In response to the deepening education crisis, the Bank has rapidly ramped up its support to developing countries, with projects reaching at least 432 million students and 26 million teachers – one-third of the student population and nearly a quarter of the teacher workforce in current client countries,” it said.

Reiterating how the pandemic has pushed people into poverty, the World Bank wrote that extreme poverty rose in 2020 for the first time in over 20 years and around 100 million more people are living on less than $1.90 a day.

From uneven economic recovery to unequal access to vaccines, from widening income losses to divergence in learning, COVID-19 has had a disproportionate impact on the poor and vulnerable in 2021. It is causing reversals in development and is dealing a setback to efforts to end extreme poverty and reduce inequality.

Explaining the learning poverty among 10-year-olds, World Bank said that out of every 100 students in the age group, 56 were in learning poverty prior to the pandemic and it has now touched 70. Of this 9 percent are schooling deprived and rest learning deprived. It means, only 30 percent are now not in learning poverty.

Earlier this year, the World Bank, UNESCO, and UNICEF had said in a joint report that this generation of students “now risks losing $17 trillion in lifetime earnings in present value, or about 14 percent of today’s global GDP, as a result of COVID-19 pandemic-related school closures.” The new projection reveals that the impact is more severe than previously thought, and far exceeds the $10 trillion estimates released in 2020.

Also Read:- Amit Mitra urges PM Modi to call GST meet to reverse tax hike on textiles

Though the World Bank did not mention anything specific about India, several recent surveys had showed how Indian students have suffered a massive learning loss due to the school closures. Though schools have officially opened in most of the states partly or fully, the attendance continues to be low due to the continued fear of the pandemic.

Amit Mitra urges PM Modi to call GST meet to reverse tax hike on textiles

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In a tweet Mitra said, "Modi Govt will commit another blunder on Jan 1. By raising GST on (man-made) Textiles (from) 5 per cent to 12 per cent, 15 million jobs will be lost and 1 lakh units will close. Modi ji, call a GST Council meeting now and reverse decision before sword of Damocles falls falls on the head of millions of people."

GST Council Meeting Highlights: Should Centre compensate states for loss  from coronavirus? | The Financial Express
Former West Bengal finance minister and now advisor to the state Chief Minister, Amit Mitra on Sunday urged Prime Minister Narendra Modi to convene an urgent meeting of the GST Council to revert a hike in tax on man-made fibre textiles.

In a tweet Mitra said, "Modi Govt will commit another blunder on Jan 1. By raising GST on (man-made) Textiles (from) 5 per cent to 12 per cent, 15 million jobs will be lost and 1 lakh units will close. Modi ji, call a GST Council meeting now and reverse decision before sword of Damocles falls falls on the head of millions of people."

The union government had notified an increase in GST on natural fibre products from 5 per cent to 12 per cent, including apparels in the lower tax bracket with effect from January 1, 2022.

The former finance minister on December 24 at a media meet had urged the Union Finance Minister Nirmala Sitharaman to similarly convene an urgent meeting of the GST Council to rescind the seven per cent tax hike in GST on the textiles sector to prevent job loss and closure of small units.

"If the tax (hike) is not reversed then the impact will be huge with job loss to 15 lakh (1.5 million) people, including those engaged in ancillary industry and closure of one lakh small units. A lot of units will revert to the informal sector, Mitra had told reporters during the meet.

However in his tweet put out on Sunday the job loss figure was placed at 15 million. The total number of jobs in India's textile sector is placed at 45 million by the India Brand Equity Foundation a trust founded by the Ministry of Commerce and Industry.

Mitra had pointed out that the textile trade's natural fibre segment constitutes 80 per cent of the Rs 5.4 lakh crore sector and its net profit margin is between one and three per cent making it vulnerable to any kind of cost increase.

Also Read:- Basavaraj Bommai-led GoM on GST rate likely to submit report by February

The cotton sector is already reeling under 70 per cent inflation, he had claimed, adding that the government estimate of earning an additional Rs 7,000 crore from raising the tax is mythical as a lot of units may shut down as a direct consequence of the tax hike.

He had accused the Centre of not discussing the issue in the GST council before announcing the hike.

India's forex reserves dip by $160 million to $635.67 billion

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The country’s foreign exchange reserves declined by $160 million to stand at $635.667 billion in the week to December 17, RBI data showed on Friday.

India's Forex Reserves Dip By $160 Million To $635.67 Billion

In the previous week ended December 10, the reserves had decreased by $77 million to $635.828 billion.It touched a lifetime high of $642.453 billion in the week ended September 3, 2021.

During the reporting week ended December 17, the dip in the forex kitty was on account of a decline in foreign currency assets (FCAs), a major component of the overall reserves.

FCAs tumbled by $645 million to $572.216 billion, weekly data released by the Reserve Bank of India (RBI) showed.

Expressed in dollar terms, the foreign currency assets include the effect of appreciation or depreciation of non-US units like the euro, pound and yen held in the foreign exchange reserves.

Gold reserves rose by $475 million to $39.183 billion in the reporting week.

 Read Also :- 8 Reasons Why You Need a Financial Advisor

The special drawing rights (SDRs) with the International Monetary Fund (IMF) remained unchanged at $19.089 billion.

The country’s reserve position with the IMF increased by $9 million to $5.179 billion in the reporting week, as per the data.

8 Reasons Why You Need a Financial Advisor

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To appreciate the value of a financial planner, we must first recognise that the fast pace of modern life has left people with little time to spend to themselves. It could be for their physical health, mental well-being, or financial well-being. Parallel to this, the finance and investment business is expanding at a breakneck pace, with numerous new investment possibilities being added to the complicated world of investment and wealth management every year.

In such a situation, a person working hard to make a respectable income may not have the time to devote to the research and study required to invest money wisely or manage his wealth to reap maximum rewards. As a result, a who specialises in coaching people to their financial goals enters the picture.

Financial advisors fall into a variety of groups, each with its own working style. There are certified financial advisors that can give you unbiased investment advice. This can be for capital market investments or for your entire asset allocation.

Then there are certified financial planners, who assist you with your financial planning for a fee, and this is one of the most highly qualified positions because becoming a CFP takes passing an exam and completing a set number of years of practise.

After that, there's a chartered financial analyst (CFA), who focuses on stock markets, mutual funds, and other financial institutions' performance.

There is a distinction to be made here, and you must decide for yourself who you require the most. You may require the services of an investment advisor for a variety of reasons. Let's take a look at a few of the most common.

1. To stay on track with your investment strategy

Investing money is never truly enjoyable until it yields predictable profits on a regular basis. Investing typically reduces the amount of money you would have spent on luxury otherwise. As a result, the temptation to invest that money elsewhere is always present. You'll need a financial advisor to remind you of why you decided to invest in the first place, and to keep you from going astray and spending your money on depreciating assets or indulgences.

2. To Rebalance Your Portfolio

People who do not have access to a financial advisor are more likely to invest their funds and then forget about them. This is a risky practise. Each investment must be constantly monitored and rebalanced on a regular basis. This rebalancing is done for you by a skilled financial advisor, who also maintains track of whether or not all of your investments are producing benefits.

3. To save money on taxes by planning ahead of time.

Nobody enjoys paying taxes, just as no one enjoys investing money. There are numerous schemes, offers, programmes, and investments available that do not require an investor to pay taxes on capital gains or invested funds. A financial advisor is familiar with all of these options and can assist you in planning and saving your taxes in the most efficient way possible.

4. To devise a strategy for distributing your newly acquired wealth

This may appear impolite, but planning for the unexpected is critical, and a financial advisor can assist you in efficiently distributing your assets after your death. This is known as estate planning, and it is done with the help of an estate attorney.

5. To Help You Plan Your Retirement

Retirement planning has risen to the top of the list for millennials who seek to have a good lifestyle after retirement as individuals have become more aware and cautious of their future and guaranteeing a safe and secure living for themselves at all times. One of the most important roles of a financial advisor is to assist you understand how much money you'll need for a pleasant retirement and which investments to use up as you go closer to retirement.

6. How to Control Your Emotions

In the event of a loss, you may find it difficult to think clearly about the amount you invested because it is your hard-earned money. At this point, a financial advisor would come to your aid and assist you in thinking sensibly about your options and making the finest and most unbiased decision for improving your situation.

7. To Conserve Time and Effort

After extensive investigation of all possibilities and all the considerations associated with each investment instrument, putting together a successful investment plan takes a lot of time, effort, and knowledge. When making investment decisions, you must consider everything from the product's prior performance to your risk appetite and investment cash. An investment advisor can assist you in the most effective way possible while also saving you the time and effort required to conduct this study. You merely need to provide the financial advisor with the essential information and your requirements.

8. To provide you a second view on your decisions

Financial advisors have the knowledge and experience to evaluate each investment opportunity as well as a person's present financial and investment status. Even though you've done your due diligence on your investments, a financial advisor, particularly a registered investment advisor and a professional financial planner, can give you with a second view on your investment strategy.

Basavaraj Bommai-led GoM on GST rate likely to submit report by February

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The Chief Minister said this while replying to a debate on the supplementary estimates worth Rs 3,577 crore that was passed in the Karnataka Legislative Assembly today.

Types of GST and everything you need to know about GST | Alankit.com

The Group of Ministers (GoM) on GST rate rationalisation is likely to submit its final report by February, Karnataka Chief Minister Basavaraj Bommai, who heads it said..

The Chief Minister said this while replying to a debate on the supplementary estimates worth Rs 3,577 crore that was passed in the Karnataka Legislative Assembly today.

"I have held two meetings of the GoM so far, there are opposition states also, and I’m happy to say that I’ve been able to take everybody along – CPI, Congress, BJP and others. We’ve been successful in bringing everybody on the same platform, as everybody works for public interest," Bommai said.

He also said that he expects the revenues to go up after the rates are rationalized.At present, there are four slabs – 5, 12, 18 and 28- under the GST.

Noting that he is in the middle of multiple challenges, Bommai, who also holds Finance portfolio said, "there’s the post-Covid recovery that we need to focus on, then there’s the threat of a new wave, the GST compensation regime is ending and our expenditure is rising. I’m in the middle of all this," he said, adding that he wants to focus on solutions.

 Read Also:- Learn investment strategies Before Trading in stock market

He said the state has achieved 67 per cent of the target own-tax revenue collection by the end of November. "The achievement is 71 per cent in commercial taxes, 68 per cent in excise, 66 per cent in stamps and registration and 54 per cent in motor vehicles tax."

"Even during Covid-19, we haven’t fallen behind revenue collection." "There are goods that have a higher tax potential. For example, on arecanut, we got Rs 8 crore excess GST in just one week. Similarly, there are products that have been neglected and we are concentrating on them," he added.

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