Impact of GST on the coworkers and co-working spaces

GST impact on coworking venues and coworkers

GST impact on coworking venues and coworkers

There is less than a week for the roll out of GST and like all other businesses, co-working centers and the coworkers need to gear up to meet the challenge. So are you ready for the transition, here is a quick take that can help you :

Topics Impact on Co-Working Spaces Impact on Coworkers
Registration By now we have most of you have filed the necessary documents to obtain the GST ID. If you have not, well, go to http://gst.gov.in and complete the formality.

Note that all those currently registered under Excise, VAT or service tax laws (along with a few others) need to compulsorily register under the GST Laws. Likewise, if your turnover in the year is likely to exceed Rs 20 Lacs, then go ahead and register now.

Tax Rate So far, the service tax on co-working space services and other allied services was 15%. Under the new regime, this will go up to 18%. Your output tax will depend on the nature of business you undertake, so refer to the tax rates notified under the GST Laws.

On the service charges charged by the co-working spaces, you will now be charged 18% tax, but the good news is you can claim this as input credit irrespective of the nature of business you are in (services, trading or manufacturing)

Input Credit So far, co-working centers could utilize the service tax paid on the input services – property rental, lease line cost etc to offset against the output liability. Now they will be able to obtain the GST credit even on materials used in providing the services – Computers, Housekeeping materials etc. Input credit can now be obtained for all material and services used in your business, including the capital goods.
What’s missing in GST right now. The GST law enacted right now, still leaves a few items outside its scope – of importance to the co-working spaces is Electricity and Diesel. So, the taxes paid on these two will continue to add up to your cost. Most businesses that work out of co-working spaces may not be impacted by the items that are not part of GST.

Surely, your co-working services’ cost would have been lower if fuel and electricity were part of GST.

What’s taxable in the co-working world Taxable:

Service charges for the space, charges for any other services, membership fees, charges for internet services and other amenities. Any reimbursement charged to the coworker is also chargeable to GST.

 Non-Taxable:

Security deposit collected from the coworkers will not be taxable. However, if the deposits are set off against any rental expenses, then the same shall be taxable.


Unregistered Dealers

It is quite common that new co-working spaces will take some time before they breach the limit required for compulsory registration. Likewise, many small enterprises and freelancers who work as coworkers may not be registered under GST. So it’s important to understand the following:

Service Recipient
Registered Unregistered
Service Provider Registered The co-working space shall levy GST on the invoice which will be used by the coworker as input credit Since the coworker is not charging GST on their sales / output services they cannot set off the input GST and hence becomes an expensive
Example: Large co-working space invoicing to a large coworker Example: Large co-working space invoicing to a freelancer / start up
Unregistered In case the co-working space is not registered, but the coworker is a registered dealer, then the coworker needs to pay GST on behalf of the co-working space and then claim the same as input credit. Outside the scope of GST.
Example: A new co-working space invoicing to a large coworker Example: A new co-working space invoicing to a freelancer / start up

Extending the logic of purchasing from unregistered dealers, the co-working space will have to pay GST on purchase of services and goods from small service providers, retailer who are unregistered dealers. So, look up your invoices carefully.

Impact of GST on workspaces

Conclusion

While the idea of GST was well intentioned to reduce the cascading effect of tax, and for more most part it does solve that problem – like the co-working space being able to obtain tax credit on their fixtures that was otherwise lost, the mechanism to operationalize this is complicated.

All registered dealers will now need to file multiple returns – one detailing the output GST generated by them through sales and services, one claiming the input tax on goods and services, and lastly the net payment / refund. Since every business will depend on their service providers to correctly upload the details of the input taxes that they can obtain, you will need the entire supply chain to be equally efficient.

Disclaimer : The purpose this blog is to examine the impact of GST on the co-working ecosystem. This should not be considered as a form of tax advise. Tax Laws are subject to various Rules and interpretation which can differ for different industries. Seek professional advise before acting on any of the issues discussed in the blog.

Effective Marketing Strategies For Your Coworking Space

COWORKING , MARKETING, WORKSPACE

COWORKING , MARKETING, WORKSPACE

Coworking has been around for over a couple of years, but is actually trending in India only NOW. When it comes to finding the best coworking space, your customers are not running pillar to post, searching for one yet!  While that is said, effective marketing of your coworking space includes not just the biblical algorithms that cost money and time. What we have here are some out of the box marketing POAs, where you can make a substantial difference to the number of users walking in within an unfairly short span of time. A recent write up at Shareable talked about the various ways in which popular coworking spaces are channelizing more and more users each day with their unique marketing hacks across the US. Yes, they can be easily incorporated in India as well.

Read on to know more about what we have to share!

1. Target Marketing

Something that is one of the most obvious ways of marketing, but channeled in a complete new avatar. Target marketing is all about not just channelizing your marketing campaigns towards your probable customers, but actually walking out of your comfort zone to speak to people, to listen! One of the best sources of answers to all your questions lies in direct answers from your clients. Go to cafes, offices, public places, communities where people gather to work. Share your ideas, do not just sell your space. Contribute to sharing knowledge on how effectively they can work in an entire new platform. Join them in events and then answer queries on how you got together and what you have to offer. Make a win – win situation for all.

2. Offer Freebies

Nobody is immune to some great freebies. But then, it is not the stationary that is suggested here. A two day free use of your workspace or a couple oh hours extra could be as welcome as a holiday for two (At-least in most cases)!

#COWORKING #MARKETING
Gather your customer attention – effectively!

3. Link In Membership Plans

A great idea towards capturing that regular customer is by offering some economically viable membership plans. When people do come to a workspace, it is often near their residence and backed a strong membership offer, you are certain that they would stay with you for a while!

 

Attractive membership plans are bound to get you STARDOM!
Attractive membership plans are bound to get you STARDOM!

4. Spotlighting Members

A great way of indirect marketing! When you have those weekly, fortnightly or monthly calculations of the best and the most regular user – why not let her know as well? Flash a tweet or a wall post celebrating your most loved and regular user for the week or month. They ought to share that amongst their peers – and there – the name is out!

5. Free Membership to celebs

Might be a go for some, but if you manage to nail it to the T, get a few popular names within the popular segments of corporate genres enrolled within your list of members and watch how traffic pulls in.

6. Virtual Presence

In today’s global business domain when everything is virtual – get in the game as well! Enable social media discussions, organize twitter panel discussions, FB events and groups and attract people on why workspaces are trending. You could be subtle about why you as a space provider is the ideal solution!!

With the virtual world - you can be omnipresent!
With the virtual world – you can be omnipresent!

7. Think Patrons – Think Care

Being a space provider, you need to categorize the your clients or customers. A boon for a freelancer mother – but do you have an option for child care? Ideal work – station for the science olympiad participant  – but do you have the requisites in your private cabin? Perfect workspace for the start-up initiator – what about a quality cable connection?

WORK = PLAY!
WORK = PLAY!

8. Pop – Up Cowork

These days, thinking out of the box is what clicks! So do that. How about having a ‘pop-up coworking zone’ around popular corporate settlements? Provide a temporary office space through quirky tents and colorful desks and watch how just about anybody would love to work on-to-go!

#POPUP WORKDESKS #COWORKING
Making work – FUN!

9. Seminars and courses

Conducting seminars and courses within your coworking space will not just get the word out but also get people accustomed to the amenities provided by you.

10. Map coworking spaces around you

It might sound difficult but then is a sure competitive way to get noticed. Map popular coworking spaces around your city and you get to bank on the trust of your customers!

Try out any or all of the above and watch your business escalate like never before. If you are on a look out for the perfect co-working space for your need, check out Sneed, the ultimate destination for all kinds of workspaces!

Meet all your space needs with SNEED
Meet all your space needs with SNEED

Why Should You Share Your Office?

Why share your office

Why share your office

In the previous blogs, we established that coworking is now a happening trend among many entrepreneurs in India, the same way it is among millions of entrepreneurs around the rest of the world. And ‘that’ is a very good thing!

For the typical entrepreneur, being cooped up in a lonely office cubicle or being confined to the view of the same four walls of one’s home isn’t an idea of a perfect work environment. How can it ever be, if the environment is going to consist of nagging bosses or a television?

If you’re a free-thinker who’s hearing a distant bell ringing in your head while reading these lines, coworking is probably the right choice for you too. Here’s why you should share your office space with similar minds like you, starting right now!

Community
The people you meet at a coworking space are usually entrepreneurs just like you and are likely to share the same views and principles as yours. This helps you create better ideas and get opinions from those who have similar ideologies.

Flexibility in office hours
With a coworking space, you get to come and go as you please.  No more swiping in and out, no more sticking around till the boss leaves, and certainly no more minimum work hours.

Location location location!
With coworking spaces sprouting up like mushrooms all over the big cities of India, you can choose to work from wherever you like. Saving fuel is just the beginning of how beneficial coworking is!

Fuel for the brain

Most coworking spaces come with a pantry. Here, you can treat yourself to some snacks or spruce yourself up with coffee and tea. Combine that with a simultaneous chat with some friendly faces and you’ve got yourself the perfect office environment.

Free of formalities
Unlike permanent offices where you have to put a few months’ worth security deposit down before you can move in, coworking spaces allow easy rental for days, weeks, or months with barely any paperwork.

If this got you excited  about coworking and you need a place to start, try SNEED – The only place you’ll ever want to go to for a coworking space.

sneed logo kushal

Call 080 4098 6060 or visit sneed.in

Upcoming Coworking Cities in India

coworking, India

coworking, India

The trends surrounding the IT industry are almost as fast as the industry itself. The trend of coworking in India is growing at a lightning pace and most of us know the reason for it – more and more conventional employees turning towards freelancing and many entrepreneurs spreading their wings and starting businesses of their own!

Ideally, what would be the first thing one would need after deciding to start a business, apart from the very obvious things like employees, a name for the company and a logo? An office? Yes! A house ‘can’ double up as an office, but only for so long. Before you know it, you’re craving for the convenience of a large screen (projector) and a remote printer. Also, you slowly tend to realize that being around the television or your pet isn’t any good for your productivity.

The whole process of starting a new business and working out of nearby coworking spaces, using them for meetings and discussions is almost similar to gardening. You plant a seed in the right type of soil, feed it the right amount of water, care for it and you will soon see it grow and bear fruits. That’s just how a new company works as well. A coworking space gives new companies the right  platform to build themselves upon.

Coworking, as a practice, is already established in some of the big cities in India. Places like Bangalore, Chennai, New Delhi, Pune and Mumbai already have plenty of good coworking spaces where entrepreneurs can set up their new businesses. One of the ways to look at it is that the coworking trend goes wherever the startup company trend goes.

Let us take a look at the growing coworking trend across India.

coimbCoimbatore
With TIDEL Park housing some of the biggest names in the IT world, it would not come as a surprise if the upcoming league of entrepreneurs and future listed companies take their first step from a  temporary office space. Regus, a coworking offers Srivari Srimath. There are also others like SJA Real Estate seeing a rise in the number of takers.

Chandigarhchandi
In one of India’s most modern cities, while Regus offers Harmony, there are others like StartHub Nation and Wotta Workspace that can give you and your new business a new home and more.

ahmeda

Ahmedabad
Working Company is a big name in Ahmedabad that provides a suitable coworking culture to improve productivity and creativity. Apart from monthly plans, they also offer an option to try them out for a day. Other names are Openxcell Technology Center and Ebony Business Center.

Jaipurjaip
Startup Oasis and Thinkspace are popular coworking spaces in the Pink City. We expect to see many coworking spaces cropping up here in the near future.

Coworking is definitely trending and it is trending all across India. The credit towards this rise goes not just to the many upcoming coworking spaces and the ones already established, but also to the end user – the dreamer – the people on a mission – YOU!  If you’re someone planning to start a new business, we are quite positive that you’ll benefit from working out of a coworking space over your home or wasting precious time and working capital over searching for an office space.

Coming to that, if you are thinking of finding a great coworking space around you, think of SNEED, your one stop shop to a suitable coworking space for you and your business.

When Workspaces Partner With IoT (Internet of Things)

#workspaces #IoT

 

#workspaces #IoT

Imagination has always been the key to innovation. Imagination to create, to avoid monopoly of doing things one way, imagination to minimize time investment, to make things extraordinary – innovation through technology! Things that was once improbable are now available at your desk, your office, your home and your kitchen.

Speaking of technology, the internet and it’s role in our daily life cannot be ignored. Be it robotic presence in the form of actual two legged robots in Japan or a simple ‘Siri’ on one’s iPhone that makes things happen without much effort, technology now has an extended presence in our lives. From surfing through the contents that were once found only in the encyclopedias or other chests of knowledge in the humble ‘Google search’ or creating just about anything with the help of Youtube, the role of the internet technology is immense. Connecting people worldwide and wrapping up board meetings via Skype or simply hiring professionals half way across the globe to meet up your requirements, settling payments across the waves of the internet, these are just the glimpse of the world that is now one of the basics or necessities of our daily life.

When it comes to automation playing a role in our workspaces, the Internet of Things (IoT) has set forth its steps within this realm as well.

Defining an Intelligent Workspace

Be it a smartphone, a smart watch, smart glasses or smart data (cloud computing) – an intelligent office has the ability to observe, create, restore and deliver work with the help of man and machine interaction. Being able to monitor any faults in production or getting notified when supplies are running low, being able to navigate your deliveries or to automate your response to clientele, IoT is all about intelligent working.  Incorporating these elements into your workspace tags it as an intelligent workspace.

When IoT Embraces Workspaces!

Although IoT has it’s presence in most of our homes and kitchens, it’s existence in the workspace segment has touched a another level! Speaking of real life examples of IoT in workspaces, there are global companies that have set yet another benchmark in this genre. Glimpses of IoT are as below:

  1. Sensor controlled Curtains and Lights:  The ability to regulate the intensity of lighting a space, room or larger area with the help of mapping technologies allows offices to hire cost effective measures for their ergonomics. Sensors make use of mapping technology of every square foot of space to make informed decisions as to when to switch on or off the lights based on movements in the area. Curtains can be opened or shut based on remote controlled application on one’s smartphone.
  2. iRobot’s AVA500: In collaboration with Cisco, iRobot’s innovation is a robot that, with the help of inbuilt mapping technology, allows users to conduct and participate in video conferences, tele-conferences with a more than ever realistic presence. These iRobots can be used by iPads and phones and have an inbuilt notification system where in they can docked for charging anywhere within the office premises. Thus, bringing a whole new definition to flexibility, iROBOT is the next move in office automation.
  3. Talking Cushions: Inserting chips within cushions is the new thing. They access who is being seated  and based on their needs that are fed into the system, switch on and off lights, fan, air condition etc.
  4. Google glass: Internet connected glass containing camera, microphone and display, revolutionizing the market.
  5. Wifi enabled bell: You might just be thinking about eliminating the reception staff, but not so soon although this one is quite a thing. Answering the door based on your decision after it send pictures of who is at the door.
  6. Smart Notification software: Knows just when to send you notifications based on how you use your devices.
  7. Air quality managers: The temperatures can not only be regulated to remain even or personalized but also refresh the air within the workspace.

Saving things on the server initially felt a little too forthcoming and an almost security breach issue. But with the advancement of technology and the efficiency promised by the names behind it, cloud computing is now the base of all data storage. The freedom it establishes cannot be matched. Whether it is saving important documents or simply sharing valuable data across servers, cloud computing has become the game changer. The ability to grant access to users from any place across the globe, cloud computing enables the much needed freedom.

Whether its a Meeting room or an Event space, monitoring the security of your workspace via your smart phone with various safety devices is only the beginning. IoT has got its presence in every realm of things today. From whiteboards which are wifi enabled to audio visual devices adorned with the internet to create 3D presence felt during meetings, IoT has made its mark on the way technology is influencing our daily work life. Fetching these services at your work premises might sound like a lump-sum investment but when it comes to the rising trend of co-working, workspaces are established with all these facilities and more to wrap the attention of professionals who are in search for their ideal office space.

#IOT #WORKSPACES #SNEED

#sneednow #SNEED #IOT #COWORKING #Workspace #ondemandSNEED a work space aggregator, another innovation in today’s era of creativity meeting technology, is here to assist you with your ideal work space in the location of your choice at the time of your preference. It brings at your service a plethora of ideal meeting rooms, work spaces that are available at the time you prefer while you travel around the city creating innovations!

‘Meeting’ Traffic Woes!

Sneed to avoid traffic woes

Is traffic making you old

When thinking about work, a couple of things come into mind – office, time in hand, travel, distance and a simple flash of a nightmare – ‘Traffic’! Be it six in the morning or ten at night, the traffic woes in our city, Bangalore is at a constant spree, if not increasing randomly. With the hike in the population, commuters seem to take to the road at all hours. While some people prefer to stay at the office awaiting the peak hours to pass, some MNCs have given a ‘go’ for their employees to ‘Work From Home’. Although this might sound appealing for some, for others it is more of struggle to work at a personal space. Here comes to the rescue a small but growing trend called ‘Coworking‘. In simple words, forward thinkers who have idle spaces, convert them into income yielding workspaces or offices that allow professionals seekIng solitude or inspiration for work, do just that – ‘WORK’! Finding isolation in a private office space for that project with a closing deadline or seeking to mingle with some like minded professionals for your Startup journey, these coworking spaces are here to stay.

‘Work’ Smarter Towards Your Success Story

You might think that searching for an ideal workspace or office like that could involve time and travel just as much, not forgetting the costs involved. To that again there is a mastermind giving respite, the makers call it SNEED.

At SNEED you can find your ideal workspace, based on your preferences be it time, facilities, fees or the location you desire.

Believe it or not, but Bangalore has developed into a hub for coworking with many workspaces coming up in and around the city. Choosing the right kind, with the amenities you seek can seem quite a task. SNEED helps you take a breather by bringing in all the ideal workspaces to your palm with just one click. With over 3000 and more desks in over fifty unique locations, SNEED offers the widest choice of spaces available. Be it a Private desk for a couple of days or a Meeting room for a few hours, a training facility for a month or an event space for a day, you have it all placed before you in detail with the budget you demand and the facilities you seek.

Meet all your space needs with SNEED
Meet all your space needs with SNEED

Pointers To Effective Time Management

1. Centralised Location:

Booking a space based on your and your team mates location is the key. With SNEED you can choose not just the office workspace you desire but you can also select the workspace based on the location you seem fit. Use this facility to make the most of time in hand by selecting a workspace within area proximity. Yes, all zones at Bangalore are covered!

2. Carry ‘Only’ The Essentials:

“You expect me to leave behind my portable router?”

“What?! I don’t need to carry the stationary? Awesome!!!”

“I can go to my ‘office’ without carrying my computer… That’s like ‘wow’!”

Indeed, you can and should do all or some of the above as most of these coworking spaces and business centers at SNEED offer these and many more services like internet, stationery, computers on rent, etc., at their disposal.

3. Skip A Meal? No Issues:

At many coworking spaces, there are cafeterias that cater to your various taste buds. So if you have skipped a meal in order to save time, that is no problem at all. Be it coffee, tea or a complete snack pack, they have managed to gather that as well.

These are the few many out of the plenty in the bag of the host – SNEED. So if it is traffic woes that is troubling you or the need to get away in peace to get your imaginations running, SNEED has your back!

Freelancing – The latest Buzz in the BIZ World!

Freelance AtA Glance! (1)

Today, the latest buzz is all about freelancing! Be it individuals who are in the run to make a mark for themselves or tycoon MNCs, in the current stature of a slowdown, shy of hiring full time professionals and taking to temp hiring for their one-time projects, allowing their share of employees to be able to venture out while still working for them; the tech world is in for some major share of innovation. The aims and needs of professionals have shifted from being a simple workaholic to an innovator and go-getter!

Earlier, the trend took up like a storm in the western part of the world, with almost 34% of the national workforce in the US taking to freelancing and self- employment, and the number only growing rapidly. With the internet culture blooming all around the globe, India has taken a step towards this latest job market that is not just roaring but also pays well. According to a latest study by the Economic Times, top freelancing website quote that Indians seem to be dominating the wave of freelancing culture. Where, Freelancer.com quotes that Indians comprise 38% of all the users on its website, oDesk.com, a popular internet based job market place maintains that Indians have laid hands upon the maximum total man-hours of the projects that have made it on the website, second only to Phillipines. Matt Barrie, CEO, Freelancer.com, quoted in an interview with The Economic Times, “India is by far the biggest freelancing nation in the world.”

Freelancers And Their Space Needs

When thinking about a freelancer, a majority of us chalk up the image of a freckled go-getter, sipping his/her favourite cocoa or hard roasted coffee and using a bean bag as their lab! This image is quite the contrast to what the actual space needs of a freelancer are. Although, in the run for an income in a manner that suits them best, these individuals are the difference makers and and their space needs match their style! Obviously not just a desk and wifi is their requisite, but much more. Here seeps in the current trend of coworking!

Coworking is not just an idea, it is a trend that has not just taken the world by the storm but also matching the current trend of start-ups and ventures where individuals are the masters of their creations! A workplace that matches their thoughts is what they need.

“Like they say, there cannot be anything more risky than playing safe. Today’s breed of entrepreneurs and start-ups identify with the statement. With the ever changing need and call for innovation. people are embracing change. Coworking is such an example, that has redefined workspace. Apart from operating at low cost and providing usage flexibility, such spaces provide the must needed ambience to nurture creativity. While the new gen is seeking for such spaces, many space providers are opening up to cater to this Space Need. Its a win-win situation.” quotes Ankit, Co- Founder, SNEED.

quote by co-founder

Coworking spaces are now booming with a plethora of services that they offer in their aim to catch up with the growing competition that has crept up with the co-working culture. Workspaces, meeting rooms, desks are just the keywords that are used by these companies, where they offer many more attractive working options including lounge spaces, cafes, freshly done eatables, to name a few. Giving individuals an opportunity to interact with like minded people and benefit from networking, coworking is the booming market culture that freelancers have taken resort to. With a minimum cost, the benefits of renting a workspace for the amount of time one needs, in conjunction with the perks of having great aesthetics and some freshly baked refreshments, the idea of coworking is a boon to the space needs of freelancers.

Finding an ideal coworking space can seem to be tedious task, especially when you would rather finish the work in hand than employ time in looking for workspaces. Here kicks in the latest development in the biz world, an entrepreneurial startup that can also be termed as the workspace grid, called SNEED.

www.sneed.in
www.sneed.in

SNEED brings to you a collection of workspaces in the location of your choice, with the facilities of your preference, that can be rented by the hour, day or month. An ideal solution for your workspace hassles, SNEED is the workspace genie you can command at your fancy!