THE BENEFITS OF EMBRACING SUSTAINABLE BUSINESS PRACTICES B

In recent years, sustainability has become a buzzword in the business world Companies across industries are beginning to understand the importance of adopting sustainable business practices. The benefits of such p r a c t i c e s g o b e y o n d environmental stewardship, with c o m p a n i e s a l s o e n j o y i n g improved financial performance and increased customer loyalty. One of the primary reasons for the rise of sustainable business practices is growing consumer demand. Consumers today are m o r e i n f o r m e d a n d environmentally conscious than ever before They expect the companies they do business with t o b e r e s p o n s i b l e a n d environmentally friendly. Sustainability is a term that has become increasingly popular in recent years, as more and more businesses are recognizing the b e n e f i t s o f i m p l e m e n t i n g sustainable business practices. These practices are designed to reduce the environmental impact o f b u s i n e s s e s , w h i l e a l s o improving their social and economic impact. In this article, we'll explore the benefits of sustainable business practices, provide examples of these practices, discuss the steps to implement them, and address the challenges that businesses may face in doing so.

B e n e f i t s o f S u s t a i n a b l e Business Practices

E n v i r o n m e n t a l b e n e f i t s : Sustainable business practices can have a significant positive impact on the environment. For example, by reducing energy c o n s u m p t i o n a n d u s i n g renewable energy sources, businesses can decrease their carbon footprint and help combat climate change. Similarly, through effective waste reduction and management, businesses can minimise their impact on landfills and natural resources These actions can contribute to a cleaner, healthier planet for current and future generations. Social benefits: Sustainable business practices can also have a positive impact on local communities. By engaging in environmentally responsible practices, businesses can improve their relationships with local residents and reduce the impact of their operations on the employee can improve staff morale and retention rates, which can ultimately lead to a more p r o d u c t i v e a n d s a t i s f i e d workforce.

Economic benefits: Sustainable business practices can also have significant economic benefits. By reducing energy consumption and waste, businesses can save money on operating costs. Additionally, implementing sustainable practices can improve a business's reputation and attract customers who prioritize environmentally responsible businesses In turn, this can lead to increased profits and a competitive advantage in the market.

E x a m p l e s o f S u s t a i n a b l e

Business Practices

Renewable energy usage: Many businesses are moving towards renewable energy sources such as wind and solar power By generating their own energy, businesses can reduce their reliance on non-renewable sources and decrease their carbon footprint.

W a s t e r e d u c t i o n a n d management: Sustainable businesses aim to minimise waste through various means, such as recycling, composting, and reducing packaging waste

Additionally, businesses can implement sustainable supply chain management practices that focus on minimising waste throughout the entire supply chain.

Sustainable supply chain management: By implementing sustainable practices throughout the supply chain, businesses can reduce their environmental impact and improve their reputation. This can include working with suppliers who prioritise sustainable practices and ensuring that products are transported in an environmentally responsible way.

Green building design and construction: By designing and constructing buildings with sustainable materials and energy-efficient features, businesses can reduce their carbon footprint and save on operating costs.

By designing products with sustainability in mind, businesses can reduce their environmental impact while also appealing to environmentally conscious consumers. S

Sustainable Business Practices

Conducting a sustainability a s s e s s m e n t : B e f o r e i m p l e m e n t i n g s u s t a i n a b l e practices, businesses should c o n d u c t a s u s t a i n a b i l i t y assessment to identify areas for improvement.

Setting sustainability goals and targets: Businesses should set clear goals and targets for sustainability to track progress a n d h o l d t h e m s e l v e s accountable.

Developing a sustainability action plan: A sustainability action plan outlines the steps that a business will take to achieve its sustainability goals.

Implementing and monitoring sustainable practices: After developing a sustainability action p l a n , b u s i n e s s e s s h o u l d implement sustainable practices and monitor their progress towards their goals.

Communicating and reporting on sustainability efforts: Finally, businesses should communicate their sustainability efforts to stakeholders and report on their progress to demonstrate their commitment to sustainability.

Challenges of Implementing Sustainable Business Practices

R e s i s t a n c e t o c h a n g e : Resistance to change is a practices. This can be addressed by providing education and training to employees and stakeholders. expertise: Some businesses may lack the knowledge and expertise needed to implement sustainable practices. This can be addressed According survey by Nielsen, 81% of global respondents felt strongly that companies should help improve the environment

Limited resources and funding: Implementing sustainable practices can require significant resources and funding, which can be a barrier for some businesses. However, many sustainable practices can ultimately lead to cost savings in the long run.

T h i s h a s p u t p r e s s u r e o n c o m p a n i e s t o p r i o r i t i z e sustainability in their operations. In response to this pressure, many companies are taking steps to reduce their environmental impact. Some are implementing eco-friendly practices in their manufacturing processes, such as using renewable energy sources and reducing waste. Others are developing more sustainable products, such as biodegradable packaging and electric vehicles. Companies that prioritize sustainability are also benefiting financially. Studies have shown t h a t s u s t a i n a b l e b u s i n e s s practices can reduce costs, increase efficiency, and attract more customers For example, implementing energy-efficient practices can reduce energy consumption and lower utility bills. This can result in significant cost s a v i n g s f o r c o m p a n i e s Additionally, many customers are willing to pay a premium for sustainable products, providing a n e w r e v e n u e s t r e a m f o r companies.

In conclusion, the rise of sustainable business practices is a positive trend that benefits both companies and the environment.

B y a d o p t i n g e c o - f r i e n d l y practices, companies can reduce costs, increase efficiency, and attract more customers. As consumer demand for sustainable products and practices continues to grow, it is likely that we will see more companies prioritize sustainability in their operations. This can only lead to a better future for all of us.

Mall De Goa Organised Fashion Walk Season 2

Mall De Goa, the premier shopping destination in Goa, India, recently organised Fashion Walk Season 2, a spectacular showcase of the latest trends in fashion from leading international and national brands. The show was powered by COVE Fast Fashion and Carrera Eyewear, with Park Avenue, Blackberrys, and Marks & Spencer as other sponsors. The show was choreographed by Rahila Khan and her team, with official make-up partner Colorbar and F&B partner McDonald's. Prime TV and Incredible Goa were the media partners and discerning fashion enthusiasts attended the event and were well appreciated.

By Gaurav Kenkre

Gst For Small Taxpayers

In the pre-GST regime, a business which is purely into trading of goods, would have had to register under VAT, and file 4 quarterly returns, with monthly GST payment. A small service provider could file two Service Tax returns only and complete his compliance under Service tax. However, when GST was introduced, such persons had to file 2 monthly returns every month, thus their returns were increased to 24 returns annually.

To reduce this compliance burden, the Government has consistently reduced the number of filings and simplified various processes.

A taxpayer who has an aggregate turnover of up to Rs.5 crore in the preceding financial year, can opt for a simplified GST filing scheme called QRMP (Quarterly Return, Monthly Payment). This scheme tries to replicate the compliances done in VAT regime.

As the name suggests, a taxpayer can now only pay GST monthly, and file returns once in a quarter.

If he has any Business to Business supplies i e if he is supplying g o o d s o r s e r v i c e s t o a n y registered purchaser, who may need to claim credit, then there is an optional monthly form called “Invoice Furnishing Facility” which such taxpayer can file, to pass on GST credit to the purchaser. There are two methods of d e t e r m i n i n g t h e m o n t h l y payment:

1. Fixed Sum Method a) If the last return is furnished quarterly, an amount equivalent to 35% of the tax liability paid for the previous quarter shall be paid b) If the last return is furnished monthly, the tax liability paid in the return for the previous month shall be paid

Thus, under this mode, the taxpayer need not even do actual computation of actual tax liability for the first 2 months of the quarter. He can simply use the above metrics and pay the tax determined. At the end of the quarter he can compute the actual tax payable and then only pay the differential. In such case, even if the above pre-determined tax payable, is lesser than actual GST collected, no interest would be leviable on the “short payment”

2. Self Assessment method

This is the normal method wherein the persons can pay the tax due by considering the tax liability on inward and outward supplies and the input tax credit available i.e. by himself determining the appropriate tax. If there is any shortfall in payment i.e. if you erroneously pay lesser than what was due, interest would be applicable

Interest on delayed payment would be applicable in both cases.

Once tax is paid in either of the above methods, for the first two months of the quarter, in the third quarter, the taxpayer must file his GST return via the form GSTR 3B. Here he must disclose the sales made during the quarter, the GST collected, the GST input tax credit and resulting tax payable, among other things.

Besides the above, there is another option for even smaller taxpayers A taxpayer whose turnover is below Rs 1.5 crore can opt for Composition Scheme. The major features of Composition scheme are as below: Such taxpayer is not allowed to collect any GST. He has to sell his goods or services at normal selling price, and GST is to be paid as a percentage of turnover. The percentages vary based on nature of business, as below:

No Input Tax Credit can be claimed by a dealer opting for composition scheme

The dealer cannot supply goods not taxable under GST such as alcohol.

If a taxable person has different segments of businesses (such as textile, electronic accessories, groceries, etc.) under the same PAN, they must register all such businesses under the scheme collectively or opt out of the scheme.

The taxpayer has to mention the words 'composition taxable person' on every notice or signboard displayed prominently at their place of business.

The taxpayer has to mention the words 'composition taxable person' on every bill of supply issued by him.

The recipient cannot claim Input Tax Credit since the Composition taxpayer is not charging GST at all

This scheme is beneficial for those who donot have business to business outward supplies and those who donot have the wherewithal to maintain detailed records required under GST Act to claim Input Tax Credit. Such taxpayers have to pay GST once every quarter and then file an annual return.

By Norbert D’Souza

HIGH-INTENSITY WORKOUTS CAN HELP YOU GET FIT FAST

High-intensity fitness programs are designed to burn fat and build muscle fast by stressing muscles more than other workouts. These programs can include highintensity interval training or HIIT classes, such as Tabata. However, if they aren't done properly, these workouts can lead to muscle and joint injuries.

That's why before you think about starting high-intensity exercise, preparation is the key

WHAT IS AN EXAMPLE OF A HIGH-INTENSITY WORKOUT?

High-intensity interval training, better known as HIIT, consists of short bursts of intense work that typically last between 15 seconds to 4 minutes. These are followed by a quick recovery period and then right back to the tougher work.

These cycles are repeated several times and can include a variety of exercises in each round HIIT workouts can include the use of a stationary bike, treadmill, bodyweight exercises, kettlebell, dumbbells, or skipping (jump) rope. Another type of HIIT workout you may have heard of is called Tabata.

WHAT ARE THE BENEFITS OF HIIT OR OTHER HIGH-INTENSITY EXERCISES?

HIIT and other high-intensity exercise programs help you burn a lot of calories in a short amount of time. Research has also showed t h a t y o u k e e p burning calories for hours after your workout is finished These workouts typically cause you to burn more fat and build muscle. Studies have also showed that high-intensity workouts may help lower blood pressure and heart rate.

C A N H I G H - I N T E N S I T Y E X E R C I S E R E A L L Y B E DANGEROUS?

The short answer is yes. However, the biggest danger to health is an inactive lifestyle, which is much more widespread than overdoing exercise. The goal should be to slowly overload the body for higher levels of performance, rather than to suddenly increase activity levels. While highintensity exercise can lead to overuse injuries or muscle and joint injuries, these are less likely t o o c c u r w i t h t h e r i g h t preparation.

PROBLEM FOR AN INACTIVE OR CASUAL FITNESS PERSON TO D O I N T E N S E F I T N E S S ACTIVITIES?

The biggest issue is that moving regularly isn't something most people do. This can leave people who try to get in shape quickly more prone to injury.

Inactive people who aren't experienced with exercise or those who haven't regularly exercised in a while tend to push themselves too much. In these situations, people often aren't aware of how hard they can and should work. This is especially true for those who are doing a group workout.

H O W H I G H - I N T E

N S I T Y Exercise

IMPROVE FITNESS

There are ways to mix in intensity and speed fitness, but that should not be the emphasis for most people. Start by moving more than you normally do throughout each day. This is more beneficial than a one tough workout every so often. At the same time, people who have been doing the same exercises for months are unlikely to get more fit unless they make changes. This could include changing their routines, pushing harder, and working beyond their comfort zones.

SIGNS THAT YOU'VE GONE TOO FAR WITH A WORKOUT

Pain is a big sign that a workout is causing trouble. If any exercise causes pain, don't push through it. It's a good idea to start slowly increasing physical activity and intensity. This will allow you to learn the difference between pain and being uncomfortable.

TIPS FOR SOMEONE WHO IS INACTIVE BUT WANTS TO BE FIT Most everyone can be physically fit and able to do the workout they want without going too far However, you need to think long term Properly preparing your body for movement is key. Focus on improving your mobility, s t a b i l i t y , s t r e n g t h , a n d cardiovascular fitness. This will eventually allow you to do any physical activity you choose Before diving into tough exercise, spend six to 12 months (or more) doing the following:

1. improving your diet

2 working on mobility and addressing movement issues

3. steadily increasing strength

4. developing a cardiovascular (exercises like walking, cycling, swimming, etc. can help with this)

The Difference Between Tabataand Hiit

Youknowhowalltoadsarefrogsbutnotallfrogsaretoads?That'sthebestwaytodescribe therelationshipbetweenTabataandHIIT Tabata is HIIT but not all HIIT is Tabata. Basically, Tabata is basically a higher intensity versionofHIIT,withshorterandmorerigidlydefinedworkouts;HIITroutinesofferyouabit moreflexibility.

They'reverysimilarandbothgoodforyou.Itcomesdowntowhichyouprefer.

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