July 12, 2019

EVENTS & ANNOUNCEMENTS

WELCOMING RAJPUTS - PGDM CLASS OF 2021
Registration of Rajputs – PGDM Class of 2021 was held on 4th July 2019, followed by Orientation at Lake Mansarovar on 7th July 2019.
Dean Dr. Bala addressed the students over a video con- call from Chicago and Associate Dean Dr. Vaidy Jayaraman delivered the
welcome address , and introduced the faculty and staff community to the students along with Dr. Suresh Srinivasan, Program Director.
Special kudos to Team Admissions, Admin and members of GL community for making the registration process successful that witnessed
164 students signing up for the two year program. Few snaps from both the days -
 FOUNDER’S DAY CELEBRATIONS
Great Lakes Community celebrated Founder’s Day - our beloved Dean Dr Bala’s birthday at campus on July 5, 2019. A
customized cake was cut in the presence of GL members and students, followed by Dr Bala’s address and a special video by
Dr Muthuraj. The day also saw a blood donation camp organized in association with Lions club and concluded with special
performance from students at Amphitheater. Few pics from the event -
 TEAM KARMAYOGA ORGANIZES HEALTH CAMP
In order to educate people on the importance of healthcare, Students from Karma Yoga committee organized a medical camp at
Vengambakkam Primary School on June 2019. Prior to the camp, KY students surveyed the village on various parameters such as
hospital visit per month, prolonged illness if any and other medical issues. Based on the results, a camp was held to identify and
address on primary issues - General medicine and dentistry (commonly faced by the villagers), in collaboration with doctors and
volunteers from Rotary Club Amethyst, Chennai. Few pics from the camp:
 BLOG
Goods & Service Tax (GST) – Budget 2019 and the way forward
Authored by Akanksha Modani, PGPM Class of 2019-20

The changes proposed in the Union Budget

2019-20 in respect of Goods and Services Tax
(GST), although less dramatic, may have far-
reaching consequences. The Sabka Vishwas
Legacy Dispute Resolution Scheme, 2019 is
being introduced to resolve and settle legacy
cases of Service Tax and Central Excise (the
taxes which have now been subsumed in GST).
The proposed Scheme provides relief to
taxpayers from forty to seventy percent of tax
dues for cases other than voluntary disclosure
cases, depending on the amount of tax dues
involved. The Scheme also has provisions for
relief from payment of interest and penalty
and from prosecution. Apart from allowing the
taxpayer an opportunity to come out clean
with a minimal financial burden, the Scheme
has the potential to unclog the dispute
resolution machinery.

Even after two years of implementation of GST, total pending litigation in Service Tax and Central Excise matters is at an estimated Rs. 3.75
lakh crores. The CESTAT and the Courts are often occupied with matters of Service Tax and Central Excise that are more than five years old.
The impact of this legacy burden on the efficiency of tax administration is evident from the huge scams of fake invoices and fraudulent
availing of credit by various unscrupulous elements and the failure of the tax administration to curb it effectively. The indirect tax
administration is in dire need of ‘moving on’ from the legacy burden, and this Scheme has the potential to make it possible sooner than later.

The Budget has proposed simplified returns to increase compliance and promote ease of doing business. Earlier, in its 31st meeting, the GST
Council had approved simplified returns named ‘Saral’ and ‘Sugam’. If the proposals are implemented, a taxpayer with annual turnover less
than Rs. 5 crores will have the option to file quarterly returns as against Rs.1.5 crores currently. Such small taxpayers having only B2C
transactions can file the simplified return ‘Saral’ and those having only B2B transactions or mix of B2B and B2C transactions can file the
simplified return ‘Sugam’. Even for the taxpayers with turnover more than Rs.5 crores, the monthly returns will be simplified and shall have
mainly two tables – one detailing the outward supplies and another for availing input credit based on invoices uploaded by the supplier. The
taxpayer will be able to view the invoices uploaded by supplier and accept or reject it on a continuous basis. Taxpayer with no outward
supply during a period will be able to file nil returns through an SMS. The prototype of the system is already built and the phase-wise
implementation will begin from October 2019. The simplified returns will go a long way in ensuring compliance.

The Budget has proposed an electronic invoicing system for GST. The e-invoicing will be initially rolled out only for high-value B2B
transactions. For all B2B supply beyond a certain threshold, invoices will have to be generated on a centralized platform governed by the
government. This will curb tax evasion and may ultimately do away with the need for a separate e-way bill system. The ultimate aim may be
to bring most transactions, including B2C supply, under the ambit of e-invoicing so that evasion is reduced, revenue generation is augmented
and the necessary leeway is generated enabling the government to merge tax slabs and move goods and services from higher tax slabs to
lower ones.

The Union Budget 2019 has proposed fully automated GST refund module. Currently, any payment in respect of a refund application is
disbursed partly by Central and partly by State authorities. This causes an unwarranted delay in disbursal of payments. The Budget has
proposed single point refund disbursal, thus avoiding the delay. Although much necessary, this is only a small aspect of the overhaul in the
administrative framework required for GST.

Currently, the Central and State authorities have ‘concurrent jurisdiction’ over the assessees in enforcement matters. This means that one
authority can investigate matters pertaining to assessees belonging to other jurisdiction. This aspect of the jurisdiction of the two authorities
has not been clearly defined in law, often leading to a parallel investigation by the two authorities on the same matters. This leads to undue
harassment of taxpayers. The law must be amended to clearly distinguish the jurisdiction of the two authorities vis-a-vis taxpayers. In the
long run, it would be in the best interest of the nation to merge the Central and State departments into an All India Service on the lines of IAS
and IPS, so that the two departments shall work not in parallel but together, making it a truly one nation – one tax – one market – one
department.
 NEWS
Lakshya Chawla from PGDM 2014 has been exclusively profiled by various media
publications. The story talks about him and his start-up journey that was launched
while pursuing an MBA from Great Lakes, and, how he opted for courses after
receiving advise from faculty, that further helped in shaping up his venture.

Meet India’s Best Wedding Photographer & Film Maker – Lakshya Chawla

The people belonging to the photography community are our eyes to the world. They can make anything appear like a picturesque.
And when it comes to weddings, their imagination runs wild. Honouring the passion of photography, we introduce you to Lakshya
Chawla, a spirited young man and one of India’s best wedding photographer. Lakshya has a keen eye for detail and vision which defines
a picture perfectly. He beholds expertise in the elements of art which helps him to make conscious choices while capturing a picture.

His instincts and perfect timing to click pictures makes every wedding photo as scenic as it could be. Apart from capturing happy
moments, Lakshya loves to travel around the world and is an ardent travel photographer too. Lakshya did his MBA from Great Lakes
Institute of Management, Chennai. Photography was Lakshya’s passion since 2011, but never imagined it to be a career. But, you
never know what is stored for you in life. As a hobby, Lakshya used to click pictures all around. Back in 2013, he clicked some stunning
pictures in his sister’s marriage. The event got the eye of many people. Eventually, his sister’s marriage changed his fortune as he
started to get inquiries for Wedding photography. Soon after his sister’s marriage, he already had his calendar booked for months. This
was the time when Lakshya decided not to sit for campus placements and give photography a full time shot.

He started photography as a profession in the year 2013-14. When he was in the 2nd year of his MBA. By mid-second year of his
MBA, Lakshya was getting regular work and he started to take his profession more seriously, and consulted his professors to make
wedding photography into a successful case study. Lakshya took courses like digital marketing, new venture planning, consumer
behaviour, etc., which actually helped him to shape down his very own venture by the name of Shutterdown.

Till date, Lakshya has shot more than 300 Luxury Weddings, 100 of them being destination weddings. Lakshya with Shutterdown has
shot weddings across the globe including places like Austria, Germany, Prague, Thailand, UAE, Indonesia, Tanzania, Kenya, Sri Lanka,
etc. and winning more than 10 national and international wedding photography and film making awards.

Lakshya recently collaborated with Jasleen Royal from Bollywood to create their song cover which gathered more than 1.5 million
views on Youtube.

Yahoo.com - https://in.style.yahoo.com/meet-india-best-wedding-photographer-105728825.html
Deccan Chronicle - https://www.deccanchronicle.com/entertainment/bollywood/040719/heres-all-you-need-to-know-about-
lakshya-chawla.html
The Asian Age - https://www.asianage.com/entertainment/bollywood/040719/heres-all-you-need-to-know-about-lakshya-
chawla.html
Pop Diaries - https://popdiaries.com/2019/07/02/meet-indias-best-wedding-photographer-film-maker-lakshya-chawla/
The Indian Saga - https://www.theindiasaga.com/saga-corner/meet-one-of-the-finest-indian-young-wedding-photographer-film-
maker-lakshya-chawla
 Dr. Rajeshwari K’s article published by Business Today, that talks about new product development and shareholder
positions from an organization's perspective, and gives a peek into company's evaluation process at each level, with the
launch of a new product, and how exactly does it help in shaping perception and valuation in the stock market.

How product development and innovation influence the market

value of a business
Dr Rajeshwari K, Senior Associate Professor, Marketing, Great Lakes Institute of Management, Chennai

Among all the activities taken up by a firm, 'new product development' must rank as one of the riskiest. Many times, the product
developed is a 'first' for the organisation and the markets addressed are new. The unknowns are very high. However, this activity has
begun to be considered critical not just for growth but even for the survival of firms in the marketplace.

New product development activity is done for a variety of reasons. For example - Colgate launching yet another variant in Ved Shakti is
aimed to take on Patanjali's Dant Kanti (one more addition to the already rich and bulging Colgate product portfolio).

The success of the recent One plus cellphone has shown us how there is room for yet another new product in what was already a
crowded mobile phone category. From an organisational perspective, new products are developed and launched either in order to fill
a gap in the market or to make their existing products more competitive or take advantage of a new technology- so on and so forth.
But how does one assess a company's performance in this area? New product development and innovation are closely linked. And an
organisation's innovativeness can be measured in many ways. One is to look at the sheer number of new products that are
launched in the market.

Relatedly, the revenue turnover through this stream can give a fair idea of the innovative capability of a firm. According to Dr Vijay
Govindarajan (Professor, Tuck University, Dartmouth), creativity is different from innovation as the former only looks at the potential
of product development of the firm and this may be evident through patents, IPR, etc.

Whereas the market commercialisation of a new product activity gets captured through Innovation. This requires capabilities like
collaboration, stakeholder management, scale up etc. Needless to say, a highly creative organisation may or may not be a highly
innovative one, if it doesn't possess the skills for a marketplace launch of the new product developed. 3M is an example of a highly
creative and innovative organisation that has frequent introductions in the market.

But how does this new product activity help in shaping perception in the stock market? Do the valuation of shares go up because of a
perceived heightened innovative potential? And exactly how does this happen? This article tries to give a peek into that. Shareholder's
value maximisation principle is perceived to be the core of strategic decision making in publicly traded companies. Firm value is
determined by the discounted value of estimated future cash flows from a firm's existing business and new business opportunities.
The incremental cash flow, used as an input in the discounted cash flow model, largely depends on the ability of firms to generate
earnings from successful commercialisation of new product in the market. Newproduct launch signals favourable information about a
firm's future outlook and investors' expectations are factored in the stock price and price-earnings multiple (P/E ratio). Continue
reading at - https://www.businesstoday.in/opinion/columns/product-development-innovation-influence-market-value-of-business-
stock-markets/story/359962.html

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