Strategy - I want to start online barter system in India from lexsminarayanan.viphousing: MarketingProfs Question 44031

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Topic: Strategy

I Want To Start Online Barter System In India

Posted by lexsminarayanan.viphousing on 4/2/2015 at 10:43 PM ET 500 Points

Dear All,

I would like to start my own Barter Business in India. What would be the real time challenges to start the Barter Business? Also, I would like to know the future of Barter Trading system in India. Also, Where can I get assistance to discuss about the Business one-one. Let my Journey begins.

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Posted by Gary Bloomer on 4/3/2015 at 12:19 PM Member

In my experience, barter systems are fraught with issues on credits and what can be banked and what can't. My wife used to belong to a local barter network, so I know this all too well.

Here's a list of resources from google that may be of value:

https://www.google.com/#q=how+to+start+a+barter+system
Posted by lexsminarayanan.viphousing on 4/3/2015 at 12:42 PM Author

Dear Gary, Thanks for your response. Can you share me the revenue model to start the barter business in India?
Posted by Gary Bloomer on 4/3/2015 at 1:21 PM Member

I'm in the USA, so the tax laws and revenue rules will be different.

After a bit of poking around on Google, I found the following online resources connected to barter systems in India, some of which have information about local taxes:

https://www.mca.gov.in/Ministry/pdf/Ind_AS18.pdf

https://articles.economictimes.indiatimes.com/2013-03-15/news/37744521_1_ba...

https://www.barterindia.in/aboutus.html

https://books.google.com/books?id=9H8q_5ZC5i0C&pg=SA11-PA8&lpg=SA11...

https://www.peterindia.net/E-businessOverview.html

https://www.cgap.org/blog/financial-inclusion-20-india’s-business-cor...

https://www.taxmanagementindia.com/site-map/global-search/TMI_Custom_Search...
Posted by Gary Bloomer on 4/3/2015 at 1:31 PM Accepted

You need to speak with a local tax attorney or an accountant. I would imagine that any barter-related exchange that has a monetary value is seen by the Indian Tax laws as income, and therefore, potentially taxable.

You will need to read the Indian Accounting Standard 18 guidelines, which you'll find here:

https://search.incometaxindia.gov.in/pages/results.aspx?k=Barter%20systems

Learn more here: https://www.incometaxindia.gov.in/Pages/default.aspx

DISCLAIMER: I am NOT a tax or legal expert in any nation or state and nothing in my response above or in previous responses can, is, or should be taken as, understood, as or interpreted as professional legal or tax advice. You are STRONGLY ADVISED to seek appropriate, professional, registered, and qualified counsel on ALL matters fiscal, investment-wise, legal, and taxation-wise in India.

Just so we're clear, you understand. I's nothing personal. CYA and all that.
Posted by Shelley Ryan on 4/14/2015 at 3:32 PM Moderator

Hi Everyone,

I am closing this question since there hasn't been any activity in at least 10 days.

Thanks for participating!

Shelley
MarketingProfs
Posted by lexsminarayanan.viphousing on 4/15/2015 at 2:39 AM Author

Thank you friends for your support

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