Inventory for an organization are assets-held for sale in ordinary course of business (finished goods), in process of production (work in progress) and raw material & other supplies. Inventory management is the process of tracking and controlling business’s inventory. It starts right from the procurement of goods and its warehousing and continues to the outflow….
What is Standard Operating Procedure (SOP)? Standard operating procedure can be defined as a detailed documented procedure which guide to every person of an organization to perform assigned activity step by step to ensure uniform and quality output. In an organization different personnel perform different task at different level. SOPs standardized the processes of task…
A Company incorporated under the provisions of Companies Act, 2013 or any other previous laws, can be removed from the Register of Companies by the Registrar of Companies. A Company can be removed from the Register of Companies either suo moto by the Registrar or upon application by the Company itself. Section 248(1) of the…
As per definitions given in several textbooks, inventories are defined as tangible property held for sale in the ordinary course of business, or in the process of production for such sale. Furthermore, inventories can be summed up as consumption in the production of goods or services for sale, including maintenance supplies, consumable stores and spare…
The Central Board of Indirect Taxes and Customs (CBIC) in India has introduced new rule 86B in CGST (Central Goods and Services Tax) Rules vide notification number 94/2020 dated 22.12.2020. The rule 86B became effective from 01.01.2021. As per the stated rule, a registered person shall not use the amount available in electronic-credit ledger to…
An insight has been provided to the readers how one can safeguard against unwanted demand notice from tax authorities or unwanted issues that may arise from errors in GST compliance that are committed unknowingly. It is to be kept in mind that escaping from small obligations today might one day turn into hardships and heavy…
A business owner should keep financial reports at disposal which enables to analyze the business operations for better future functioning and make more informed decisions. Given below are the five most important types of financial reports which the owner should be reviewing on time to time to gain a better understanding of the company’s financial…
Depreciable amount is: Cost of an asset less Residual value. The depreciable amount of an asset should be allocated on a systematic basis over its useful life. Depreciation Method The depreciation method used should reflect the pattern in which the future economic benefits of the asset are expected to be consumed by the enterprise. The…
Section 59 of the Insolvency & Bankruptcy Code, 2016 deals with the provisions related to Voluntary Liquidation of Corporate Persons. Pre-requisites for initiation of voluntary liquidation proceedings: Intention to liquidate itself voluntarily. Not committed any default under the provisions of Chapter V of Insolvency & Bankruptcy Code, 2016. Conditions to be fulfilled for voluntary liquidation…
There are various topics which can be seen as debatable since the implementation of GST as each one of us have our own set of interpretation therefore such areas are considered to be inconclusive. An effort has been made to bring clarity on such equivocal topics and update with recent changes which are relevant for…
