To make and implement the most effective management decisions from the point of view of the strategic development of an economic entity, constant and effective internal control is required at all stages of the management process. In market conditions, the basis for the stable position of any economic entity is its financial condition, the measure…
When you are about to start a new business, you wonder whether or not you should set up a legal entity to develop that project. Perhaps you ask here and there, and doubts increase when it is reported that to establish a legal entity such as a public limited company, you must spend on a…
In the face of economic uncertainty, internal audit has become a critical resource that can help companies improve their internal control and risk management systems and improve overall business performance. And if 2-3 years ago, managers preferred to outsource many of its functions, today there is a tendency in the market to massively attract internal…
Today the concept of “internal audit” has become widespread in business. Many large enterprises and companies prefer to create their internal audit services and departments, training their employees. When deciding to conduct an internal audit, it is necessary to determine its subordination to the audit committee of the board of directors or directly to the…
Internal audit staff conducts an independent assessment of all systems and processes of the organization from the point of view of how effectively current tasks are being solved and goals are being achieved. They make recommendations to remove bottlenecks, mitigate risks, and as a result they make sure that systems and processes are improved. Firstly,…
As we discussed in our earlier blog about the appeal process, we got to know about the Hierarchy of 4 levels of Appeal under GST. Taxpayers can approach the First level i.e., Appellate authority against the adjudication order, and thereafter can approach the Second Level i.e., Appellate Tribunal against the order pass by Appellate authority….
Now that adjudication under the Goods and Services Tax (GST) law is in full swing, GST officers are issuing notices and conducting adjudicating processes against the Taxpayers on a scrutiny basis. Based on the Adjudication conducted by the GST officer, an adjudication order is passed by them thereby concluding the final decision on the subject…
The primary focus of every economy has been on increasing the ease of doing business for its people. To achieve this, various relaxations have been given to businesses so that they can put their efforts and resources on their core profit-generating activities rather than getting trapped in the burden of compliances despite having a low…
Almost 4 years have elapsed since the introduction of GST Law in India in mid-2017. As the GST Law is in its nascent stages, interpretation of the law and its implementation has become a challenging task for the taxpayers. Not only taxpayers, but GST departments of several states are also facing such challenges. Nowadays, as…
From the inception of the F.Y. 2020-21, the Indian economy has suffered a downfall owing to the damage caused by the Corona pandemic. The majority of the sectors were hit hard due to the suspension of business activities for a longer duration, but the SME & MSME sectors were the worst hit by the pandemic…
