The Government of India has been actively engaged in the process of easing provisions related to doing in business in India. Various departments of Government of India have come out with various initiatives for creating ease of doing business in India. These initiatives include ease in the process of incorporating company& LLP, their governance and…
Author: AKGVG & Associates
Inventory Process Audit
Receipt of Material & Quality Checks Review of the gate entry for the incoming material in the inward gate register. Ensure that the weighment / Counting of the incoming material is made properly and correctly at the receiving section. Verify that stamp / acknowledgement of the receipt of the incoming material. The remark should indicate…
GST on food in Bakery / in Restro / in Hotel
The sight that first comes to the mind while thinking of restaurant service is that of mouth-watering meals, leisure & comfort. But understanding the taxability of the same has been a tedious & topsy-turvy task to accomplish. Restaurant Arestaurant is a place of business where food is prepared in the premises and served based on…
FC-GPR filing with the Reserve Bank of India (RBI)
A Company having share capital is incorporated by subscription of shares by subscribers to Memorandum of Association.The Company can have Indian Subscribers or Foreign subscribers. In case the Indian company has Foreign subscribers, it is termed as Foreign Direct Investment. The Indian Company is under obligation to report to RBI in case of any such…
Transparent Taxation Platform Announced in India
The Indian Prime Minister Mr. Narendra Modi has rolled out a scheme to incentivize honest taxpayers on 13.08.2020 via video conference,entitled “Transparent Taxation – Honoring the Honest”. Recently, several initiatives have been taken by the Central Board of Direct Taxes (CBDT) for bringing in efficiency and transparency in the functioning of the income tax department….
How Auditors Can Test Inventory in the Coronavirus Times
As per SA 501 “Audit Evidence – Specific Consideration for Selected Items”auditor is required to conduct Physical Inventory at least once a year. Due to coronavirus pandemic auditors could not attend Physical Inventory at the year end thus posing a threat to integrity of Financial Statements and audit credibility. Conducting Physical Verification There are two…
NO ITC ON PAVER BLOCK
Paver block can be defined as a stone-based road-building material in the form of blocks of solid rock commonly used for creating a pavement or hardstanding. Advance ruling was sought by applicant M/s Sundharams Private Limited u/s 97 of CGST Act and Maharashtra SGST Act in respect whether the taxes paid on purchase of paver…
Indian MSMEs: A New Outlook
MSME is abbreviated form for Micro, Small and Medium Enterprises.The Government of India devised the Micro, Small and Medium Enterprises Development (MSMED) Act, 2006 on 02nd October, 2006. As per the Act, categorization of enterprises was done into micro, small and medium enterprises based upon investment in plant & machine for manufacturing & production industry and…
Eludication In GST Refund
Refund has always been considered as the most peculiarized feature of GST regime. The mechanism of sanctioning refund is an essential process as it facilitates trade through release of blocked funds. Refund of ITC is an integral part of GST. Due to technicalities involved, numerous efforts have been made to streamline and standardize the whole…
Fraud And Its Impact On Retail Industry
Fraudulent activities have been increasing year over year ever since retail stores started retailing, and this growing industry have seen multiple frauds over years which have affected the profits and their bottom line. Whether frauds have happened through cash payments or counterfeit payments (charge backs) or credit cards frauds or return receipt frauds or in-store…