Every taxpayer making payment of taxes to the Government on their purchases is knocked off while making the outward supply. A taxpayer must bear the tax liability on the value addition made by him, at each stage. But sometimes supply…
Why The Outsourcing Model Is Important As Compared To The Hiring Model?
You have probably wondered the same thing as your competitors: Should you do in-house hire or recruitment process outsourcing (RPO)? But, before we get to that, let us discuss what exactly RPO is and how it works. Recruitment Process Outsourcing-…
GST Applicability on Import
The main objective of any economy is development and trade plays an important role in achieving the objective of development. Imports are potential weapons for the development of an economy therefore, lawmakers had placed their specific sight on Imports. Considering…
Why System Controls Are Important
In the modern era, the role of IT and automation in almost every walk of life has become indisputably massive. The commercially oriented enterprises are always at the forefront of adopting new and sophisticated technologies to introduce just that innovation…
The Tale of Two Contrasting Decisions
Refund of ITC on Input Services Within GST, the term “Inverted Tax Structure” represents the situation when the GST rate paid on inward supplies (or purchases) is higher than the GST rate paid on outward supplies (or sales). According to…
INTERNAL AUDIT OF LOGISTIC AREA
Why Internal Audit of Logistic Area is Necessary? In Modern World, The Logistics area serves as the backbone of the companies and has a significant impact on the company’s business strategy which directly affects its operation and operational costs. Additionally,…
Insight on Input Service Distributor Mechanism
Procurement of services like an advocate, auditor, etc. by the head office on behalf of all entities is a common practice nowadays. Entities of a company in different states are considered as a distinct entity under GST, is well known…
Importance of Inventory Management
If you are not adequately managing your inventory or not managing at all, your business will suffer as a result. There are so many benefits of inventory management, which can help both your customer and employees. Benefits of Inventory Management:…
GROUNDWORK OF DEMAND MECHANISM IN GST
In the recent scenario, the role of government officials is no longer restricted to passing laws rather making everyone adhere to these laws is a new challenge faced by them. Some Taxpayers are intentionally or unintentionally getting themselves engaged in…
Importance of Fixed Asset Register and Timely Physical Verification
Managing and Maintaining the Fixed Asset Register is a very crucial part of all types of organizations. It helps the organization know the total number of assets they have. Many times we have found that the small business is not…