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ELIGIBILITY OF ITC ON MEDICINES

ELIGIBILITY OF ITC ON MEDICINES

Since the implementation of GST, it has been clear that health care services provided by an authorised medical practitioner or para medics through a clinical establishment are exempt vide Notification No. 12/2017-Central tax (Rate) dated 28-06-2017. But there have been…

adminFebruary 20, 2021February 26, 2021 GST Services No Comments
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Relevance of Standard Operating Procedures in an organization

Relevance of Standard Operating Procedures in an organization

A standard operating procedure (SOPs) is a set of step-by-step guidelines gathered by an organization to support its employees to carry out regular operations. SOPs Objective is to achieve consistency of productivity, value output, and performance while reducing failure to…

adminFebruary 20, 2021February 20, 2021 Audit Services No Comments
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Can Supplier’s shadow be used by Recipient For AAR

Can Supplier’s shadow be used by Recipient For AAR

Ever since the enactment of GST, there are many contentious areas that still need clarification. It includes areas like taxpayers have no certainty over the tax liability which may arise in the future or applicability of various provisions of law…

adminFebruary 19, 2021February 26, 2021 GST Services No Comments
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Importance Of Vendor Evaluation

Importance Of Vendor Evaluation

A vendor is a faction in the supply chain that makes goods and services accessible to organizations or consumers. The phrase “vendor” is habitually used to explain the entity that is paid for goods and services. Normally, vendor evaluation is…

adminFebruary 19, 2021February 19, 2021 Audit Services No Comments
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The Direct Tax Vivad se Vishwas Act, 2020

The Direct Tax Vivad se Vishwas Act, 2020

India has a very complicated tax structure and even more complicated dispute resolution system. The system gives a tax-payer opportunity to go against the tax department for any grievance via appeals at various levels starting from Commissioner (Appeals) to the…

adminFebruary 8, 2021February 9, 2021 Direct Tax No Comments
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Need For Inventory Management

Need For Inventory Management

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…

adminFebruary 3, 2021February 3, 2021 Audit Services No Comments
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Requisite To Implement The Standard Operating Procedure (SOP)

Requisite To Implement The Standard Operating Procedure (SOP)

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…

adminFebruary 2, 2021February 4, 2021 Audit Services No Comments
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Removal of Names of Companies from the Register of Companies

Removal of Names of Companies from the Register of Companies

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…

adminJanuary 28, 2021January 28, 2021 secretarial No Comments
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The Significance Of Physical Verification Of Inventory

The Significance Of Physical Verification Of Inventory

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…

adminJanuary 25, 2021January 28, 2021 inventory management? No Comments
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Restriction on ITC Utilization As Per New Rule 86B

Restriction on ITC Utilization As Per New Rule 86B

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…

adminJanuary 22, 2021January 23, 2021 GST Services No Comments
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