The Government of India started a new scheme which is Startup India Scheme. Under this scheme, the Government of India has authorised Department for Promotion of Industry and Internal Trade (DPIIT) for granting recognition to entities as startup. The eligibility criteria for recognition as startup is as follows- The startup should be incorporated as a…
ITC of Motor Vehicles used for Employee Transportation
Uninterrupted and seamless chain of input tax credit (hereinafter referred to as, “ITC”) is one of the key features of Goods and Services Tax (GST). One of the most important features of the GST system is that the credit of tax paid at every stage would be available as set-off for payment of tax at…
REVENUE PROCESS AUDIT
The sales and collections cycle in a business refers to the set of processes that begin when a customer purchases goods or services and ends when business receives payment in full. As part of the year-end audit of your financial statements, external accountants test sales transactions and the internal controls over those transactions to ensure…
Ease of Doing Business
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…
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…