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…
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…
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…
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…
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…
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…
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.…
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…
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…
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…