In the fast-changing business dynamics, business restructuring has become a norm whereby businesses undertake activities such as merger – wherein two or more entities come together to form a new entity, resulting in the old entities ceasing to exist; or amalgamation – wherein one or more entities are subsumed into an existing entity such…
Accounting in one form or another has existed for a very long time and appeared around the time people began to engage in trade. This kind of accounting makes sense because if we want to conduct business in an organized way, then we need an accounting system to streamline and track business transactions. If we…
In view of the ongoing pandemic crisis in India, the government is playing a crucial role in dealing with the worst situation ever faced by the country. The second wave of COVID-19 has hit the country badly as cases swept across all corners leading to increased demand for medical products. As cases rose rapidly, India…
As we discussed in the last blog about certain GST provisions to be fulfilled under demerger of a company, here in continuation of the last blog we discuss some more GST provisions which need to be catered to comply with GST LAW: – Annual Return and Final Return As per Section 44 of the CGST…
Inventory management is one of the crucial business practices for any business enterprise. It is done by keeping track of the company’s stock goods and by checking for any quality, quantity standards concerning their weight, dimensions, amounts, and location. Inventory management’s primary objective is to minimize the cost of holding inventory by helping business owners…
The ferocious second wave of COVID-19 threatens people’s lives as coronavirus has blown a hole in the breathing capacity of an individual. An unprecedented surge in covid-19 cases has made Medical oxygen- a necessity for a patient to survive. However, most of the hospitals started running out of oxygen supply as demand for medical oxygen amplified. As…
What is an advance ruling? An Advance Ruling is a mechanism for the person registered or the personal desire to obtain registration under this act to seek clarity on tax aspects concerning the supply of goods or services being undertaken or proposed to be undertaken by them, thus reducing unwanted differences and litigations that may…
Internet and social media have led to an information boom in our lives and the kind of information we get is relevant in all walks of life. Moreover, there is always a preference to consume information that is clear, concise snippets and not some lengthy text. The same goes well for the financial statements that…
“Why do you need an accountant?” generally, the answer to this question is given as “To keep the accounting of the company and to fulfill the liabilities against the finance”. Accountants are positioned as sort of “tax accountants”. However, most of the time your needs are not limited to “tax accounting”. Your needs and expectations…
In the Pre-GST era, many debatable issues had been settled by various high court judgments. Among the various issues, one of the burning issues, which was highly debatable even before GST came into the picture was whether ITC would be allowed to the recipient on default of the supplier for non-payment of tax to the…
