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 and related notifications. These ambivalences may lead to long drawn and expensive litigations at a…
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 crucial as it can reduce supply chain costs and enhances the quality and timeliness of…
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 Supreme Court, which is the Apex Court in India. As a result, there is a…
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 starts right from the procurement of goods and its warehousing and continues to the outflow….
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 organization different personnel perform different task at different level. SOPs standardized the processes of task…
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 moto by the Registrar or upon application by the Company itself. Section 248(1) of the…
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 the production of goods or services for sale, including maintenance supplies, consumable stores and spare…
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 stated rule, a registered person shall not use the amount available in electronic-credit ledger to…
An insight has been provided to the readers how one can safeguard against unwanted demand notice from tax authorities or unwanted issues that may arise from errors in GST compliance that are committed unknowingly. It is to be kept in mind that escaping from small obligations today might one day turn into hardships and heavy…
A business owner should keep financial reports at disposal which enables to analyze the business operations for better future functioning and make more informed decisions. Given below are the five most important types of financial reports which the owner should be reviewing on time to time to gain a better understanding of the company’s financial…
