There is a vision behind starting every Company which to run its business forever, but not all business meets the same fate. Company is formed with the objective of doing some business but sometime the business idea may not work or the project for which Company is formed may not materialize. Once the Company is...
2020 – A highly disruptive year that was heavily defined by the Covid-19 pandemic has just ended. The pandemic waves interrupted the global pace both economically and socially. Whilst, one may not want to recollect what happened last year, he would still have to turn back and check what decisions and measures did India take...
Recently, the auto-population of system-computed details in Form GSTR-3B, has been enabled for taxpayers (filing their Form GSTR-1 on monthly basis), from November 2020 Tax Period onwards. The auto-population is based on following: Liabilities in tables-3.1 (Tax on outward supplies) & 3.2 (Inter-State Supplies) of Form GSTR-3B (except Table-3.1 (d) about inward supplies liable to reverse...
The Goods & Service Tax (GST), which was rolled out PAN India as ‘One Nation One Tax’ has been looked by small and medium businesses as complicated and burdening compliance. The GST Reform has been introduced aiming to bring trade transparency and facilitation, but due to this compulsory requirement of monthly return filings, the GST...
Whilst great hardships caused by the Coronavirus outbreak to business communities, one positive development, which we all must admit is that most businesses have gone digital from the traditional brick and mortar models. We have witnessed this transformation was happening in the recent past. However it has picked up pace now with greater force. Whether...
The Union Cabinet chaired by the Prime Minister, Shri Narendra Modi recently approved Production Linked Incentive (PLI) scheme worth up to Rs 1.46 lakh crore over a 5 year period in a bid to boost India’s manufacturing capabilities and enhancing exports. The scheme in the following 10 key sector will make Indian manufacturers globally competitive, attract investment...
It is been said that the Governments that are transparent and accountable deliver more prosperity to their people. Making data more accessible and useable leads to insights & innovation and enables better-informed decision-making. These are the ideas behind the movement for open government and open data. Financial transparency has always been a key solution to...
Aligned to the recent communications by various government officials, e-invoicing has now been notified for companies with a turnover of Rs 100 crore and above as well. With only few more days to go, these mid-size companies would need to soon gear up their processes and IT systems to enable compliance with this new invoicing...
Background 'A Penny Saved is a Penny Earned' means that it is as useful to save money that you already have as it is to earn more. And here we are talking about saving nothing less than millions as dual taxation can be taxing on the hard-earned income of NRI’s and organisations. Post globalization, cross-border...
Related party relationships a default feature of business and commerce. Therefore, disclosure of related party transactions, outstanding balances and relationships are crucial as they may affect assessments of an entity's operations and the entity's risks and opportunities by users of financial statements. Related party transactions activities include transactions such as leasing of property, sharing of assets &...
