October 11, 2017

Impact of GST on Small & Medium Business

September 29, 2017

GST and its impact on Export of Services

GST and its impact on Export of Services With the introduction of GST,the export of Services aremade at par with the export of Goods. The export procedure for both goods and services have been changed and there is no such distinction for export of goods or services. Under old law, in case of export of services, there was no procedure defined under Service Tax and hence no tax was applicable on export of services, but under GST the export of services has been made at par with export of goods and thus IGST is applicable in the GST regime. How […]
September 19, 2017

Benefits of Outsourcing Bookkeeping & Accounting services

For a business to be successful, it is crucial that it has a proper bookkeeping and accounting system in place, Business owners can hire the services of professionals in order to stay peaceful and focus on other business operations. Well, What is Bookkeeping? The process of recording financial data of a company or an organization is known as bookkeeping. The process involves observing and maintaining the books and records of a business enterprise. It covers transactions such as purchase, sales, income and payments. Therefore bookkeeping and accounting services are considered essential functions of businesses. Only a proper system in place […]
September 19, 2017

Attention: Director, CFO’s and Auditors – Are you aware that you need IFC defined and operating effectively.

Are you ready to be complied for IFC or ICOFR for 2015-16 which has been declared mandatory as per the amendments from Companies Act 2013 by 31st March 2016?? Where as per section 134 Board of Directors Responsibility states that directors, have laid down IFC to be followed by company and that such controls are adequate and operating effectively. As per Section 143: The auditor’s report should also state whether company has adequate IFC system in place and operating effectiveness of such controls What is IFC or ICOFR/IFCFR? As per Companies Act 2013, the term Internal Financial Control (IFC) (for […]
August 9, 2017

Just another “paper compliance” – Will IFC spirit die in coming years?

One of the key thought regarding future of Internal Financial control (IFC), which is teasing most of lawmakers is the way IFC is shaping up in India. Most of company have taken it as an item in the checklist for year-end books closure, even as per industry experts large number of companies who have implemented IFC, have actually started implementing post 31st March 2016, whereas as per law it has to be implemented and tested before that date. While year 1 was when most of companies having awareness about IFC reacted to its existence, but the prospect in coming years […]
August 9, 2017

GST Vs GOT

Those who watch Game of Thrones (GOT), must always be eager to see what winter brings, as for last 6 seasons we are listening that winter is coming, in the same manner, people have been saying that GST is coming for years now… But now both are coming and for sure, while we have to wait for the final season of GOT to check what challenges winter brings, we are already starting to see what GST is bringing on the table for each one of us. But the million-dollar question in both the cases is that are we ready for […]