The financial year 2024-25 is coming to an end. A business owner must ensure to close the GST books with utmost precision and accuracy, because failing to do so can adversely impact the audit report. Also, it’s not just about avoiding the negative repercussions an organisation can face, it's about paving the way for a smooth transition into the next year.For this, you need to have the compliance and filing guide that will ensure you tick all the GST compliance...

Did you know that almost 50% of Indian businesses are now dealing with procurement fraud? So, it’s no surprise that businesses are adopting online vendor registration through e-procurement platforms to stay clear of muddy water. However, for enterprises and suppliers new to the digital onboarding system, there are a lot of burning questions. What is vendor registration? How to fill in vendor registration forms?In this article, we will tell you all about the process...

Reimbursement of expenses takes place when a supplier incurs expenditure on behalf of the recipient of supplies. This article discusses the reimbursement of expenses to a supplier and whether GST is applicable on the same.What does reimbursement of expenses mean?Reimbursement of expenses refers to the repayment of money spent by a person. In business transactions, this usually happens when a supplier incurs expenditure on behalf of the recipient who is...

The Central Goods and Services Tax (CGST) is an important part of India’s GST system, introduced on July 1, 2017. The GST law replaced several old indirect taxes from the central and state governments with one unified system. Let’s take a closer look at CGST, its key features, benefits, and calculation. What is CGST?Beginning with the full form, CGST refers to Central Goods and Services Tax and is a type of indirect tax...

Today, organisations are increasingly relying on third-party vendors to improve their operations and increase growth. These partnerships bring multiple benefits but also several serious risks. It may cause disruption to business continuity and damage to the company’s reputation. Therefore, every large enterprise must have a strong vendor risk management programme in place to detect, measure and overcome vendor-related risks. In this article, we...

What Is Optimal Capital Structure?Optimal capital structure is the best possible mix of debt and equity financing that minimises a business enterprise’s ordinary price of capital (WACC) and maximises shareholder value. It balances the advantages of debt, including tax benefits, with the risks of economic misery and financial disaster.Importance Of Optimal Capital StructureMinimizes Cost of Capital: Helps reduce WACC, improving profitability.Maximizes Firm...

Nowadays, any global organisation's long term growth and prosperity is dependent upon their supplier code of conduct. This is a kind of a manual which reflects the expectation of the company with their suppliers. But, what is the need to convey these expectations to them? This article will clarify the meaning of supplier code of conduct, how to formulate the policy and its benefits. What is Supplier Code of Conduct?This is the actual set of rules or guidelines...

One of the major aspects of GST compliance is the timely and accurate filing of GST returns. Along with regular monthly and annual return forms such as GSTR-1, GSTR-3B and GSTR-9, various other return formats exist under the GST system for different purposes. For effective compliance, it is essential for taxpayers to understand and file the right return forms. This article discusses the different return formats and how to file GST return step by...

The Finance Bill 2022 introduced a new section in the Central Goods and Services Tax (CGST) Act, 2017 by way of substituting the existing Section 38. The revised Section 38 was proposed in a bid to further tighten input tax credit (ITC) claims, owing to the extent of ITC fraud that takes place by way of fake entities and fake invoices. The provisions of this section will also help avoid any matters of litigations in the court of law.The revised Section 38 has not yet...

Accurate and timely financial reporting is critical for managing business finances. However, doing it manually for companies with operations spread across geographies is an endless struggle with collecting, collating and corroborating spreadsheets. Thankfully, standardised business processes, like R2R, have made financial reporting and management much easier. This article discusses everything you must know about the Record to Report process...