Today, the public, media, government, and other stakeholders scrutinise every business move closely. Businesses must buy from ethical vendors that meet compliance and quality standards. But how can businesses source such vendors and keep track of them? This is where an approved vendor list is helpful. In this blog, we discuss the basics that every business should know about approved vendor lists.What is an Approved Vendor List?An approved vendor list is a...

In the 53rd GST Council meeting, the Council decided on the long-standing demand from traders and manufacturers regarding waiver of interests and penalties u/s 73 for the financial year 2017-18 to 2019-20 and declared an amnesty scheme. As part of the scheme, a new GST form SPL-02 is available at the GST portal. This article discusses everything you must know about the waiver scheme under section 128A and the form SPL-02. What is GST Form...

GL Code - does it sound like a complex term to you? But know that it is easing the lives of Accountants, Finance Professionals, Business Owners, and Auditors.Nowadays, even accounting has moved beyond the pen-and-paper approach. And GL codes are making the accounting process more innovative and faster. This article will set the base for your understanding of GL codes. So, let's begin with its basic definition. What is a GL Code...

Any organisation requires the CEO and CFO as essential leadership positions because these professionals drive essential operations toward organisational development. People commonly make mistakes regarding their duties because these two positions directly support the company's expansion. The following article demonstrates how a CEO and CFO fulfil their roles and particular functions while explaining why clear definitions of these positions remain vital to...

Managing a seamless movement of goods for your enterprise while also ensuring compliance regulations can be challenging for your teams. As a finance leader, you might see your teams face numerous hurdles, including paperwork delays and confusion about transportation rules. This is where the e-way Bill system under GST streamlines the movement of goods under India's GST framework. It ensures every consignment is properly documented, making the...

The GST portal and GST Network leverage modern information technology and web tools to scale and simplify the processes of tax implementation, collections, and compliance. This is essential in a vast country like India, with a billion-plus population and tremendous regional diversities. However, most small businesses, like retailers, traders, and MSME manufacturers, are not yet conversant with modern technologies. The Govt of India has introduced the...

An ICEGATE account is essential for any company or individual engaged in international trading business. It streamlines custom documentation processes and provides several other benefits to export-import enterprises. However, registering an account in this online portal is filled with document errors, issues with digital signature certificates and login problems. The problem mainly lies in the lack of clarity about the ICEGATE registration process. This article...

GST officials can levy penalties on unpaid taxes and take other punitive actions even when taxpayers inadvertently fail to comply with rules and regulations. Besides, any GST compliance proceedings can disrupt a business's flow, seriously affecting profitability and revenue. So, learning about and thoroughly practising GST statutory compliance in any business operation is essential. This article discusses what is GST compliance and shares a standard GST...

The Sustainable Development Goals (SDGs) were adopted by the United Nations in 2015. But what is the SDGs' purpose exactly? The SDGs can be considered a universal call to action to eradicate poverty on the planet and ensure peace and prosperity for people by 2030. There are 17 goals in total, each addressing different areas of global development.In this regard, let's look at the 17 SDGs and understand what they aim to achieve.What are the 17 Sustainable...

If you observe closely, the major challenge for a business is to ensure three things:There is a proper framework for governance and everybody knows their responsibilities.Risks to the business are managed properly, and All this is achieved while maintaining proper legal compliance.GRC is the answer to this problem. In this blog, we discuss everything you need to know about GRC and how implementing the GRC framework can help your...