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Understanding The Goods And Services Tax

Goods and services tax or GST is a destination-based tax, and the burden of tax falls on the end-user who  Consumes the services or goods. The state where the goods and services are consumed receives the tax. A supplier who exports goods or services can either opt not to pay the tax under the LUT/Bond and can claim refund of accumulated ITC or can choose to pay the tax and claim refund of such taxes paid. Such export transactions are termed as ‘Zero rated supply of goods and services’ under GST . GST replaced many other taxes, such as the Central Excise, State VAT/CST, and Service Tax, Octroi, Entry Tax and WCT etc . GST is divided into CGST or central goods and services tax, SGST or state goods and services tax, and IGST or integrated goods and services tax. The type of transaction, whether it is interstate or intrastate, determines the type of GST that has to be paid. GST return compliance refers to compliances regarding filing the document containing details of income so that ta
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What does Audit Assurance imply?

The process of evaluating the account entries present in the financial statement of the company is known as an audit. On the other hand, assurance is a process of analysis and is used in the assessment of accounting entries and financial records. Thus, audit assurance provides an independent and objective assessment of financial statements or compliance efforts. The aim of audits is to assure managers that the financial statements are accurate and handled efficiently. The compliance, regulatory and financial statement audits are conceptualized as assurance services. However, there are other audit services which include consulting and advisory audits. These services are best provided by various audit firms in Delhi . Importance of Audit Firms Auditing plays a major role in systematically managing the financial statements of a company. Auditing firms in Delhi are equipped with professional auditors who handle financial statements with ease. They assist in maintaining an effective sy
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Understanding business risks and risk advisory

Every business comes with risk. In fact, one can go to the extent of saying that businesses are coupled with risk. It is an inevitable truth of running a business. The best way forward, given this situation is to be prepared to face risks, both that are expected and unexpected. It is for this reason that many businesses avail the services of risk advisory firms in Delhi . Some of the best CA firms in Delhi also offer risk advisory in services. What are the types of business risks? Business risks can be generally classified into five types- strategic risk, compliance risk, operational risk, financial risk and reputational risks. Strategic risk refers to when the business strategy adopted by a company loses its effectiveness and thus proves risky. Constant consultation with risk advisory firms in Delhi can help avoid such risks. Compliance risks refers to the risk of being penalized as per law for non-compliance. With ever-changing laws and regulations, availing the services of the
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Why does GST return compliance matter?

Filing GST returns is essential as non-compliance and delay will end in fines and affect the compliance rating and convenient returns. GST Return Compliance is a report comprising of details of income which a taxpayer is obligated to file with the tax administrative authorities. This is handled by tax authorities to determine the tax obligation. Under GST, a certified dealer must file GST returns that cover: • Purchases • Sales • Output GST (On selling) • Input tax credit (GST gave on shopping) To file GST returns compliance , GST compliant business receipts are needed. Importance of GST returns compliance When you have a low rating, other prospective business partners may not want to enter into a business relationship with you. This may lead to a missed opportunity. For example, a dealer who is considering a purchase from two different vendors will definitely favour the one who has a higher rating as they could incur more expenses in the long run, when dealing with a
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Here is how you can find an Income Tax Consultant in Delhi

The last date to file your tax returns for the Financial Year 2018-2019 was 31 st  March 2019. However, if you haven’t filed your income tax returns, you still have good news. The government has extended the due date till August 31 st , 2019. So, you still have a little time left in your hands to make amends. In order to prepare your papers correct in this short time, you need to find yourself an income tax consultant in Delhi . Here are some ways you can do so. Without wasting any further time, let’s get started! 1. Refer to the internet In such a short time, the most reliable source would be the internet. You can go online to find an income tax consultant in Delhi.    2. Ask from your acquaintances You can seek advice from family and peers, if they have any personal experience with an  income tax consultant .   3. Ask for a Preparer Tax Identification Number Every tax consultant has a unique Preparer Tax Identification Number. This number refers to the registration
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