VGNC

  Mystery audit- What is Mystery Audit? how to process it ? benefits of mystery audit? etc. are common question about mystery audit, We are used mystery audit to measure the quality of service and actual performance, compliance with regulation, or to gather specific information about products and services. What is Mystery Audit? Mystery audit is used to measure the quality of service or compliance with regulation, or to gather specific information about products and services. The audit yields better results when done by third-party companies as the stores would not be aware of the product/service being evaluated. A mystery Auditor is a paid consumer who is hired to shop in stores and collect data. Think of mystery auditors as “ undercover customers”  sent in to observe, interact, and report on other customers and store employees. Mystery Auditors are typically employed by a third-parties rather than the store or company personnel itself. Benefits of Mystery Audit to ...

    In India GST introduce on 1 July 2017, within a year   government and GST   counsel update/change many laws in GST Compliance. Now India have single national tax system in market by merging plethora of central and state taxes into a common tax system. It transparent and easy to administer. GST MODEL:- The progressive GST model relies on technology to help make the process secure, smarter and faster. For organizations/ shops/companies, this translates into the electronic filing of multiple monthly state-wise returns, transaction-level data upload, numerous reconciliations (revenue reconciliation, reconciliation with vendor details uploaded on GSTN invoice matching) and, at times, complex tax computation. Though some technical issues have more or less been fixed, there are still various issues that remain unaddressed. Procedural relaxations (such as postponing of returns and vendor reconciliations) have provided short-term relief but the compliance challenges are h...

  WHAT IS INTERNAL AUDIT? Internal audit is an independent, objective assurance and consulting activity designed to add value to and improve an organization’s operations. The role of this audit is to provide independent assurance that an organisation’s risk management, governance and internal control processes are operating effectively. An internal audit may be used to assess an organization’s performance or the execution of a process against a number of standards, policies, metrics, or regulations. Internal audits  may include examining a business’s internal controls around corporate governance, accounting, financial reporting, and IT general controls. Auditors may cover all areas of an organization or specialize based on their skill-sets. In simple words we can say Internal audits evaluate a company’s internal controls. WHAT ARE THE TYPES OF INTERNAL AUDITS? Some types are: Compliance Audit IT Audit Operation Audit Performance Audit This allows the company’s Board and manag...

  WHAT IS INTERNAL AUDIT? Internal audit is an independent, objective assurance and consulting activity designed to add value to and improve an organization’s operations. The role of this audit is to provide independent assurance that an organisation’s risk management, governance and internal control processes are operating effectively. An internal audit may be used to assess an organization’s performance or the execution of a process against a number of standards, policies, metrics, or regulations. Internal audits  may include examining a business’s internal controls around corporate governance, accounting, financial reporting, and IT general controls. Auditors may cover all areas of an organization or specialize based on their skill-sets. In simple words we can say Internal audits evaluate a company’s internal controls. WHAT ARE THE TYPES OF INTERNAL AUDITS? Some types are: Compliance Audit IT Audit Operation Audit Performance Audit This allows the company’s Board and manage...

  What is Tax system in India-   Taxes in India can be categorized as direct and indirect taxes. Direct tax is a tax you pay on your income directly to the government. Indirect tax is a tax that somebody else collects on your behalf and pays to the government e.g. restaurants, theatres etc. recover taxes from you on goods you purchase or a service you avail. This tax is, in turn, passed down to the government. Direct   Taxes   are levied on income, wealth and profit. Direct taxes include income tax, inheritance tax, national insurance contributions, capital gains tax, and corporation tax (a tax on company profits). The burden of a direct tax cannot be passed on. Indirect taxes  take many forms like  Goods and Services tax  (GST) on restaurant bills and movie tickets. The burden of indirect tax can be passed on. Goods and services tax, which has recently been introduced is a unified tax that has replaced all the indirect taxes that business owners have ...

  How significant will be the Impact of GST on retail sector in India? Goods and Services Act (GST) is considered to be a game changer for the Indian economy. This has been the biggest indirect tax reform which was long awaited and certainly promises to create unilateral platform for all goods and services offered in India. No doubt, there have been apprehensions regarding the impact of GST on various sectors of Indian economy. The case of retail sector is of paramount significance as it not only includes huge volume of transaction but also generates mass employment in both urban and rural sector. As far as the global scenario is concerned, India is the fifth largest preferred retail destination and one of the highest in terms of per capita retail store availability. Whether the exponential growth of retail sector will carry forward in the GST era, is an important discussion across several quarters. Nevertheless, Compound Annual Growth Rate (CAGR) of India is dependent on the vibr...

  Gone are those days when register a private limited company in India was a big hassle altogether. At present, the whole process has become much easier in the digitized era.  Importantly enough, the whole process doesn’t take too much of a time either and a concerned person be aware of the essentials and requirement of the whole process beforehand.  The following steps will definitely be a guide in registering a private limited company in India.   Applying for Digital Signature form : A Digital Signature establishes or furnishes the identity of the sender or signee electronically while filing documents digitally.The proposed directors of the company to be formed need to apply for digital signature form, which is readily available in the authorized site.   Obtaining Director Identification Number (DIN) for proposed directors of the company to be formed : This is the first step of the whole process. What will be the number of directors and who are going to be – c...

  The whole idea of limited liability partnership (LLP) is very common in India. This specific partnership pinpoints the fact that some partners in a partnership may have limited liabilities. Importantly, under LLP one partner is not responsible or liable for another partner’s misconduct or in any negligence. One can definitely say, the idea of LLP is similar to that of stakeholders in a corporation.  Interestingly, LLP is different from the idea of limited partnership. No doubt, LLP is a much advanced concept in the domain of business and considered to be a far better aspect that limited partnership. The whole procedure of registering for LLP in Delhi is simple.  Let’s not forget that registered office is mandatory along with two partners.  As per the existing clause, both partners need to be residents of India.  The advantage in this case is, one can use residential address as registered office address.  The whole process of LLP registration can be catego...

  Introduction of GST to the Indian Tax System GST is considered to be the biggest change in Indian economy ever since the 1991 economic reforms which ushered in the globalization, bringing in a whole lot of changes in all the business sectors of India. Although the GST is concerned with indirect taxation only, its impact on the economy is considered to be very important considering the volume of monetary transaction carried out in a country like India.  As it has been mentioned before, that the GST will be rolled out from July 1, all the existing companies in India are presently engaged in transforming their whole structure to the GST regime. Truly, the rules and regulations of the GST are certainly very different from the existing VAT regime.  We shall now discuss various aspects which will be crucial for this major transformation in the indirect tax arena.   Eligibility for GST –  No doubt, this has been the topic of discussion all over. First and foremost on...

  Impact of GST on stock Market Goods and Services Tax  (GST)  is considered to be the biggest tax reform in independent India.  As the deadline comes closer, small and medium companies as well as large enterprises are working on the transition from VAT era to GST regime. No doubt, this transition won’t be an easy task especially for those who are linked with fast-moving goods, durable, pharmaceuticals. Nevertheless, cutting down inventory levels is not an easy task either.  Already inventory correction has started across various sectors. Instead of lifting stocks for two months or so, the companies are taking up stocks for 10- 12 days. Understanding the problem The biggest question going around various quarter is – what will happen to the stocks sold after June 30.  Incidentally government had already announced that trade across various categories will get 40% reimbursement of the tax paid portion only.  In this regard, one can certainly highlight Sec...