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Finance is an integral part of any business and the need for sound financial business is paramount. As the business grows, the need for specialised services crops in. However, even in the growth stage, hiring a full-time Chief Financial Officer can strain the finances. For instance, MSMEs have a significant contribution towards the GDP but still, most MSMEs are deprived of specialised financial services. It’s a no-brainer that virtual CFOs for MSMEs can immensely benefit businesses across various functions. What sets virtual CFO services apart is the all-in-one-roof concept whereby you can get all the professional and specialised services from a single organisation. Further, MSME businesses can attain cost-effective services as they don’t have to commit to a fixed salary. Best Virtual CFOs for MSME businesses have gained immense popularity and are becoming a crucial factor in their success. Hire your Virtual CFOs now with ASC Group!
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Cross-border investments and raising finance is not an unusual thing. As the economies are opening and business-friendly policies are being developed, more and more businesses are trying to raise finances from international sources. Startups are a great example of raising finances from offshore investors. But, as these transactions involve huge amounts and are susceptible to manipulations, the government has placed measures to ensure transparency. You are compulsorily required to file FLA return online in case you satisfy the above criteria. The penalty for not filing a FLA return attracts violation under FEMA. In case you need any assistance in filing FLA return, feel free to contact the ASC Group.
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This article describes the concept of a bonus issue of shares in India. It explains that a bonus issue is a method used by companies to distribute profits to shareholders by issuing new shares, without requiring them to pay any consideration.The impact of a bonus issue on the company's share capital and reserves, and how it can benefit both the company and the shareholders. In conclusion, the article encourages readers to seek assistance from the ASC Group for any questions regarding the bonus issue.
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EPR certificate is a key tool for demonstrating a company's commitment to responsible e-waste management and compliance with EPR regulations. EPR certificate serves as proof that a company has taken the necessary steps to properly manage its e-waste, including financing and organizing the collection and disposal of its products. EPR Registration for E-waste and also assists in end-to-end process. In India, ASC Group is the top EPR Consultant providing assistance in PAN India level.
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External Commercial Borrowing (ECB) is a popular financing option for businesses looking to secure additional funding for growth and expansion. ECB refers to loans that are obtained from foreign sources, such as banks, financial institutions, or other corporations. With the availability of a wider range of lenders, lower interest rates, and more flexible repayment terms, ECB can be an attractive option for businesses of all sizes. If you any clarification related to ECB Regulations and it’s implementation in your company, feel free to contact professionals at ASC Group.
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Get a complete understanding of GST Input Tax Credit (ITC) blockage by the department and the related laws. Explore case studies and discover practical solutions to unblock your ITC. This video is a must-watch for anyone looking to stay informed on GST and ITC regulations.
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This article focuses on the key highlights of Budget 2023 presented by Nirmala Sitharaman on February 1, 2023. It details the changes in GST laws and provides interpretations and analysis of the same by industry experts. The major change in the budget was the decriminalization of certain offences, and the article provides a detailed explanation of the same.It serves as a comprehensive guide for taxpayers and businesses to understand the impact of Budget 2023 on the GST laws. If you need any clarification regarding the Budget 2023 highlights, analysis, implementation, and how it will impact you and your business, feel free to contact the ASC Group.
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The Budget 2023 presented by Financial Minister Nirmala Sitaraman was primarily focused on the middle class and income tax for individuals. The new regime offers lower tax rates, higher slabs and a standard deduction for salaried class. Taxpayers can opt for the old regime with deductions. Leave encashment tax exemption increased to Rs. 25 lakhs, presumptive taxation limits raised to Rs. 3 crores. Deduction for MSME payments only claimable after payment, startup time limit extended. Surcharge of 37% on over Rs. 5 crores reduced to 25%. If you need additional information regarding the Budget 2023 highlights and analysis and how it will impact you and your business, feel free to contact the ASC Group.
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In India, BEE registration (Bureau of Energy Efficiency) is necessary for certain companies and organizations to demonstrate compliance with energy efficiency standards and regulations set forth by the government. BEE Registration is required for certain types of electronic equipment, devices, buildings and facilities. ASC Group helps business in obtaining BEE Star Labelling in India with end to end consultancy throughout the process.
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Business valuation is the process of determining the economic value of a company or business enterprise. It is typically used to determine the fair market value of a company's assets and liabilities, which can be useful in a variety of situations such as setting a selling price, determining the value of shares, or negotiating the terms of a merger or acquisition. In case of further doubt and clarification, professionals from ASC Group’s Registered Valuer help in Business valuation in Mumbai.
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The government has established clear legal guidelines to reduce plastic pollution. One such programmed, known as Extended Producer Responsibility (EPR) India, tries to hold specific parties accountable for the appropriate management of plastic trash. If you want any help with EPR registration for plastic trash or EPR compliances in India, feel free to contact the ASC Group.
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EPR for e-waste management framework for those engaged in the production, sale, acquisition, transfer, disassembly, refurbishment, processing, or recycling of e-waste, including its parts and components. In case you need any assistance in relation to the EPR registration in India or compliances, feel free to contact the ASC Group.
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The Foreign Exchange Management Act (FEMA) is a comprehensive legislation that regulates foreign exchange transactions and the cross-border movement of capital in India. It is administered by the Reserve Bank of India (RBI) and aims to promote the orderly development and maintenance of the foreign exchange market in India. In case you need any assistance in relation to FEMA compliance in India, feel free to contact the ASC Group.
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Non-Banking Financial Company (NBFC) is akin to a banking company and engaged in the business of providing loans, accepting deposits (only certain NBFCs), leasing, hire purchase, acquisition of stocks, insurance, etc. For more details about the NBFC registration process, feel free to contact the ASC Group.
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Non-Banking Financial Company (NBFC) is akin to a banking company and engaged in the business of providing loans, accepting deposits (only certain NBFCs), leasing, hire purchase, acquisition of stocks, insurance, etc. For more details about the NBFC Registration process, feel free to contact the ASC Group.
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External commercial borrowing (ECB) refers to commercial loans availed by Indian entities from foreign sources in order to meet their business requirements. The Reserve Bank of India (RBI) regulates External commercial borrowing through the Foreign Exchange Management Act, 1999 (FEMA). For more information about ECB regulations and rules, feel free to contact the ASC Group.
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GST Input Tax Credit on Staff Welfare Expense
The Staff Welfare Expense (SWE) is an important aspect of any business and with the implementation of Goods and Services Tax (GST), businesses are able to avail input tax credit (ITC) on such expenses.
However, there are certain conditions that need to be met in order to avail ITC on SWE. The expenses must be incurred in the course or furtherance of business. Also, the intention of the expenditure should be for the benefit of the employees and not for the benefit of the employer.
Applicability of ITC on Staff Welfare Expense
Staff welfare expenses are those incurred by an organization for the benefit of its employees. These expenses are in addition to the regular salary and perks that an employee receives.
2. Staff welfare expenses can include costs such as medical insurance, educational assistance, child care, meals, transportation, and housing.
3. Under the GST regime, there are certain expenses which are classified as 'staff welfare expenses'. It is are defined as those expenses incurred by an employer on the welfare of its employees. These expenses can include items like medical expenses, educational expenses, canteen expenses, transportation expenses, etc.
4. ITC on staff welfare expenses is that these expenses are incurred in the course of business and are indirect expenses.
Argument against availing ITC on Staff Welfare Expenses
GST ITC on staff welfare expenses is a contentious issue with different stakeholders having different opinions.
The main argument against availing ITC on staff welfare expenses is that these expenses are incurred for the benefit of the employees and not for the business.
Under the GST regime, businesses can claim ITC on staff welfare expense if the following conditions are met:
The expense is wholly and exclusively for the purpose of business
The expense is incurred in the course or furtherance of business
The expense is not specifically excluded from the ambit of ITC
The supplier of the goods or services is registered under the GST regime
The invoice for the supply of goods or services is issued by the supplier
The payment for the supply of goods or services is made to the supplier
In nutshell
The credit can be availed on both direct and indirect expenses incurred on the welfare of employees. The direct expenses are those which are incurred directly on the welfare of employees such as medical expenses, canteen expenses, crèche expenses, staff welfare expenses, etc. The indirect expenses are those which are incurred for the benefit of employees but are not directly related to their welfare such as transportation expenses, sports and recreational facilities, etc. ASC helps in availing ITC on Staff Welfare Employee
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