What is Audit ? Audit means an inspection of books of accounts by some officials or some specified persons for the purpose of establishing the fact that the accounting records present a true and fair view. Types of Audit There are two types of audit, namely Statutory audit and Tax audit. What is Statutory Audit ? Statutory audit is a compulsory audit for a Company governed by Companies Act, a Trust governed by Trust Act, Bank by RBI Act etc. by an external auditor to examine full accounting records of…
Tag: Businesses
Orissa HC Allows Businesses to Rectify GSTR-1 Filing Error (B2C to B2B)
The Orissa High Court in a judgment allowed to improve the error that emerged in GST Returns -1 from B2C to B2B. it was discovered by the court that the applicant remarked the error after the opposite part ruled the legitimate running bill amount of the applicant via notifying the same for the aforesaid error dated 1st August 2022. The applicant M/s. Chintamaniswar Constructions asked the court to provide direction to the opposite Parties the GST department to allow the applicant to correct the GST Return filed for the period…
Know Your City: From home-based businesses to busy markets, how Surat’s textile industry has evolved since 1970s | Ahmedabad News
Busy traffic of trucks and mini-trucks loading and unloading textile bales and finished goods keeps Surat’s Ring Road abuzz. The oldest among the textile markets here is the Surat Textile Market (STM), inaugurated on Vijaya Dashami in October 1972 by Morarji Desai, the MP who went on to become the prime minister. Harbanslal Arora, 65, the STM’s acting president who is from Sonepat in Haryana and opened his shop in 1978, recalls how Desai had warned in his speech that the textile business would soon be dominated by “outsiders”. He…
Piyush Goyal: Decision to allow firms below GST limit to indulge in e-commerce to help small businesses: Piyush Goyal
[ad_1] New Delhi: The decision to allow the below firms GST threshold to join e-commerce A big decision that will help small businesses benefit from rapid growth online areaMinister of Commerce and Industry Piyush Goyal said on Thursday. The minister said that this decision will be a game-changer for the success of the government’s Open Network for Digital Commerce (ONDC) platform. “It will bring small retailers into the e-commerce ecosystem,” he said, adding that handicrafts, handlooms, textiles and small retailers would be the major beneficiaries. The GST Council has decided…