The World Customs Organization in June, 2005, with a view to secure the international supply chain, has adopted the SAFE framework of Standards. Authorized Economic Operator (AEO) is one of the three pillars on which the SAFE framework is formed. AEO helps to build a closer partnership between the customs department and the trade industry. The Authorized…
Income tax is an essential source of revenue for the government to meet the expenses of running the country. It is a legal obligation for every citizen to pay income tax on their income as per the income tax laws of the country. Taxpayers need to file tax returns and get them audited by a…
One of the critical aspects of taxation in India is the Goods and Services Tax (GST) regime, which has radically transformed the country’s indirect tax system. As per the CGST Act, 2017 every registered taxpayer is required to maintain proper records and books of accounts to comply with the law’s provisions. Furthermore, the government mandates…
The indirect tax system in India is extremely complex. It has long been felt that the complexity of tax structure and the general legal framework dampens entrepreneurship and hinders growth of businesses. India, in spite of being a single country, faces internal barriers to interstate trade, commerce, and business because of prevailing multiplicity of tax…
Companies ultimately have two options when choosing accounting software for their business: cloud-based or desktop. Although desktop software has traditionally been widely used, companies are increasingly moving to the cloud for a number of reasons. Cloud software offers inherent benefits, such as enabling finance teams to manage accounting from anywhere and on any device. In…