Finlawgical Risk Advisory

09/07/2021

Filing of GSTR 3B is considered to be the simplest return form by the Government as it might include reporting of only 7 Figures i.e. Sales

07/07/2021

BIS Hallmarking registration is mandatory to jewelers whose turnover is more than 40 lack Don't worry our team help you get this registration at only 999/- So Hurry up Grab this offer

18/05/2021

What is Virtual CFO?

Virtual CFO (or vCFO for short) stands for virtual Chief financial officer. A virtual CFO is an outsourced service provider offering high skill assistance in financial requirements of an organization, just like a chief financial officer does for large organizations. A virtual CFO may be a single person or an entity.

But instead of delivering those services in person, as a full-time employee, the virtual CFO works remotely, on a contractual,part-time schedule.

Why does one need a Virtual CFO?

If you’re launching a startup, there are a number of roles that you need to fill straight away such as CEO and marketing manager. Many startups choose to leave the job of hiring a Chief Financial Officer, or CFO, until later.

This is where hiring a virtual CFO could make a lot of sense for small companies.

Growing your company’s revenue is a beautiful thing. There’s no feeling quite like the one that comes with hitting a financial goal that’s long been on your horizon. But reaching new revenue levels also comes with growing pains.

If you’ve hit that point, now the business needs a financial executive. But at this stage it’s also highly unlikely you can afford to hire a full-time CFO.This is where there is a Role of Virtual CFO services where you can balance out the cost and at the same time enjoy the benefits of professional consultation.

If you’ve got a full-time CFO then you’re already in safe hands. A virtual CFO isn’t going to offer anything you don’t already have. If you’re lacking a CFO, however, then hiring a virtual CFO comes with a number of benefits.

Some Nuts and bolts of Virtual CFO includes:-

Broad Expertise
Greater gain Access to Their Contacts
Better return on your investment
Customized service based on your needs and budget
Someone to grow with you
Deep industry knowledge, diverse financial expertise
Technology and resource recommendations
Rebuilding balance sheet
Enhance financial processes
Virtual CFO services are provided to the businesses who have not appointed an in-house CFO (Chief Financial Officer). In the present scenario, many challenges are being faced by the organizations in terms of growth, financial aspects, accounting as well as management. For this a designated position is required to be appointed who can be primarily entrusted with managing the financial risks, company valuation and reviewing the various KPIs relevant to the Startup or SMEs.

Thus a virtual CFO shall be there to meet the challenges effectively by providing the financial and professional advice, analysis and support to the management.

As a young, growing business ourselves, we understand what you’re going through. We have the experience and the tools to help you stay in control of your finances, improve your cashflow and keep investors happy.

So, if your foggy understanding of your business’s financials inhibits and your ability to make decisions, working with a virtual CFO may be a good idea.

To take the first step in exploring a virtual CFO relationship, schedule your virtual CFO consultation with us!

12/05/2021

A shining future: The road ahead for the Indian jewellery industry
Covid-19 has changed the way we look at things. Not only has the global pandemic affected our lives in unimaginable ways, but also impacted our habits - from work to shopping, every avenue possible has taken a blow. While the world is weathering an economic crisis, with nations building respective strategies to sail through, the

jewellery industry
has also slowed down. But, if there has been an industry that has remained fluidic for many decades, it has been the gem and jewellery industry. Famines, floods and other natural disasters haven’t really been able to affect it greatly, as the demand for jewellery has always existed and the artisans and jewellers have always pushed themselves harder to meet the demand. So, what lies ahead for the industry that has survived all odds and proved to be the phoenix rising from the ashes? We got in touch with the industry biggies to know what the future holds for the jewellery industry and here’s what they had to say.

According to Anand Shah of Anand Shah Jewels, the future of jewellery in India definitely looks promising as it has come a long way. “From considering gold as a mere investment to holding dignity in owning precious jewels, our country has evolved to a great extent. With changing times, we have witnessed different trends in the jewellery industry, only to desire for more. Be it the special occasions like weddings or auspicious days like ‘Akshay Tritiya’ etc, jewellery makes it a complete affair,” says Shah, who feels the trend will continue for eternity.

Like any other industry, business of the jewellery industry has also got affected by the unexpected pandemic but industry insiders feel this is a temporary phase which will end soon.

Source -TOI

12/05/2021

GST or the Goods and Services Tax is a statute implemented on 1st July 2017 with the motive to have a nationwide single tax structure governing the transactions related to goods and services wherein, taking a revolutionary move, the introduction of GST as an indirect tax replaced almost all the central and state indirect taxes, such as VAT, Service tax, Excise duty, etc.

GST compliances and procedures

GST requires regular compliances and procedures to be followed by those coming under its ambit.

The procedures to be followed listed down inclusively as below:

Enrollment related compliances
Invoicing related compliances
Returns related compliances
Other compliances
Registration compliances:

The registration part is the foremost compliance under GST is registration. It is a turnover based compliance wherein, any person who has a turnover exceeding Rs 40 lakh in goods and Rs 20 lakh in services in the previous financial year needs to get registered in the GST regime and thus, start following other compliances as a registered supplier.

Invoicing related compliances:

Any person registered in GST needs to then follow other compliances in which one of the daily procedures is invoicing.

Every registered dealer under GST needs to be compliant with certain details while issuing a tax invoice which lists down as under:

Invoice number and date
Customer name
Shipping and billing address
Customer and taxpayer’s GSTIN (if registered)**
Place of supply
HSN code/ SAC code
Item details i.e. description, quantity, unit, the total value
Taxable value and discounts
Rate and amount of taxes
Whether GST is payable on a reverse charge basis
Signature of the supplier
The above details are mandatory in a GST invoice to ensure compliance.

Returns related compliances

The filing of return is one of the most important things in compliance under the GST. GST law registered dealer, needs to file a statement of the transactions of the business i.e. returns on a monthly/quarterly/annual basis (As applicable on the dealer registration nature).

The major forms of these returns and applicability are:

GSTR-1 is the return to be furnished for reporting details of all outward supplies of goods and services made.
GSTR-3B is a monthly self-declaration to be filed, for furnishing summarized details of all outward supplies made, input tax credit claimed, tax liability ascertained and taxes paid. It is filed by all taxpayers registered under GST.
GSTR-9 return is filed annually by taxpayers under GST having turnover of over Rs 2 crores in the financial year, containing details of outward sales supplies made, inward purchase supplies received during the previous year under various tax heads along with details of taxes payable and paid. It is a consolidation of all the monthly or quarterly returns (GSTR-1, GSTR-2A, GSTR-3B) filed during that year.
GSTR 9C is proposed for abolishment in the Finance Budget for 2021. It was a reconciliation statement between the returns filed and the financial statements of the registered dealer having a turnover of more than Rs 5 crore.

Other compliances under GST – Some other compliances followed according to the nature of their business are:

EWay Bill- It is an Electronic Waybill for the movement of goods. A GST registered person cannot transport goods in a vehicle whose value exceeds Rs 50,000 (Single Invoice) without the cover of an e-way bill.

Payment of tax- A person who has a liability to pay tax on his outward supplies/sales needs to pay the taxes while filing the return GSTR 3B monthly or quarterly as applicable.

NOTE- Don't worry our team help you completed all that Compliance on nominal Cost

11/05/2021

Register your Startup with Government and take all the benefits of Scheme. Our team helps you in register your Startup

11/05/2021

Hurry Up ! 31st May is last date of Filing ITR for A.Y 20-21 . It is an Last Chance For filing last year ITR

11/05/2021

Internal audit and risk advisory
TAILORED EXPERTISE TO MINIMISE YOUR RISKS AND MAXIMISE YOUR RETURNS
We understand the major threats of business today and how they can impact your organisation. The global banking crisis, the rise of cybercrime, changing business dynamics, corporate failures with increased stakeholder accountability – all of these factors only heighten the importance of identifying risks and the appropriate response as early as possible.


THE NEED FOR INTERNAL AUDIT AND RISK ADVISORY SERVICES:
Our objective is to provide the audit committee, senior management, head of operations, process owners and the rest of your organisation with a comprehensive and unbiased analysis of the corporate governance processes, risks and functional efficiency of your business - and to suggest areas for improvement and value-addition.


OUR INTERNAL AUDIT SERVICES ARE ALSO AN EFFECTIVE MEANS OF EVALUATING:
Efficacy of operations
Reliability of financial reporting
Compliance with various regulations
Safeguarding of assets and various matters concerning the interest of the company, employees, stakeholders and society in general

THE INDIAN COMPANIES ACT 2013 ALSO PROVIDES FOR MANDATORY INTERNAL AUDITS FOR CERTAIN CLASSES OF COMPANIES.
As a result, we are proactive, not reactive, and provide support and guidance as your processes and systems develop. Our expertise and knowledge ensure we remain at the forefront of implementing new approaches to managing risk. We believe in delivering internal audit and risk advisory solutions at the highest level of professional competency and integrity to our clients.


WE SPECIALISE IN PROVIDING INTERNAL AUDIT AND RISK ADVISORY SERVICES.
Our audit specialists and risk advisory consultants understand the unique nature of each of our clients’ needs. Our endeavour is to guide you through the entire process step by step, addressing your key business concerns, helping you comply with regulatory norms and enhancing the overall effectiveness of corporate governance and reporting requirements within your organisation. The endgame is to see your operational efficiencies boosted and move you a big step closer to achieving your strategic business goals.


OUR INTERNAL AUDIT SERVICES INCLUDE DISTINCTIVE METHODOLOGIES SUCH AS:
Adoption of standard operating procedures
Client specific ‘toolkits’ to service multi-location engagements
Use of computer-assisted audit tools (CAATs) such as ACL and IDEA to aid in accurate sampling and data analytics
Research based checklists
Issuing customized reports for various levels of management
Our highly dedicated and specialised internal audit and risk advisory consultants are actively engaged with various corporates across the world, with comprehensive sector experience. Our detailed service list includes:

Internal and management audit services
Enterprise risk management
Techno commercial and concurrent review
Due diligence review
IT risk and advisory
Compliance review
Carbon and sustainability risk advisory solutions

HOW WE CAN HELP
Our internal audit services typically include the following processes:

Critical evaluation of internal controls, performing gap analysis and suggesting areas for improvement and efficiency
Constructive review of operations - keeping your business needs and risks at the forefront of our mind
Identification and recommendation of areas for cost reduction and revenue optimisation
Critical evaluation of systems and procedures, including those which are embedded in information technology systems and processes
Identification and assessment of risks, followed by suggestion of risk-mitigation measures
Ensuring proper compliance with the various regulatory provisions and operations manuals
Assisting in meeting the corporate governance requirements, particularly with respect to the far-reaching changes introduced by the Companies Act 2013

WHY CHOOSE FINLAWGICAL FOR YOUR INTERNAL AUDIT SERVICES AND RISK ADVISORY SOLUTIONS?

A dedicated team of internal audit specialists and risk advisors in India alone, boasting highly qualified and trained professionals including chartered accountants, engineers, Company Sectaries, cost accountants and more.
Three decades of top-level experience in internal audit & risk advisory services in India
Regular involvement of experts from other verticals such as tax, accounting, legal, IT, etc.
Wide exposure across several sectors and geographies
Nationwide delivery capabilities in over 100 cities across India through a combination of our own offices and associates
Clear value proposition
Use of well researched and dynamic toolkits and checklists with periodical updates

10/05/2021

Gems and Jewellery
Our service offerings for the Gems and Jewellery industry

General:

The Gems & Jewellery Industry is one of the fastest growing segments in India
India’s export of Gems & Jewellery products (constituting cut and polished diamonds, gold jewellery, coloured gemstones, pearls, non-gold jewellery, synthetic stones, etc.) is expected to generate a revenue of about US$ 35 bn in 2015
The domestic market is also robust at well over US$ 40 bn
India is the largest consumer of gold in the world and consumes nearly 20% of the world consumption. A majority of this consumption goes in making of gold jewellery
India has an abundant supply of skilled manpower suited for designing and producing high volumes of exquisite jewellery at low labour costs
Due to the very high export orientation of the industry, most of the large players have established their offices / subsidiaries / associates in nearly all the important trading centres of the world like USA, Singapore, Hongkong, China, UAE, Tokyo, Belgium, Tel Aviv, London etc.
India is the largest diamond cutting and polishing centre in the world and globally enjoys a 60% share in value, 82 % share in caratage terms and 95% share in terms of pieces
Effectively, 9 out of 10 diamonds sold worldwide are processed in India
India’s export of Gems & Jewellery products (constituting cut and polished diamonds, gold jewellery, coloured gemstones, pearls, non-gold jewellery, synthetic stones etc) was at US $ 21.2 billion in 2008 and is expected to be approx. US $ 20.1 billion in 2009.

Retail sector:

While recently there have been a growing trend of large business entities entering this sector, the Gems & Jewellery sector still continues to be dominated by small and medium sector entities
With a growing middle class, the market for branded jewellery is expanding substantially, with many of the large players in the industry are setting up retail chains of jewellery showrooms across India which market gold (plain and studded) jewellery, fusion jewellery, diamonds etc.
With gold being seen as an investment alternative, the market for gold coins / bars has also increased substantially

Opportunities and Challenges

With the phenomenal increase in the growth opportunities and scales of business operated, the challenges have also increased manifold. Some of the significant challenges faced by the industry are:

Price risk of key raw materials
Foreign exchange risk
Security risk during mass scale production, handling and movement
Fast changing fashions, models, etc.
Credit risk
Country / territory risk for market concentration in few countries
Compliance risk has increased significantly as a result of the multinational operations of the industry
Ability of management in handling country specific challenges
In case of diamonds, concentration of rough diamonds supply with a few suppliers is a major challenge
Increased international and domestic vigilance by authorities considering Gems & Jewellery products (eg. gold, diamonds etc) being considered as sensitive goods
Scaling up the local systems and procedures to suit international standards and requirements
Products are more based on discretionary and impulsive buying and hence get affected first during any downturn
While the challenges are many, the industry also offers significant growth opportunities considering the future outlook.

How we can help
Our Firm has been involved in the Gems & Jewellery industry for over two decades and provides a wide range of professional services to this industry, viz:

Internal and management audits (including compliance audits)
International and Indian tax
Corporate advisory and structuring covering Tax / Foreign Exchange regulations, Double Taxation Avoidance Agreements (DTAA) regulations, Commercial regulations, etc.
Advisory and assistance in outbound and inbound Foreign Direct Investments from and into India, formation / re-structuring of Joint Ventures, Mergers and Acquisitions, etc.
Quality Management Systems covering compliance of standards defined by De Beers, Rio Tinto, etc.
Operations consulting covering lean management systems, JIT approach, inventory management tools, preparation of Standard Operations Manuals (SOPs), defining pre-agreed systems and procedures, etc. and assisting in their implementation
Financial process outsourcing
Transfer pricing
Information technology solutions covering data and process automation, assisting in the identification and implementation of software, ERP, etc.
Enterprise risk management enabling organizations to help identify, control and mitigate / manage risk across the organization
Company law compliance and commercial documentation
Executive search and recruitment

10/05/2021