To improve compliance, govt may introduce lottery reward for filing GST. The Consumer Welfare Fund, where anti-profiteering proceeds are deposited, will be used to reward the lucky winners on monthly and annual bases. The prize money, yet to be fixed, may run into several lakhs of rupees for the annual draw, and about Rs 50,000 for monthly draws.
In fact, India stands to gain in sectors such as textiles, handicrafts, chemicals and pharmaceutical from its trade with the Asean economies.
According to a study titled 'The Spinoff Report' by Deloitte, 'the global value of corporate spinoff -- where a division of a company becomes an independently listed business -- is set to increase to 250 billion pounds in 2012, an increase of 92 per cent from 130 billion pounds in 2011."
AIR India's turnaround plan, which has been reviewed by consulting firm Deloitte and accepted by the airline's board, says the company will start making operating profit from this financial year itself. Air India has been running under losses since 2007.
A common feature in India is the lag between the occurrence of frauds and the time they are actually reported.
Consultancy major Deloitte Global said that women hold about 12 per cent of board seats worldwide while only 4 per cent of them are at the helm of boards
This was reflected in India Inc's lackadaisical attitude towards sensitising employees on fraud prevention.
Management campuses are expecting the rise in pre-placement offers to ease the final placement process.
The world's largest retail company, Wal-Mart was founded by Sam Walton in 1962.
Protiviti Inc, one of the world's largest independent business and risk consulting firms, specialises in internal audit, estimated to be a Rs 1,35,000-crore (Rs 1.35 trillion) business globally.
Consensus seems a problem before the current session of Parliament ends.
Indian companies are likely to shell out an average salary increment of 10.3 per cent in the current fiscal with employees in pharma, health care and life sciences projected to get 12.4 per cent raise, says a survey.
The big four global accountancy firms -- PricewaterhouseCoopers, KPMG, Ernst & Young and Deloitte -- are circumventing laws to provide auditing services in the country, says a report of an Institute of Chartered Accountants of India's committee.
GST collections in March slipped below the psychological Rs 1 lakh crore-mark for the first time in four months to Rs 97,597 crore as the Covid-19 lockdown that shut most businesses compounded tax collection woes in an already sluggish economy. Goods and Services Tax (GST) mop-up in March recorded a 8.4 per cent decline over March 2019 collection of Rs 1.06 lakh crore. The collections were lower on account of dip in revenues from domestic transactions as well as imports.
In contrast, the dominant manufacturing superpowers of the late 20th century are expected to become less competitive.
The rupee's plunging to record level and a sharp fall in the equity market are knee-jerk investor reactions to the US Federal Reserve's saying the it will slow down bond-buying programme in view of improving American economy.
A United States-based automobile company may set up a car manufacturing facility in Punjab with an expected investment of $1 billion, as audit and consultation firm Deloitte has made enquiries on behalf of the firm with the state government.
Going forward, the February factory output may be impacted as several industries such as automobiles, technology, pharma and fashion have some exposure to imports of raw and intermediate materials from China.
The highest international package of $150,000 was offered by a commodities trading company while the highest domestic compensation of Rs 32 lakh (Rs 3.2 million) was offered by a Europe-based investment bank, according to an IIMK press statement.
The Ola Money and Uber tie-ups demonstrate how insurance companies, including even government-run ones, are forging partnerships with every possible service company to offer products.
There is more to tax planning than just Section 80C and infrastructure bonds.
They are witnessing, or anticipating, a double-digit growth in job offers over the same period last year.
The revenue collection in the same month a year ago stood at Rs 94,442 crore.
With telecom and banking majors stepping up mobile banking services, 2011 is poised to be the year that would transform your banking habits - making payments or checking your account balance on your mobile.
With auditing under the scanner and two of the Big Four firms stopping non-audit services for audit clients, auditors will now be subjected to a more stringent standard of reporting.
Riding on this change in aspirations, V-Mart a value retail chain is growing close to 22 per cent year-on-year, and is aggressively looking to expand its footprint, with 60 new stores this year.
Ghost beneficiaries aren't the only kind of issue companies face during a period of unprecedented CSR spending, touching nearly Rs 12,000 crore in 2018-19. Frauds related to procurement, construction, and end-use of funds have had companies engaging forensic auditors to keep tabs on how money is spent, revealed conversations with those involved in such investigations. Firms are also increasingly strengthening their own capabilities to better implement their programmes.
The regulator last week reached out to custodians for beneficial ownership information of investors coming from China, Hong Kong, and 11 other countries.
Total indigenous production between 2011 and 2015 would need to expand from about $30 billion to more than $70 billion.
The e-invoicing system will be rolled out in a phased manner from January 1 on a voluntary and trial basis, beginning with firms with a turnover of Rs 500 crore, while businesses with a turnover of Rs 100 crore or more will be required to do it from February 1.
Mahindra Satyam, the erstwhile Satyam Computer Services, has sought time until September 30 from the Company Law Board (CLB) to file financial statements.
The airline has an annual wage bill of Rs 3,100 crore (Rs 31 billion) and the report has said as many as 2,600 employees will retire during the period of freeze.
As Covid-19 cases surge in India, companies have realised it's a tightrope walk between maintaining production and ensuring employee safety.
This demand is over and above the Rs 1,200 crore.
Call for fiscal autonomy to Union Territories with Assemblies may get louder with 'special status' to J&K in the Finance Commission, say experts.
The decision to seek tie-up details from CA firms, especially those associated with the Big 4 -- PWC, Ernst & Young, KPMG and Deloitte -- follows a report by an Institute of Chartered Accountants of India committee on the multi-crore Satyam scam.
If proved correct, MJ-1 would the third biggest gas field in KG-D6 after D1&D3.
Increase in surcharge will adversely impact fund managers planning to shift to India. As a matter of fact several fund professionals based in India could also relocate to other jurisdictions, resulting in a brain drain.
The highest salary rose by 14.22 per cent from last year.
There has been an exponential increase in the use of technology to validate financial numbers, with a greater reliance on electronic evidence, use of live videos where possible, data analytics, and project management software to overcome the physical limitations in verifying transactions and accounts.
