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VGNC Business Solutions is a multi-disciplinary professional services firm based in New Delhi. They provide a wide range of Business Attorney and Legal Advisory services designed to support companies throughout their lifecycle.

Business Attorney & Risk Governance Services -Protecting your business before problems begin. VGNC Business Attorney

Below are the core services they provide in the business and legal domain:

1. Business Formation & Registration

VGNC assists entrepreneurs and foreign entities in establishing a legal presence in India.

Company Incorporation: Handling the registration of Private Limited, Public Limited, and One Person Companies (OPC).

LLP Registration: Setting up Limited Liability Partnerships.

FDI Consulting: Advising foreign companies on Foreign Direct Investment (FDI) regulations and helping establish 100% subsidiaries or branch offices.

2. Corporate Law & Compliance

They act as legal partners to ensure a business remains compliant with the evolving Indian regulatory landscape.

Company Law Advisory: Guidance on the Companies Act, 2013, including board meetings, share transfers, and statutory filings.

Secretarial Services: Maintaining statutory registers and ensuring all ROC (Registrar of Companies) compliances are met.

Corporate Governance: Advising boards on best practices and ethical management structures.

3. Legal Documentation & Drafting

A critical part of their "Business Attorney" role involves creating the legal framework for business relationships.

Commercial Contracts: Drafting and reviewing Master Service Agreements (MSAs), Vendor Contracts, and Partnership Deeds.

Internal Policies: Creating HR policies, Non-Disclosure Agreements (NDAs), and employment contracts.

4. Specialized Regulatory Services

VGNC bridges the gap between financial auditing and legal regulation.

GST & Tax Compliance: Handling legal matters related to Goods and Services Tax, including registrations and responding to legal notices.

Insolvency & Bankruptcy (IBC): Providing advisory services related to debt recovery and liquidation processes under the IBC regulations.

FEMA Compliance: Ensuring business transactions comply with the Foreign Exchange Management Act.

5. Audit & Legal Risk Mitigation

Legal & Internal Audits: Conducting systematic reviews to identify potential legal liabilities or operational risks.

Physical Verification: They are well-known for the physical verification of fixed assets and inventory, which often has legal and insurance implications for large corporations.

Would you like me to find the specific contact details for their Delhi office or help you draft a query for a legal consultation?

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#audit #VGNC #Business Attorney #Business Advisory #Legal Advice in Delhi #Ghaziabad

new ITR portal e-filing 2.0 on June 7 for the taxpayers

The Income tax department will be launching its new portal e-filing 2.0 on June 7 for the taxpayers. The new website will be replacing the existing portal called www.incometaxindiaefiling.gov.in.

Taxpayers and other external stakeholders would not be able to access the existing e-filing portal for six days from June 1, 2021, to June 6, 2021, as the department will work on the launch and migration activities.

LET HAVE A LOOK ABOUT SALIENT FEATURES OF NEW PORTAL:

Step by Step Guide

FAQ’s

User guides

Quick Reference Guide

Training Toolkits related to verification Process

#income tax consultant #Income tax consultant in Delhi NCR #Income tax consultant India #Income tax consultant near me #Income tax portal 2

CA Firm in Delhi NCR, Chartered Accountant in Delhi, Chartered Accountant in Delhi NCR, Income tax consultant in Delhi NCR

VGNC is a leading GST audit and account service in Delhi NCR offering GST solutions that meet the needs of your business.

#GST Audit Company in India Delhi NCR

#vgnc

Corporate Business Outsourcing model allows them to drive innovation and grow while reducing their operational costs and improving quality.

#outsourcing #business #india #VGNC

#types of outsourcing

GST is a single tax on the supply of goods and services, right from the manufacturer to the consumer. VGNC is best GST Audit Company in Delhi NCR

#GSTBenefits #GST #audit #tax

#supply chain audit services

GST have direct impact in real estate sector of india, GST improved tax system in real estate in india.We are best GST Audit company in Delhi NCR

#GST #Audit #gstaudit #auditCompany #gstauditfirm #delhiGSTauditfirm

#tax payers

Types of audit under VGNC

TYPES OF AUDITS:

The audit is an art of systematic and independent review and investigation on certain subject matter including financial, physical, reports, operational, revenues and expenses etc.

The audit is classified into many different types and levels of assurance according to the objectives, scopes, purposes, and procedures of how auditing is performed.

Types of audit under VGNC

Types of Audits under VGNC-

RTV Audit- RTV Audit is the management of return of goods to the vendor from stores. It is critical and it demands tight control and accuracy at multiple points including proper packaging and transporter control. VGNC has developed a fool proof system to ensure the return of goods from the store to the vendor.

SOP Audit- A Standard Operating Procedure is step by step Instructions compiled by an organization to help staff carry out routine operation. SOP Audit helps to identify design gaps in the overall business process.

Investigation Audit- Investigative Auditing involves the examination of accounts and the use of accounting procedures to discover financial irregularities and to follow the movement of funds and assets in and out of organisations.

Environmental Audit- An environmental audit is a type of evaluation intended to identify environmental compliance and management system implementation gaps, along with related corrective actions. In this way they perform an analogous (similar) function to financial audits.

Mystery Audit- Mystery audit is an audit that plays vital role in gauging the customer experience at the retail stores. It offers the service for an organization to assess and monitor the quality of services provided from the point of view of the customer.

Hygiene Audit- In Hygiene audit the company wants to check whether the company policies in terms of distribution are followed and all the schemes etc. are properly communicated by the distributor to the retail outlets.

Internal Audit- The role of Internal Audit is to provide Independent assurance that an organization’s risk management governance and Internal Control process is operating effectively.

Compliance Audit- A compliance audit is a comprehensive review of an organization’s adherence to regulatory guidelines. Audit reports evaluate the strength and thoroughness of compliance preparations, security policies, user access controls and risk management procedures over the course of a compliance audit.

Checklist Audit- The checklist for any internal quality audit is composed of a set of questions derived from the quality management system standard requirements and any process documentation prepared by the company.

Forensic Audit- A forensic audit is an examination and evaluation of a firm’s or individual’s financial records to derive evidence that can be used in a court of law or legal proceeding.

MOP Audit- MOP audits are used for two purposes – Measuring pricing for own products to drive pricing discipline, or measuring pricing of competitors Products.

Zero Percent Audit- This Audit is conducted in relation to the some product duly financed by Finance Company, whether T&C of finance for that particular product are complied or not.

Physical Verification – Physical verification of assets is a process conducted to make sure that the assets of an entity actually exist. Our approach to verification is to conduct a line-by-line reconciliation of assets accounting records to assets found during the physical inventory taking process.

HR Audit- A Human Resources Audit (or HR Audit) is a comprehensive method (or means) to review current human resources policies, procedures, documentation, and systems. This thorough review helps to identify needs for improvement and enhancement of the HR function

Information System Audit – In this we’re examination of the management controls within an Information technology (IT) infrastructure.

Risk Audit- Risk audit is the examination and documentation of the effectiveness of risk responses in dealing with identified risk and their root causes, as well as the effectiveness of the risk management process. Conducting a risk audit is an essential component of developing an event management plan

ROI Audit- ROI is a performance measure used to evaluate the efficiency of an investment or compare the efficiency of a number of different investments.

You can contact us or send us your query, for more knowledge you can read our case studies

All type auditor

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Checklist Audit

Compliance Audit

Environmental Audit

Forensic Audit

HR Audit

Hygiene Audit

Information System Audit

Information Technology Audit (IT Audit)

Internal Audit

Investigation Audit

MOP Audit

Mystery Audit

Physical Verification of Stock/IT/FA/Records

Risk Audit

ROI Audit

RTV Audit

SOP Audit

Stock Audit

Top Audit company in Delhi

Types of Audit

Zero Percent Audit

CORPORATE BUSINESS OUTSOURCING SERVICE IN INDIA

Corporate Business Outsourcing- Outsourcing is an agreement in which one organization /professional hires another organization/professional to be responsible for a complete or existing activity that is or could be done internally and sometimes involves transferring employees and assets from one company to another.

Types of outsourcing: The evolution of Outsourcing has led to a wide variety of Outsourcing Services today. With a wide list of Outsourcing services, some types elaborated are as under:

Professional Outsourcing- Professional Outsourcing includes any type of specialized Professional Service such as accounting, legal, purchasing, administrative support and other specialized services.

Process-Specific Outsourcing- Other Outsourcing services can be specific to a process or internal procedure, which is commonly referred to as process-specific Outsourcing. Today, it is very common to outsource specific operation-related aspects to other companies or units that specialize in that specific service.

Project Outsourcing– Sometimes companies have trouble managing one of their projects or even just completing a portion of a specific project. In such a case, companies can project outsource. There are individuals and specialized units that specialize in project management that companies can outsource to. These Outsourcing services can be contracted to either manage entire projects or complete portions of projects.

Manpower Outsourcing – Manpower Outsourcing is a practice where a company hires or enters into an agreement with an external organization or service provider to perform certain operations or functions.

Why companies use outsourcing?

Various successful companies outsource their work. This business model allows them to drive innovation and grow while reducing their operational costs and improving quality. It also gives them access to a large pool of talent with global experience.

AUDIT

Corporate Business Outsourcing

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Corporate Business Outsourcing- VGNC

Manpower Outsourcing

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Process-Specific Outsourcing

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TAX

Types of outsourcing

GST and Benefits of GST for Business, Government and Consumer

What is GST

GST is one indirect tax for the whole nation, which will make India one unified common market.

GST is a single tax on the supply of goods and services, right from the manufacturer to the consumer. Credits of input taxes paid at each stage will be available in the subsequent stage of value addition, which makes GST essentially a tax only on value addition at each stage. The final consumer will thus bear only the GST charged by the last dealer in the supply chain, with set-off benefits at all the previous stages.

Benefits of GST

The benefits of GST can be summarized as under:

For business and industry

Easy compliance: A robust and comprehensive IT system would be the foundation of the GST regime in India. Therefore, all tax payer services such as registrations, returns, payments, etc. would be available to the taxpayers online, which would make compliance easy and transparent.

Uniformity of tax rates and structures: GST will ensure that indirect tax rates and structures are common across the country, thereby increasing certainty and ease of doing business. In other words, GST would make doing business in the country tax neutral, irrespective of the choice of place of doing business.

Removal of cascading: A system of seamless tax-credits throughout the value-chain, and across boundaries of States, would ensure that there is minimal cascading of taxes. This would reduce hidden costs of doing business.

Improved competitiveness: Reduction in transaction costs of doing business would eventually lead to an improved competitiveness for the trade and industry.

Gain to manufacturers and exporters: The subsuming of major Central and State taxes in GST, complete and comprehensive set-off of input goods and services and phasing out of Central Sales Tax (CST) would reduce the cost of locally manufactured goods and services. This will increase the competitiveness of Indian goods and services in the international market and give boost to Indian exports. The uniformity in tax rates and procedures across the country will also go a long way in reducing the compliance cost.

For Central and State Governments

Simple and easy to administer: Multiple indirect taxes at the Central and State levels are being replaced by GST. Backed with a robust end-to-end IT system, GST would be simpler and easier to administer than all other indirect taxes of the Centre and State levied so far.

Better controls on leakage: GST will result in better tax compliance due to a robust IT infrastructure. Due to the seamless transfer of input tax credit from one stage to another in the chain of value addition, there is an in-built mechanism in the design of GST that would incentivize tax compliance by traders.

Higher revenue efficiency: GST is expected to decrease the cost of collection of tax revenues of the Government, and will therefore, lead to higher revenue efficiency.

For the consumer

Single and transparent tax proportionate to the value of goods and services: Due to multiple indirect taxes being levied by the Centre and State, with incomplete or no input tax credits available at progressive stages of value addition, the cost of most goods and services in the country today are laden with many hidden taxes. Under GST, there would be only one tax from the manufacturer to the consumer, leading to transparency of taxes paid to the final consumer.

Relief in overall tax burden: Because of efficiency gains and prevention of leakages, the overall tax burden on most commodities will come down, which will benefit consumers.

What is GSTR 9

GSTR 9 is mandatory annual return to be filed by every taxpayer registered as normal taxpayer during the financial year. It consists of details regarding the outward and inward supplies made/received during the relevant previous year under different tax heads i.e. CGST, SGST & IGST and HSN codes.

Form GSTR-9 is required to be filed at the GSTIN level. If a taxpayer has obtained multiple GST registrations, under the same PAN, whether in the same state or different states, he/she is required to file annual return for each registration separately.

All registered taxable persons under GST must file GSTR-9. However, the following persons are not required to file GSTR-9:

Taxpayers opting Composition Scheme (They are required to file GSTR-9A)

Casual Taxable Person

Input Service Distributors

Non-resident taxable persons

Persons paying TDS u/s 51 of the CGST Act

Persons collecting TCS u/s 52 of the CGST Act (They are required to file GSTR-9B)

Note: Filing of GSTR-9 has been made optional for those with turnover of less than Rs 2 crores, while GSTR-9A, applicable to composition taxpayers, has been done away with. Both these changes are applicable for FY 2017-18, FY 2018-19 by GST Council 37th meeting.

GST Audit Company in Delhi NCR

#GST Audit Company In Delhi NCR Forensic Audit Services In Delhi NCR Accounting And Business Consulting Firm In Delhi Inventory & Supply Chai

Business Shrinkage Activity

Business Shrinkage Activity: The coronavirus crisis has changed the world completely in the last few months. Since the day lockdown was announced, all of us were locked into our homes, economic activity has come to a near standstill. Everyone has been impacted may it be a companies, start-ups, salaried persons etc.

Ever since the Corona Virus panic broke out in early March, major business sectors may it be Hotels Restaurants, retail sector and other business sectors have witnessed a huge dip in revenue.

Stores selling essential goods that have been allowed to remain open during the lockdown are also suffering losses as they aren’t allowed to sell other general merchandise, which would otherwise bring them higher margins. Overall, there has been a significant impact on retail industry.

Business Shrinkage Concept

Retailer’s fears that if the panic situation continues till June end, India is staring at a scenario where 25- 30 per cent of the retail stores may shut down, leading to lakhs of people losing their jobs.

Now, retail shops have started opening with conditions, the challenge will be, whether the customers will start purchasing as normal as previous. That’s when retailers would be in the brink of closure, which will lead to loss of jobs. Restaurants are open with half sitting capacity and booking through app, these condition have reduced the sale of restaurants by 35% to 40%, many Chain of restaurants will be closed soon because of current Scenario of market.

Financial year 2020–21 will be learning year for major business sectors. People have changed their life style and government is making many rules for running these businesses, of which practically implementation is very tough. Business Shrinkage Activity will be performed by most of Industries with large scale, as market sustainability is important. As per a market survey 20% to 30% business shrinkage activity will take place in current financial year under impacted sectors.

#Business Shrinkage Business Analytics Covid 19 Audit Tax #audit #Business Activity

Lockdowns because of Corona virus have closed businesses and kept billions of people home bound for months, provoking a simultaneous supply and demand....

Corona impact on world office life

#coronamemes #corona #audit #business

Supply Chain in Business

Supply chain management is the process of delivering a product to the consumer, that includes transformation from raw material to the final product. It includes demand planning, procurement planning, product planning, supply planning, sales and operations planning, and supply management.

Core Components of supply chain management:-

Planning

Information

Sourcing

Inventory

Production

Location

Transportation

Delivering

Return of Goods

Enabling

Planning—Enterprises need to plan and manage all resources required to meet customer demand for their product or service.

Information— Information is crucial to supply chain performance because it provides the foundation on which supply chain processes execute transactions and managers make decisions. Without information, a manager cannot know what customers want, how much inventory is in stock, and when more products should be produced or shipped.

Sourcing—Companies must choose suppliers to provide the goods and services needed to create their product.

Inventory —as a component of supply chain management, It supervises the flow of goods from manufacturers to warehouses and from these facilities to point of sale.

Production—Supply chain managers coordinate the activities required to accept raw materials, manufacture the product, test for quality, package for shipping, and schedule for delivery.

Location—Facility location decisions play a crucial role in the logistics activities involved in supply chain management. In real-life settings, the optimization of location and allocation decisions is often preceded by an evaluation of the existing distribution network system.

Transportation —Transportation is a key logistics function of supply chains which runs from suppliers to customers or stores. A transportation strategy, to be effective in supply chain management, is fitting the movement of goods to the corporate supply chain.

Delivering—Often called logistics, this involves coordinating customer orders, scheduling delivery, dispatching loads, invoicing customers, and receiving payments. It relies on a fleet of vehicles to ship product to customers

Return of Goods—The supplier needs a responsive and flexible network to take back defective, excess, or unwanted products. If the produce is defective it needs to be reworked or scrapped. If the product is simply unwanted or excess it needs to be returned to the warehouse.

Enabling—To operate efficiently, the supply chain requires a number of support processes to monitor information throughout the supply chain and assure compliance with all regulations.

Why is supply chain management important?

Over the last few years, supply chains of manufacturers and retailers have become ever more tightly linked. In most of industries, retail sales trigger replenishment orders to manufacturers. Manufacturers with a well-tuned, just-in-time supply chain can automatically restock retail shelves as products are sold.

What is the impact of globalization on the supply chain?

Twenty-five years ago, one of the main reasons companies created global supply chains was to take advantage of lower wages in other countries. In general, it was fairly easy to off-set the increased shipping costs resulting from remote manufacturing.

What are the importance of Audit in Supply chain ?

Auditors who are well versed with the supply chain mechanism and understands the needs of the business can work well with the organization.

Different Audits can be performed in the supply chain are:

SOP Audit

Finance Audit

Goods In / Out Audit

Stock Audit

Internal Audit

Audit of Returned Goods

Checklist Audit

Claim Processing Vendor reconciliation

Compliance Audit SOP Audit Hygyene Audit

Ecommerce Warehouse Audit

Internal Audit

Internal Audit and Financial Advisory Firm Delhi NCR

key logistics function of supply chains

Physical Verification of Inventory

Return to vendor activity

Return to vendor audit

Return to vendor consultant

Return to vendor mechanism

Return to vendor method

Return to vendor process

Risk Audit

Scaling down of EBOs

Scaling down of Retail Outlets

Scaling down of Stores

sCM audit

Shrinkage of Business Activities

Shrinkage of Business Operations

Statutory Compliance Audit

Supply Chain Audit

supply chain audit services

supply chains of manufacturers

Terminating the EBOs

Terminating the Store operations

Terminating the Stores

Terminating the Warehouse

Winding of EBOs

Winding up Distributors

Winding up of Retail Outlets

Winding up of Retail Stores

Winding up of Stores

Winding up of Warehouse

Wrap up of EBOs

Wrap up of Stores

Wrap up of Warehouse

#Wrap up of Warehouse #supply chain #windup Process #Auditor in Delhi

IMPROVING YOUR INTERNAL AUDIT REPORTS

A good audit report should lead to essential information and separate the identified risks into those affecting the single business unit and enterprise as a whole. It should also embed links to assist the reader in finding what they need.

All auditors produce reports after completing the auditing process. It is a standard activity expected by management and other stakeholders of the company. The audit report records the result of the audit procedure which becomes the foundation of sustainable growth and improvement in the organization.

If you want to achieve stable growth, you need to focus on making your internal audit reports clear and effective. A high-quality audit report helps the management to make informed and timely decisions.

Why You Need to Improve Your Audit Report

To Increase Visibility

As the audit reports are distributed to the internal stakeholders and external auditor, the reports must provide clear information that is neither overstating nor understating the facts. The accurate picture of risk and control environment is useful for management.

For Credibility

Internal audit reports review complex and strategic risks faced by your organization. Auditor builds an understanding of business and other associated risks to demonstrate them clearly in the report. If credibility is not demonstrated, internal audit report might not have the same impact.

Communicating Business Value

Audit reports showcase the business priorities, risks and improvements failing to link it with your priorities.

Avoid Clustered Decision

The tendency to cluster results which might lead to inadequate knowledge of actual risk exposure.

Tips to Improve Audit Reports

These are some of the most common mistakes which call for improvement in the audit report. Most of the mistakes are easy to avoid through use of the better template, good writing, and streamlined audit process.

With the growth of technology, most of the departments count on electronic distribution of audit reports. Periodic summaries of the audit are digitally provided to the audit committee. Your management uses the mobile electronic device to review reports.

The audit report improvement that you need to make to be in tune with current trends are:

You must lead your audit report with important information. The audit report must embed links in the text allow easy navigation to detailed information as needed.

You must divide your audit reports into parts that effectively demonstrates the result of the audit engagement including isolating risk impacts on your company.

In the end, we can conclude that clarity of internal audit report is necessary for its effectiveness and to make improvements in the procedures of your company.

#audit report #tax audit report auditor in Delhi auditor in Delhi Ghaziabad auditor in India

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