Director’s Roles and Liabilities: A Compliance Perspective
In today’s globalized corporate landscape, the role of a company director has undergone a significant transformation. As multinational corporations (MNCs) expand their operations across borders, their directors must navigate complex regulatory environments and assume a broader range of responsibilities. For MNCs with subsidiaries in India, understanding the intricacies of Indian law is crucial. Directors are […]
STPI Compliance Checklist for IT/ITES Companies
The Software Technology Parks of India (STPI) scheme is a vital component of India’s IT policy framework. Launched to promote the growth of IT and IT-enabled Services (ITES) companies, the scheme has played a crucial role in shaping the country’s IT landscape. As an integral part of the Ministry of Electronics and Information Technology, STPI […]
FEMA Rules for Startups Receiving Foreign Investments
India’s startup ecosystem has witnessed unprecedented growth in recent years, driven by innovative ideas, entrepreneurial spirit, and significant foreign investments. As a key contributor to the country’s economic growth, startups receiving foreign investments must comply with the Foreign Exchange Management Act (FEMA) rules and regulations. Non-compliance can result in severe penalties, reputational damage, and even […]
FEMA Guidelines on Inward and Outward Remittances
The regulatory landscape governing financial transactions in India is multifaceted, requiring a nuanced understanding by experienced professionals navigating cross-border business dealings. Among the key statutes in place is the Foreign Exchange Management Act (FEMA), 1999—a vital framework that oversees foreign exchange transactions in India. For Global VPs of Finance in multinational corporations (MNCs) with Indian […]
How Reverse Charge Mechanism Works Under GST
The Reverse Charge Mechanism (RCM) under the Goods and Services Tax (GST) framework presents a distinct approach to tax collection and compliance. Unlike the standard scenario where the supplier of goods or services is liable to pay the tax, under RCM, the liability shifts to the recipient. This mechanism was introduced to ensure tax coverage […]
Key Compliance Deadlines for the month December’24
Managing compliance deadlines is a complex and challenging task, especially as the year draws to a close. The consequences of missing these deadlines can be severe, resulting in penalties, fines, and reputational damage that can have long-lasting impacts on businesses. However, with the right guidance and support, businesses can navigate these complexities with ease. In […]
Year-End Accounting Checklist for Businesses
The year-end accounting process is a critical period for businesses, as it involves closing the books, preparing financial statements, and ensuring compliance with regulatory requirements. For multinational corporations (MNCs) with subsidiaries in India, the year-end accounting process can be complex and challenging, given the need to navigate multiple accounting standards, regulatory requirements, and tax laws. […]
The New Invoice Management System (IMS): A Game-Changer for Businesses in India
As a Global VP of Finance in a multinational corporation (MNC) with subsidiaries in India, you are well aware of the complexities and challenges associated with managing invoices and Input Tax Credit (ITC) in the country on GST portal. The current system, which relies heavily on manual processes and paperwork, can be time-consuming, prone to […]
Understanding GST Refunds for Export-Oriented Units
Managing the financial intricacies of a multinational corporation (MNC) with subsidiaries in India can be a complex task. The introduction of the Goods and Services Tax (GST) in India has added a new layer of complexity to the already intricate Indian tax landscape. This article will explore the nuances of GST on Export Oriented Units […]
India’s Auditing and Assurance Standards: A Global CFO’s Perspective
The complexities of navigating multiple regulatory environments can be daunting for multinational corporations (MNCs) with subsidiaries in India. As a Global CFO, it is essential to understand the auditing and assurance standards in India, particularly when operating in a global environment. The Auditing and Assurance Standards Board (AASB) under the Council of the Institute of […]