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Introduction of Manual Checks in IGST Refunds

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  In a bid  to attenuate tax fraud using bogus bills, the Central Board of  tax and Customs (CBIC) introduced “Manual check” for its Customs and GST formation before the issuance of IGST refunds. However, the notion was perceived as a setback to the automated GST refund process by many, creating a misleading impression that genuine exporters would suffer on account of the newly introduced verification process. To clear the air on  an equivalent, CBIC released a press note, stating that the newly introduced system of manual check shall only target the exporters perceived as risky on  the idea of pre-defined parameters. The CBIC has also assured  the real exporters that  they might still get their IGST refunds  during a timely manner  during a fully automated environment. In May this year,  it had been proposed to automate  the whole refund for exports. Risky Exporters under GST The exporters suspected of indulging into large scale frauds  concerning Integrated Goods & Services Tax (
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Accounting for Generation Z: Engaging the post-Millennial workforce

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  Move over Millennials, subsequent cohort to hitch the profession is Generation Z. But if you thought the principles of engagement were an equivalent to focus on this tranche of job seekers and obtain the foremost out of them within the workplace demands a special approach, experts explain. Millennials are now well-established in accounting – many as partners, CFOs or running their own firms. Subsequent demographics off the ranking is Generation Z, a term which refers to those born from the mid-1990s to the mid-2010s. Unlike Millennials, sometimes labeled the “me generation” that began in an era of economic prosperity and rapid technological development, Gen Zen's are true digital natives who value individual expression and avoid labels, McKinsey experts say. Who doesn’t love an honest generalization? Previous generations of employees were happy enough as long as their jobs didn’t negatively affect them, we’re told. Now, the younger workforce wants their jobs to possess an a
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Demonitization

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  Everyone in India and abroad was surprised by the government's announcement to exchange existing currency notes of Rs. 500 and Rs.1, 000, which accounts for nearly 85% of the currency in use. People are waiting long hours outside ATMs/ banks, and facing difficulties while trying to exchange existing currency and withdrawing new currency notes. The general public reaction to the Demonetization Drive has been largely positive but there are a couple of disappointed people also. Some consider it to be an excellent move, actually a master plan, which might help in curbing corruption within the future; others are anxious about the impact such an outsized scale transition would wear everyday lives of citizens thanks to lacking financial liquidity. Defining Demonetization Demonetization is an act of stripping a currency of its status as tender. This move is typically taken when a country’s old currency is replaced with a replacement one. This is one of the boldest move by the Prime Min
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