CA CMA Syam sundar

  A structured breakdown based on the GST changes effective 22nd September 2025: 1. GST Rate Structure Old: 4 slabs – 5%, 12%, 18%, 28% New: 2 slabs – 5% & 18%, plus a 40% “sin/luxury” slab Effect: Easier classification of goods and services. Many items have become cheaper (earlier 12% → now 5%). Some items costlier (earlier 28% → now 40%). Engineering consultancy stays unchanged at 18%. 2. Services (like Engineering Consultancy) Rate: Remains 18% (standard service tax rate). Effect: No increase/decrease in GST liability for consultants. Invoices and contracts remain same at 18%. Clients still bear the same tax cost. 3. Compliance & Returns Change: GST return filing/revision is time-barred after 3 years from the due date (earlier no clear outer limit). Effect: Consultants & businesses must file and correct returns on time. No chance to revise old returns beyond 3 years. More discipline in compliance needed. 4. Registration & Refunds Change: New simplified system for...

  The Biggest Control Weakness in Every Company It’s not weak systems. It’s not poor segregation of duties. It’s not careless employees. 👉 It’s the CEO. Here’s the truth nobody dares to write in an audit report: Controls only work if leadership chooses to respect them. ⚠️ Procurement rules vanish with a CEO override. ⚠️ HR policies bend when “star performers” are involved. ⚠️ Financial discipline collapses when the boss says: “Just book it.” And yet—most audits, risk reports, even board papers never say it. Why? Because calling out the CEO feels like career suicide. But history doesn’t lie: ➡️ Enron. ➡️ Satyam. ➡️ Wirecard. None collapsed because a “reconciliation failed.” They collapsed because CEOs overrode every control. The paperwork looked fine. The culture was rotten. So here’s the uncomfortable governance question: 👉 If the CEO is the ultimate control weakness, who is holding them accountable? Audit Committees? Too soft. Boards? Too close. Risk Teams? Too d...

  E-Invoicing at a Glance 1) To Whom It Is Applicable: E-invoicing is applicable to registered persons whose aggregate turnover exceeds a specified threshold in any financial year from FY 2017–18 onwards. Thresholds for Applicability: Turnover Limit Effective Date ₹500 Cr 1st Oct 2020 ₹100 Cr 1st Jan 2021 ₹50 Cr 1st April 2021 ₹20 Cr 1st April 2022 ₹10 Cr 1st Oct 2022 ₹5 Cr 1st Aug 2023 2) Entities/Persons Exempted from E-Invoicing: Regardless of turnover, the following entities are exempt from e-invoicing: SEZ units (not developers) Insurer, Banks, financial institutions, and NBFCs Goods Transport Agencies (GTAs) Passenger transportation services Cinematograph film exhibition in multiplexes Government departments and local authorities 3) Documents Covered Under E-Invoicing: The following documents require e-invoicing: Tax Invoices Debit Notes Credit Notes Related to B2B...

  The financial statements told one story… but the processes told another. During an audit, everything balanced perfectly — revenue matched invoices, expenses reconciled, and the trial balance tied up. But one critical gap stood out: all vendor payments were processed by a single individual without independent review. The numbers looked fine, but the risk of fraud or error was very significant and real. This experience reminded that internal controls are the backbone of trustworthy financial reporting. They don’t just protect balances — they protect the business itself. 💡 Here’s what effective controls should look like: ✔ Preventive controls → segregation of duties, approval hierarchies, access restrictions. ✔ Detective controls → reconciliations, independent reviews, exception reports. ✔ Corrective controls → escalation procedures, timely adjustments, audit trails. For auditors, evaluating controls isn’t a checklist exercise. It’s about: ❗ Testing if approvals are real or j...