Inventory and Supply Chain Consultancy Service in Delhi NCR

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Inventory and Supply Chain Consultancy Service in Delhi NCR

VGNC has carved out distinct reputation when it comes to providing comprehensive advisory services to clients in the retail industry. Based at Delhi NCR, we are a leading business advisory firm offering inventory and supply chain consultancy services all across Delhi and neighbouring areas.

We are a leading inventory and supply chain consultancy providing firm.

Our diligently designed services are in tune with constantly changing retail and apparel industry of India. With our extensive knowledge about the complexities of the business operating in the dynamism of the retail industry in India, we help our clients to maintain inventory accuracy. Physical verification of stock and fixed asset in stores and warehouses, analysis of the various operation, identification of flaw points, reliable physical verification, and inventory and supply chain consultancy services in Delhi NCR.

Our robust customer support system will love to answer all your queries, call us now!

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VGNC Approach

Accuracy is the key

Accuracy is the key element in inventory control and supply chain optimization. To maintain accuracy in dynamic Indian retail scene is an uphill task. You will also be hard-pressed to find a reliable business advisory firm. VGNC has become the first choice of business looking for trustworthy inventory and supply chain consultancy service in Delhi NCR to achieve efficiency in inventory control and supply chain management. We focus on effective physical verification of stock and assets to facilitate your growth.

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How VGNC brings Accuracy to your inventory and supply chain?

  • Our team of experts is analyzing every crucial point of your inventory operation to highlight faulty areas and provide consultancy to optimize inventory control.
  • We adhere to a strict set of guidelines while proving services that include physical verification consultancy services, cycle counting, physical verification of fixed assets, physical verification of stock, physical verification of store & warehouse and inventory management in a retail
  • While delivering our inventory, supply chain, and physical verification consultancy services, we ensure that our approach suits the exact needs of our client.
  • All our consulting services are adopted after detailed analysis of our client’s business requirement.
  • We, at VGNC, work with an objective to become growth partners of our clients operating in the retail & apparel industry. And to stay true to our objective, we offer highest quality service and maintain reliability and communication at all stages.
  • Our team follows a continuous analysis, trial and testing method throughout the audit and verification procedures to maintain the accuracy levels.

Bring accuracy to your inventory and supply chain function with VGNC, call us today!

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Finance in Digital World: VGNC Perspective


The finance sector has started to shift in the dramatic and dynamic waywith the launch of ‘Digital India’ Initiative of the Government. The situation, however, is a little bit confusing as the digitization is sudden yet profound.

“India is stepping into the future of finance along with the world. And the future is – digital. We need to keep up with it.” – VGNC team

It may seem futuristic but at the threshold of the whole process – alignment is missing in reality and conception. The finance leaders and experts across the world are redefining the traditional structure and are slowly adopting the existing technologies of modern times. Business advisories are experimenting with exponential technologies to keep up with the digital dexterity.

We, at VGNC,  have identified key trends to assist our client to transcend into the digital world and to define the future of finance. For easier and smoother adoption of technologies, it is important to contextualize the whole discussion about digital finance from an Indianperspective.Here is an interesting snippet of our research and expert overview of the scenario by VGNC team.


Themes of Digitization in Finance

There are four major themes of digital evolution in finance which are discussed below:

  • Dilemma created by data
  • Evolving role of leaders and experts
  • Technologies that will define the future of digitalized finance sector
  • Need to create a bridge between acumen and perceptivity

Dilemma Created by Data

It is an uphill task for financial organizations to keep pace with the evolving requirements of businesses in the technologically defined world. The root of the problem lies in how data is received and processed.


  • Unstructured and high volume data received in digital economy
  • Lack of analytical tools to decipher the data received
  • Sudden change in business dynamics in India with growing digital finance trend
  • Traditional finance talent including skills of compliance and bookkeeping are developing data sensitivity
  • Complexity of grappling with dependability on master data (For example, tax credit being deprived due to inability of automated set off in GSTN)


  • Transitioning from traditional to digital is a cultural shift and needs to be lead from the top.The decision making shall be made more insight driven.
  • Data analysis and science skills must be induced by finance teams.
  • A thorough scan of data and data related inconsistencies need to be undertaken to ensure discipline and transparency.


Evolving Role of Experts

Advisory includes a wide range of roles such as inventory, finance, etc. The Government initiatives like Unified Payment Interface, Aadhar, etc. were few steps towards digitalization. With the demonetization, the process only got accelerated. Thus, it is time for experts and leaders to breakout of their archetype role and acquires a significant role as growth partner.


  • Digital audit or audit beyond limited sampling is coming into existence. The entire database and extracted information can be scanned using cognitive tools.
  • Advisory, at initial-level,can be providedonline which cuts down thetraveling harassment caused to people. This online network or portal needs to be safe to ensure sensitive data is not compromised or breached.

Technologies for the Future of Finance: Trends

Technologies need to collaborate in tandem to bring about the digital revolution in finance. Here eight trends that when followed turn out to benefit.

  • Use of technology to get better insights for better decision making
  • Providing intellectual insights to the business
  • Moving beyond the data in spreadsheets
  • Presenting a real-time view to facilitate effective decision-making
  • Increase predictability and consistency of analysis process
  • Reduce operational cost
  • Elimination of redundant processes
  • Optimising human efforts

Predictions for the Future of Finance

  • The predictive and prescriptive analysis will be expected from finance sourced from data.
  • The finance processes of the future will run as utilities. And will be both automated and interconnected.
  • Social outcomes of business will feature prominently in the financial reporting requirements.
  • The information available will be ubiquitous.
  • Finance talent will have to diversify their skills and make changes in their value and working systems.

Cognitive computing and advance level analytics will form the basis of decision making in digital finance. This will help in creating a bridge between acumen and acuity which is an important trait we think of finance in the digital world.

E-Litigation Portal by VGNC: Online Model to Resolve Compliance Issues

VGNC LinkedIn 3In current Indian scenario, businesses have to operate in a dynamic market with increasing participation of technology. Under these circumstances, legal and regulatory framework are also changing rapidly and call for a robust compliance. As the industry is evolving, so are laws.  Latest in line is the proposal of e-assessments under Income Tax Law. And to keep up with this evolving industry, business need to rely on real-time compliance for effectivity. ‘Digital India’ Initiative and global reforms are bringing the focus on acceleration in the completion of the process. With the digitization of various processes, it is quite easy to achieve the fast pace in different vectors of business procedures and advisory.

When it comes to litigation, business has to face a dead end as litigation cases often come out to be time-consuming. Much of management’s time is consumed by the uncertainty of action and roaming around to look for right guidance. This is not only a waste of time and effort but also is the very vulnerable situation.

Robust Solution for Litigation Cases

At VGNC, we believe that when businesses are operating in a dynamic market like India – Time is of high value. To ensure that valuable time of management is not wasted on uncertainty and confusion, we have devised an online model to resolve the litigation and compliance cases.

Lead advisor of VGNC, Vipin Garg says, “VGNC stands with an objective to bea business advisory firm acting as a growth partner of its clients rather than maintaining a temporarily assignment based relationship. We believe a good partner is the one who committed to the growth of their partner and makes various processes easier for them. Working on our objective, we have launched E-litigation portal to simplify compliance and litigation issues.”

He also added, “Anyone one can reach us from anywhere in India through this portal. They can provide us details and documents. After which our team will analyse he case and provide compliance and litigation services till the matter is resolved.”

Benefits of E-Litigation Portal

The E-Litigation Portal is an innovative effort to help businesses expand and grow by cutting down the management hours wasted on roaming to find a proper solution to compliance issues. The management can now utilize the saved time in core decision-making activities.Here are some benefits of the E-litigation portal:


You can upload the memorandum of summarised information and related case documents on the portal. VGNC team analyses the case after which they provide compliance and litigation services. With this online portal, you will not have to visit different advisors or giving away all the details again and again. You do not have to wait for appointments. You can upload your case details from anywhere.

Streamlined Solutions

After you have uploaded your case summary, VGNC experts will analyze the case in detail. They customize compliance and litigation services to match the exact requirement of your case.

Privacy and Ease

The online portal requires minimum human interaction. VGNC maintains communication with the client through e-meetings or video conferences. In the online interactions, critical case points and line of action are discussed in detail before execution.The  E litigation portal is highly secure. As the human interaction is minimized, the chances of case details leaking out are negligible.

With the world moving towards a technologically reliant economy, digitization of compliance and litigation services in a praiseworthy step. It enhances trust, reliability, and efficiency while reducing the time consumed to reach the logical solution.

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Union Budget 2018: Expert Analysis by VGNC


Union Budget 2018: Expert Analysis by VGNC

Vipin Garg gives a crisp analysis of union Budget 2018; discusses positives and negatives and explains why he feels the Budget will thrust the world’s largest democracy ahead on its agenda of growth.

Amidst the usual speculation of budgetary reforms, theexpectation of common people and the world at large looking forward to the budget of one of the fastest growing economy, the finance minister presented the Union Budget 2018. Abstaining from all the temptation to make union budget a mirror of recent USA tax reforms, the Finance Minister presented a budget that was more focused on promoting the aspirations of New and Growing India and consolidate gains.

“The highlight of Union Budget 2018 being therural economy, agriculture, healthcare, infrastructure and MSMEs was not a surprise at all. It was evident that the finance minister will aim for bullseye by laying a robust foundation for growing economy to stand on and push the economy ahead.” – Vipin Garg

The budget brings transformational changes to all the crucial sectors while taking additional measures for ensuring consistent growth. Alternative investment and outbound direct investment are slightly touched in this budget.

With the Union Budget 2018, the Government’s intention to seek development through reliance on technological advancement has continued. The emphasis has been placed on theuse of technology for various sectors, including education sector with thetheme of – blackboard to digital board.

The blockchain technology has been acknowledged which is a necessary element of thedigital economy. Mandatory e-audits by tax authorities is a step forward to digitisation of theeconomy and Government processes.


Budget Highlights

Direct Taxes

Personal tax

  • No change in tax slabs or tax rates for individual taxpayers.
  • Health andEducation Cess at the rate of 4% of tax and surcharge to take place of Education Cess and Secondary and Higher Education Cess
  • Standard deduction provided from salary income in lieu of reimbursement of medical expenses and transport allowance to be upto INR 40,000
  • Increased sops for senior citizens

Company Tax

Business Income Snippets

  • Rate of income-tax to be 25% for domestic company if the total turnover or gross receiptsof the FY 2016-17 does not exceed INR 2.5bn
  • Introduction of retrospective amendments to regularise the compliance with the notified ICDS
  • Deemed dividends u/s 2(22)(e) of the Act, on account of advancing loans and advances to be subject to Dividend Distribution Tax at 30%
  • Benefit allowed to anew employee who is employed for less than 240 days during thefirstyear but continues to remain employed for 240 days in the subsequent year.
  • Minimum employment period of 150 days extended to footwear and leather industry
  • Rationalisation of provisions for companies seeking resolution under IBC, 2016, includingrelief under MAT, relaxation from rigours of section 79 of the Act, etc.
  • The exemption on LTCG on listed securities to be withdrawn, subject to grandfathering
  • In respect of section 50C and section 56 of the Act, no adjustment to be made in casevariation between stamp duty value and the sale consideration is not more than 5% of the sale consideration

Foreign Company

Corporate tax rates remain unchanged at 40% (plus applicable surcharge and cess). It has been proposed to replace Education cess of 3% by Health & Education cess of 4%. Effective tax rates shall be as under.

Domestic Company

Corporate tax rate reduced to 25% (plus applicable surcharge and cess) for domestic companies having total turnover/ gross receipts not exceeding INR 2.5bn in the FY 2016-17. In other cases, the tax rates remain unchanged at 30% (plus applicable surcharge and cess). It has been proposed to replace Education cess of 3% by Health & Education cess of 4%. Effective tax rates are as under.

Partnership Firm/ LLP

Tax rates remain unchanged except for “Health and Education cess”. Effective tax rate of 31.2% if taxable income is less than INR 10 million and 34.94% if taxable income exceeds INR 10 million.

Individuals/ HUF/ BOI

Tax rates remain unchanged except for effective increase in the rate of cess by 1% as “Health and Education cess”.


Tax rates of both MAT and AMT remain unchanged at 18.5% (plus applicable surcharge) except for effective increase in the rate of cess by 1% as “Health and Education cess”.

Tax on Dividends

Rate of DDT remains unchanged at 15% (plus applicable surcharge of 12%) except for effective increase in the rate of cess by 1% as “Health and Education cess”.

Further, scope of DDT expanded to include deemed dividend under section 2(22)(e) and the rate prescribed thereto is 30% (plus applicable surcharge and cess).


Non-resident taxation

  • Dependent agent to include habitual conclusion of contracts and principal role played in conclusion of contracts
  • Significant economic presence – business models which do not require physical presence
  • MAT provisions not to apply to foreign companies opting for presumptive taxation regime


  • Plan to be chalked to roll out e-assessment nationwide to impart greater transparencyand accountability
  • Penal and prosecution provisions made stringent for failure to furnish tax returns /statement of financial transactions
  • Time-lines for furnishing CbCR extended to 12 months from the end of reportingaccounting year
  • Return to be filed within timelines for claiming deductions for computing total income

Indirect Taxes

  • Amendments made in Customs Act, 1962 from the perspective of ease of doing business and trade facilitation like revised guidelines for Advance Rulings, electronic ledger, customs automated system for clearances and dispute resolution
  • Rates of Basic Customs Duty increased for various goods such as radial tyres; buses, cars, truck and motorcycles in CKD condition; mobile phones; and smart watches
  • Rates of Basic Customs Duty decreased for few goods such as inputs or parts for manufacture of PCBA/ moulded plastics of charger/ adapter of cellular mobile phones
  • Education Cess and Secondary and Higher Education Cess replaced with Social WelfareSurcharge to be levied on aggregate of duties of Customs except IGST and GST
  • Compensation cess in addition to other duties
  • Amendments made in the taxation structure of petrol and high speed diesel by introducing
  • Road and Infrastructure Cess without any change in effective rate of duty


Transfer Pricing

As part of the implementation of the BEPS Action Plan 13 regarding Three Tier TP Documentation, India had introduced Country by Country Report (CbCR) requirements effective from AY 2017-18. This required certain Indian headquartered MNEs, and in some cases Indian affiliates of foreign headquartered MNEs, to file CbCR in India reporting countrywisedetails of revenue, profits, taxes, number of employees, etc. It is proposed to amend these provisions to align with OECD’s recommendations as follows:

  • The time limit for furnishing the CbCR shall be 12 months from the end of the reporting accounting year, as compared to the earlier time limit of return filing date; and
  • CbCR shall also be required to be filed in India by Indian affiliates of foreign headquartered MNEs, if there is no obligation to file CbCR in the home jurisdiction and the parent has not designated any Alternate Reporting Entity outside India.
  • The above amendments are clarificatory in nature and are applicable from AY 2017-18.

Customs Duty

Being the first budget after the implementation of GST, the changes were primarily limited to customs only. While there was no change in the merit rate of basic customs duty, tofurther encourage “Make in India,” basic customs duty on specified goods of food processing,electronics, auto sector, etc. was increased. Apart from that, the focus was to align the customs law to ensure ease of doing business and meeting the commitments of the Trade Facilitation Agreement.

Rate of duty

  • Median rate of basic customs duty retained at 10%

Changes in Customs Act, 1962

  • Scope of the Customs Act, 1962 expanded to cover any offence or contravention committedoutside India by any person.
  • “Assessment” to now include specific aspects such as classification, duty, valuation,exemption or concession of duty etc..
  • “Indian customs waters” expanded to exclusive economic zones.
  • Expansion in scope of provisional assessment to include exports as well.
  • Process of pre-notice consultation by the authorities before issuance of demand notice forrecovery of duty or refund in cases other than collusion, suppression, etc.
  • Supplementary show cause notice to be issued in specified cases and subject to conditions.
  • Definite time frame provided for adjudication of demand notices including their extension.In the event the demand notice is not adjudicated within the specified time periodincluding extension, it would be deemed that no notice was issued.
  • In cases where the extended period due to collusion, suppression of facts, etc. is set asideby the appellate authority, the demand pertaining to normal period of 2 years will sustainand a proceeding will be undertaken on that basis.
  • Expansion of the term “applicant” to include any import or exporter, or any otherperson with justiciable cause to the satisfaction of the authority.
  • Empowering the Central Government to include any matter on which Advance Rulingcan be sought.
  • Reducing time limit for pronouncement of ruling from 6 months to 3 months.
  • Permitting appeal to the appellate authority against ruling by the applicant or thecustoms authorities.
  • Facility of electronic ledger for payment of duty, interest, penalty, fee, etc., automatedsystem-based clearance and audit notified.
  • The requirement to pay redemption fine dispensed with in cases of voluntary payment of alldues. Further, the option to pay redemption fine to be void, if not paid within 120 daysfrom the date such option was extended.
  • Commissioner Appeals empowered to remand cases to original adjudicating authority inspecific cases or circumstances.
  • Central Government to enter into an agreement or arrangement for exchangeof information with any country for facilitation of trade and enforcement of the CustomsAct, 1962.
  • Valuation methodology for computation of IGST and Compensation Cess for warehoused goods sold prior to clearance for home consumption or export prescribed.


Central Excise

Amendments have been made in the taxation structure of petrol (motor spirit) and high-speed diesel but the effective rate of duty on these products will remain unchanged.

Excise duty on petrol and diesel (effective from 02 February 2018)

  • Road and Infrastructure Cess at INR 8 per litreto be levied on petrol and high-speed diesel.
  • Abolishment ofadditional excise duty of INR 6 per litre previously levied on petrol (vide Finance (No. 2) Act, 1998) and high-speed diesel (vide Finance Act, 1999).
  • Petrol and high-speed dieselbasic excise dutyto be reduced by INR 2 per litre.
  • No change in Special Additional Excise Duty.

The net impact of duty on petrol and high-speed diesel will remain unchanged.

Other exemptions (effective from 02 February 2018)

In line with the excise duty exemptions accorded previously, the following exemptions are also harmonised:

  • Road and Infrastructure cess levied for the following products are exempt subject to payment of appropriate excise duties on petrol and diesel and GST on ethanol or bio-dieselused for making such blends.
    • 5% ethanol blended petrol.
    • 10% ethanol blended petrol.
    • Bio-diesel, up to 20% volume.
  • 5 percent exemption from excise duty (i.e. Basic Excise Duty, Road and Infrastructure Cess and Special Additional Excise Duty) on petrol and diesel manufactured and cleared from four oil refineries in north-east India.

Service Tax

The retrospective exemption has been accorded to certain services from thelevy of service tax.

  • Life insurance services provided by the Naval Group Insurance Fund to personnel of coast guard under the Group Insurance Schemes of the Central Government exempt from 10 September
  • Services provided by the GST Network to the Central or State Governments or the Union Territory administration exempt from 28 March
  • Grant of license or lease for exploration of petroleum crude or natural gas by the Government for which the Government receives a share of the profit petroleum exempt from 01 April

Refund can be claimed within 6 months from enactment of the Finance Bill, 2018.

In conclusion, it is evident that the Union Budget 2018 is building a strong foundation of New India. By placing reliance on technological advancement, the Finance Minister has supported the growth-oriented vision of the Prime Minister of thefastest growing economy.

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How to Reduce Retail Shrinkage in 2018


One of the biggest snags of retail industry all across the globe is shrinkage. This hidden obstacle causes inventory loss which results in supply chain errors not just in India but on all over the world. Shrinkage is classified into two categories – non-crime losses (errors & mistakes) and crime losses. While shrinkage can be caused by internal administrative errors like pricing mistakes, on a darker side shoplifting, employee theft or any other type of theft can be the cause of such loss of inventory.

In 2011, Global Retail Theft Barometer found that India was world’s biggest shoplifter which means India was facing highest shrinkage caused by shoplifting. Retail advisors claim the shrinkage is still one of the biggest contributors causing a reduction in profit despite the efforts.

Reasons for Shrinkage

For those operating in the retail industry, controlling shrinkage is incredibly important. But to bring retail shrinkage under control, one needs to understand the main reason behind shrinkage. Some of the crucial reasons are:

  • Customer Theft (Shoplifting): Customers steal items, changing price tag or carry out other such incidences which contribute to inventory loss.
  • Employee Theft: People who are working for you in your retail outlet have easy access to every location within the outlet due to least monitoring. Employees are often found swiping products, abusing discounts, refunds or credit cards causing loss of profit.
  • Administrative Errors: Although inefficiencies in record keeping, paperwork, pricing and other such mistakes are considered small, they can cause a great deal of shrinkage to the retail companies. These innocent administrative errors add up over time and cause huge loss of profit.

Shrinkage causes a reduction in profit and hampers the whole supply chain. This is the reason that retail businesses need to reduce shrinkage caused by theft and errors.


Tips to Reduce Losses Caused by Shrinkage

Companies and business owners operating in retail sector should do to reduce the loss caused by shrinkage. Here are some tips suggested by renowned retail industry expert at VGNC, a global advisory firm

Shrink the Shrinkage Caused by Employee Theft

  • When it comes to reducing the shrinkage caused by employee theft, you need to focus on hiring right set of people for your retail outlets. You need to check their records and references to ensure you are hiring the right person.
  • Staff training can help you to take a strong stand against the employee theft. Training your employees to pay attention to them and running a loss prevention training program can help in reducing such inventory losses. Training helps them to understand theft can bring punishment and create a bad impact on their employment history.
  • If you use a cash drawer or cash box to keep the money on-site, you need to use commercial equipment designed to protect your cash and valuables.
  • You need to build stringent internal policies along with building robust internal communication to tackle issues. Good communication will allow open atmosphere and easy feedback system creating a happy workplace. On the other hand, good policies will encourage ethical behavior.

Although these are some actions that can be taken to reduce shrinkage caused by employee theft, you should feel free to conduct regular and sometimes random audits. Audits will help you to identify suspicious behavior and discrepancies at the earliest. Sudden audits will also help in discouraging employees from attempting a theft.

Tackle the Theft by Customers

  • While you can train staff to prevent employee theft, staff in retail outlets can also be trained to identify the signs of a shoplifter.
  • You need to hire an adequate number of staffs. Staff should be trained to welcome all the customers and is available for help. Having an adequate staff will not only support the customers in need of help but also act as a deterrent for the shoplifters.
  • Organising your retail outlet is not only helpful in enhancing the visual aesthetics of your retail outlet but also makes it easier to spot things that are missing.
  • Inventory taking and POS data keeping the shop helps in recording and organizing data of all the items in the shop. Proper recording and maintaining of product data will help in earlier identification of unusual inventory patterns.
  • You need to have a robust surveillance system to discourage customer theft. Checking of visible proof of purchase, CCTV cameras, and other such systems will help in identification of shoplift attempt.

You need to check the items that come back inwards for return or exchange. There are higher chances of finding stolen items through return systems.

Abridging Administrative Losses

  • Proper training of staff to identify mistakes and reduce errors can help you to restrict the shrinkage caused by administrative errors.
  • Regular audits will help you to identify the pricing and other paper errors.
  • Paperwork and pricing must be double checked to ensure that it is correct at all points.

Paperwork and pricing losses can cause most of the shrinkage and can be minimized with little effort. Double signing system for paperwork will help you to ensure that paper works are error free.

In 2018, it is important that you gain a clear picture of what is happening inside your retail outlet. To get a clear picture of all the products and sale, you need to invest in an effective inventory management system.

A retail and inventory advisor can help you to reduce shrinkage and improve your profits. But when you are choosing an advisor, make sure you choose them wisely. An advisor who works with you as a partner rather than a hired professional will help you grow in the retail sector.


Features of a Reliable Business Advisory Firm


When your business is anticipating growth, a reliable business advisory firm can take your business to new heights. But it is quite difficult to find a reliable team of chartered accountants who can push your business during the times of unbalance and help you to achieve success.

Many businesses refrain from contacting a business advisory firm as they do not trust their efficiency or think that they are more focused earning profits. But on the contrary, businesses need to  spend a reasonable amount of time to find a reliable business advisory.

In a brief talk with VGNC, one of India’s fastest growing global business advisory firm, we were able to list down some features of a reliable business advisory firm that is in tune with recent needs of the Indian market. Given below are some features a good advisory firm should have:

A Partner You can Grow with

Vipin Garg of VGNC says, “A business advisory firm should be able to understand all the issues form their client’s viewpoint to find solutions in the best possible way. At VGNC, we step into our client’s shoes to understand issues from the client’s perspective.We thrive to become a reliable and trusted partner of our clients. We support our clients in their growth by providing effective and long-term solutions rather than providing short-term instant solutions.”

He emphasizes that businesses need to choose a business advisory firm that is a trustworthy and reliable partner rather than a firm working for monetary benefits. A partner would think about long-term benefits and sustainable growths, unlike the hired partner who suggests instant answers that prove to be short-lived.


Talent Pool

Vipin Garg says, “There is hardly any business advisory firm that can survive without excellent talent in their team.” But he also added, “VGNC has touched new heights in short span of time due to its exemplary talent pool. At VGNC, we ensure that talent gets nourished.We have helped our team to develop expertise and this, in turn, proves to be beneficial for our clients who reap the benefits of it.”

He suggests that businesses should check whether the business advisory firm they are choosing has qualified, experienced and talented professionals or not. This will help them to avoid assigning critical tasks to an amateur team.

Extensive Experience and Knowledge

A business organization must searchfor the knowledge and experience a business advisory firm has before they select them. This is not a difficult job in today’s technologically advanced world. All the trusted global business advisory firms have a decent online presence. You can learn about the knowledge and experience they have in different sectors and different industries through their official website.


Before you start working with an advisory firm, it is important that you go to their website or through the internet to find out about the clients they have worked with and what they say about them.

These are some of the crucial features of a reliable global business advisory firm. If you choose wisely, you will not have to regret later and deal with inefficiency. On the other hand, the reliable business advisory firm is a partner you grow with.

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New Finance Panel and a Task Force: What can be expected from New Tax Laws


The cabinet approved the constitution of the fifteenth finance commission. The fifteenth finance commission will determine the devolution formula for the revenue sharing between Centre and state (from 2020 to 2025). It will also have its task cut with the new tax system.

The panel will have to deal with significant changes in the taxation framework, such as GST before making recommendations. Finance Minister Arun Jaitley announced that the cabinet had given an in-principle approval to form the commission and negotiate its terms of reference.The commission, whose members and terms of reference will be notified after finalisation, will make crucial recommendations which will be more in tune with India’s economic needs.

The recommendations made by Fourteenth Finance Commission were accepted by the Government. These recommendations will be brought into effect until March 31, 2020. As per the recommendation, the states’ share of the central pool of taxes was increased from 32% to 42%.

Work of Fifteenth Finance Commission

  • The will prepare recommendations that will be placed before April 1, 2020.
  • The commission needs retain the pattern of both Centre and States’ expenditure.
  • Apart from expenditure pattern, the commission will also consider impressions of the new distribution of taxes system on the Centre and States.
  • The Fifteenth Finance Commission will have to grapple with the significant changes in the taxation framework. This will, specifically, be an evaluation of Good and Service Tax along with other changes.

Looking Forward to a More Aligned Direct Tax

On the same day when the government made announcements about Fifteenth Finance Panel, the constitution of a task force was also announced. On November 22, a task force for redrafting the 50-year old income tax law came into form. This step is taken by the government to create direct tax laws that are in sync with the current economic needs of the country.

This task force, with six members, will be responsible for revising the income tax act 1961 to bring it alignment with dynamic economic needs of the country. The members of this panel include Arbind Modi, CBDT Member (legislation) as the convener with other noteworthy members being Girish Ahuja (Chartered Accountant), Rajiv Memani (Chairman and Regional managing partner of EY) and Manish Kedia (Consultant, ICRIER).

Hon’ble Prime Minister Narendra Modi had observed that the Income tax Act 1961 was drafted 5 decades ago, during the annual conference of tax officers back in September. Finance ministry later stated in November that a task force has been constituted to review the act and redraft it in consonance with current economic needs. The task force will submit its report to the government within the period of six months. Chief Economic Adviser Arvind Subramanian will hold a place in the task force as a permanent special invitee.

Looking for a replacement of the existing I-Tact, the UPA government had initiated a Direct Taxes Code to simplify the tax legislation for corporates as well as individual tax payers. The Direct Taxes code or DTC Bill, 2010, was introduced in Parliament in 2010 but it lapsed with the dissolution of the 15thLok Sabha.

It was proposed in the lapsed bill that I-T exemption limit at Rs. 2 lakh and levying of 10 percent tax on income between Rs. 2 lakh and Rs. 5 lakh. For those earning between Rs 5-10 lakh, the proposed tax was 20 per cent. And as per the proposal, all earnings above Rs. 10 lakh will garner a tax of 30 per cent. The tax rate for domestic companies was suggested 30 percent of business income.

The NDA government, since attaining power in 2014, has made some crucial changes to revise the tax and finance structure. It has already implemented general anti-avoidance rule GAAR. Finance Minister ArunJaitley also promised to drop the corporate tax rate to 25 per cent in next 5 years, last year in 2016.

Currently, the Income tax Act provides individual income up to Rs.2.5 lakh per annum an exemption from tax. But in the wake, when the growing economy of India is supported by changed laws, such as GST, a 50-year old direct tax calls for a revise which brings it in alignment with the economic need of current times.

With a government’s clear and firm intention to redraft the I-T act for upgrading it and bringing it in accordance with current requirements of the economy, a strong over direct tax structure can be expected. This Direct tax structure will be supportive of the growth of Indian economy.