Compliance & Tax Advisory for Manufacturing Industries

Industrial Tax & Compliance Excellence for Factories

Manufacturing operations are capital-intensive, featuring complex raw material supply chains, significant fixed asset investments, and multi-tier sub-contracting relationships. For factories operating in the MIDC zones of Bhosari, Chakan, and Pimpri, maintaining exact tax alignment is vital. We provide specialized manufacturing CA advisory services that optimize input tax credit (ITC) and secure government subsidies.

Our audit team conducts physical inventory valuations and checks fixed assets registers to ensure compliance with the Companies Act, 2013 and Schedule II depreciation rules.

Tailored Manufacturing Compliance Frameworks

We address the specific regulatory and accounting challenges of industrial enterprises:

• GST Input Tax Credit (ITC) Protection: Reconciling purchase ledger records with GSTR-2B, managing Rule 42/43 reversals for common inputs, and managing tax filings for job work (Form GST ITC-04).
• Fixed Assets & Depreciation Audits: Checking capitalized plant & machinery, calculating additional depreciation claims under Section 32(1)(iia) of the Income Tax Act, and mapping asset lifespans under Companies Act Schedule II.
• Maharashtra PSI SGST Refunds: Guiding eligible manufacturing units through applications for industrial promotion subsidies (IPS) equivalent to SGST refunds under the Maharashtra Package Scheme of Incentives (PSI).
• Inventory Valuation (AS-2): Auditing cost sheets, verifying overhead allocations, and checking that physical inventory reconciliations match raw material ledgers in compliance with Accounting Standard 2.

Cost Verification & Audit Readiness

For corporate manufacturing groups, we implement robust internal financial controls (IFC) over procurement-to-payment (P2P) cycles, review scrap generation rates, and audit vendor contracts, ensuring the company is prepared for statutory tax audits.