Manufacturing

Our service offerings for the Manufacturing industry

India is fast emerging as a global manufacturing hub, with all the requisite skills in product, process and capital engineering on account of its long manufacturing history and continuous upgradation of its higher education system. The Make in India initiative of the Indian government has further aided the growth of this industry with the Government receiving investment proposals of over US$ 16.56 bn in the recent past through this initiative.

India's cheap, skilled manpower is attracting a number of companies, spanning diverse industries, making India a global manufacturing powerhouse. India with its vast design skills has attracted a lot of outsourcing technological orders.

India's manufacturing sector is expected to touch US$ 1 trillion by 2025 and reach about 30 per cent of the country’s GDP.

Opportunities and Challenges:

The manufacturing sector is large and diverse, but most sector players face similar risks – increased costs for oil, natural gas, steel and copper are squeezing margins, unless offset by pricing and surcharge increases. Since clients are reluctant to invest in new equipments, the aftermarket service gains greater significance. To strengthen core product lines or widen geographical reach, companies are seeking acquisition targets, while others are looking to divest underperforming units. State and central taxes, often managed across multiple locations, are increasingly complex and under continuous review. Calls for corporate governance and accountability have driven new regulations around internal controls and management certifications. Further, manufacturing companies always strive to figure out how to get the most out of their Information Technology and Human Resource Capital Investments.

While the challenges are many, the industry also offers significant growth opportunities considering the future outlook.

How we can help:

We at RSM provide a wide range of services to the various large Indian groups, multi-national companies and SME players across various verticals including petrochemicals, textile, engineering, metals, industrial equipments and chemicals. The key services offered by RSM to the manufacturing sector include:

  • Internal and management audits (including compliance audits)
  • Enterprise risk management
  • Internal control framework – designing and testing of controls
  • International and Indian tax
  • Techno-commercial concurrent audits
  • Corporate advisory and structuring covering Tax / Foreign Exchange regulations, Double Taxation Avoidance Agreements (DTAA) regulations, etc.
  • Advisory & assistance in outbound and inbound Foreign Direct Investments from and into India, formation / re-structuring of Joint Ventures, Mergers & Acquisitions, etc.
  • Operations consulting covering ISO, Six Sigma, TQM, lean management systems, JIT approach, Inventory management tools, etc.
  • Preparation of Standard Operations Manuals (SOPs) defining pre-agreed systems and procedures, etc. and assisting in their implementation.
  • Financial process outsourcing
  • Company law compliance
  • Assistance in preparing commercial documentation
  • Executive search and HR solutions

Advantage RSM:

  • RSM in India is consistently ranked amongst India’s top six accounting and consulting groups and globally RSM is the seventh largest audit, tax and consulting network
  • Extensive experience in advisory, taxation and accounting matters across various sectors. Our clients include:
    • One of the largest private sector manufacturer in India
    • One of the largest non-ferrous metals company in India
    • One of the largest luggage brands across Asia
    • One of the largest branded toy manufacturers in India
    • One of the largest terry towel producers in Asia
    • One of the largest SAW Pipes companies in Asia
    • One of the largest central air-conditioning and commercial refrigeration companies in India
  • Use of technical experts – civil, mechanical and electrical engineers
  • Use of Risk Based Audit (RBA) as well as Transaction Based Audit (TBA) approaches
  • Multi-disciplinary team of professionals comprising of Chartered Accountants, Management Graduates, Engineers, Company Secretaries, CISA / DISA, Cost Accountants and Law graduates

 

India Budget 2023 - Publication

2 February 2023
India Budget 2023 - Publication We are pleased to enclose herewith our publication viz. 'India Budget 2023 – Highlights' wherein we have analysed the Union budget tax and other Regulatory Proposals announced on 1st February 2023.

Join our Webinar where we will demystify the Budget proposals

1 February 2023
The union finance minister has presented the budget proposals on 1st February 2023 which would provide for the fiscal and tax roadmap for the year ahead.

2023 Pre Budget: Will Salaried individuals get relief this year?

1 February 2023
2023 Pre Budget: Will Salaried individuals get relief this year?  

Union Budget 2023 Wishlist: Corporate Taxation

1 February 2023
Union Budget 2023 Wishlist: Corporate Taxation  

Union Budget 2023: Pre Budget Wishlist Gems & Jewellery (G&J) Industry

30 January 2023
Union Budget 2023: Pre Budget Wishlist Gems & Jewellery (G&J) Industry  

Budget 2023: Income tax changes that professionals, small businesses want

30 January 2023
Budget 2023: Income tax changes that professionals, small businesses want  

2023 Union Pre-Budget Wishlist: Personal Tax

30 January 2023
023 Union Pre-Budget Wishlist: Personal Tax  

Budget 2023 – Pre-Budget Expectations on Indirect Taxes

23 January 2023
Budget 2023 – Pre-Budget Expectations on Indirect Taxes Sector-specific expectations:

2023 Union Budget Wishlist: Senior Citizens

16 January 2023
India is the second most populated country in the world after China with an approximate population of 1.39 billion. Out of this, approximately 10.36% are aged 60 years or above i.e. ~ 144 million constituting a substantial part of the Indian demography and thus significantly driving the growth of the country.  

2023 Union Wishlist: Salaried Taxpayers

16 January 2023
There are more than 80 million taxpayers in India and of which besides corporates, salaried class taxpayers form a significant chunk. The annual budget exercise is one of the keenly awaited regulatory announcements by the salaried class as any reliefs / deductions or changes in tax rates directly impacts their finances and budget.

Summary of Recent Circulars issued under GST

11 January 2023
In accordance with the recommendations made by the GST Council in its 48th meeting, Central Board of Indirect Taxes and Customs (CBIC) has issued several clarificatory circulars on prevalent issues under GST.  

UAE releases Federal Decree on Taxation of Corporations and Businesses

11 January 2023
United Arab Emirates (‘UAE’) has issued the Federal Decree-Law No. 47 of 2022 on the taxation of Corporations and Businesses in December 2022 and which would be effective from period commencing on or after 1 June 2023.

Newsflash: Central Government brings into force the changes notified under CGST Act 2017 vide Finance Act 2022 with effect from 1 October 2022

11 January 2023
The Central Board of Indirect Taxes and Customs (CBIC) vide Central Tax Notification No. 18/2022 – C.T. dated 28 September 2022 seeks to bring into effect the changes made under the CGST Act, 2017 through the Finance Act, 2022 and to be made effective from 1 October 2022.

RSM India: Giving back to the local community

1 December 2022
RSM India: Giving back to the local community   Goal 3 – Good health and well-being To give back to local communities, RSM India has engaged in a number of fundraising activities such as donating to worthwhile causes or volunteering to help the underprivileged and society at large.

Pages