RSM India

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

 

Newsflash- Coverage of Gems and Jewellery sector under Prevention of Money Laundering Act, 2002

9 September 2017
The Prevention of Money-laundering Act, 2002 (PMLA) aimed at combating money laundering in India with three main objectives – to prevent and control money laundering, to confiscate and seize the property obtained from laundered money, and to deal with any other issue connected with money laundering in India, came into force with effect from  1st July, 2005.

Newsflash - GST: Extension of due date for filing GST Returns for July and August 2017

7 September 2017
The Government of India has further extended the due date of furnishing GST return for the month of July and August 2017. In said regards please find attached our newsflash. We trust you will find the same useful.

White Paper - Exemption to Private Companies under Companies Act, 2013

31 August 2017
The Companies Act, 2013, which was introduced in a phased manner, with effect from 12 September 2013, resulted in severe hardships to private limited companies. There were various provisions which were made applicable to such private companies just like listed public companies.

Newsflash – Amendment in GST Rates

31 August 2017
The following are the key highlights of amendments:

Extension of Due Date for furnishing GSTR 3B return for July 2017 - RSM India newsflash

22 August 2017
The Government of India has extended the due date of furnishing GSTR 3B return for the month of July 2017 from 20 August 2017 to 25 August 2017. In said regards please find attached our newsflash. We trust you will find the same useful.

Clarification regarding availability of Transitional credit in relation to GST - RSM India Newsflash

22 August 2017
The Government of India has issued clarification regarding availability of Transitional credit in relation to GST. We are pleased to release our newsflash on the captioned subject and trust you will find the same useful.

Newsflash- Extension in Due date of GST returns for the period July and August 2017

11 August 2017
We are pleased to release our newsflash on the captioned subject. The Government has notified the extended due date for furnishing the Goods and Services Tax (GST) returns for July 2017 and August 2017 under GST. We trust you will find the same useful.

Newsflash - Companies Amendment Bill 2017

11 August 2017
The Companies (Amendment) Bill, 2016, (Old Bill) was introduced in Lok Sabha on 16 March, 2016. It was then referred to the Standing Committee on Finance on 12 April 2016.

Amendment to Central GST Rules, 2017 - RSM India Newsflash

11 August 2017
The Government has amended certain Central GST Rules, 2017 by Notification no.17/2017- Central Tax dated 27 July 2017, The Key Highlights of the said notification are:

GST - THE JOURNEY BEGINS - Updated 7 July 2017

10 August 2017
We are delighted to enclose our latest GST publication viz. ‘GST – The Journey Begins (Updated 7 July 2017)’. This publication comprises of all the enacted & updated GST regulations up to 7 July 2017 and analysis of significant regulations.

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