Compliance and reporting hold great significance in the world of taxation. India’s tax system dramatically changed in 2017 with the implementing the Goods and Services Tax (GST) regime. To preserve compliance and transparency, businesses must file different GST returns under this approach. GSTR-3B is one of these returns and is essential to simplifying the process …
As a business proprietor, your daily operations often necessitate the transportation of merchandise from one location to another. Nevertheless, adhering to the prevailing regulations during the transportation process is imperative. According to the Goods and Services Tax (GST) legislation, possessing an e-way billing system (e-way bill or EWB) is mandatory for the lawful conveyance of …
GST Rates in 2023 GST, or Goods and Services Tax, is one of the most vital components levied on various services and goods for every Indian consumer and business. Whenever the concerned GST council declares any revisions in the GST rates, it impacts several trade bodies, industries, end consumers, etc., differently, which also hits the …
The Goods and Services Tax (GST) is a significant tax reform implemented in India on July 1, 2017. Under this taxation system, the nation is divided into multiple GST zones, and each state or union territory falls under a specific jurisdiction. To facilitate the smooth implementation of GST, each state and union territory is assigned …
The Ministry of Finance has declared that, as of April 1, companies having annual revenue of Rs 5 crore and above must include a six-digit HSN or tariff code on all invoices they issue for the provision of taxable goods and services. On B2B invoicing, those with a turnover of up to Rs 5 crore …
What is an HSN code, and How does the HSN code work? Read More »
Financial accounting is no doubt the backbone of any successful business. The reason is that it serves as an essential tool for decision-making, enabling stakeholders to assess a company’s financial health and performance. So, keeping this in mind, let’s learn more about financial accounting in the form of financial accounting meaning, accounting importance, main principles, …
What is financial accounting? Definition,Importance, Principles, Features, and Types. Read More »
Managing financial transactions can be quite complex in the realm of goods and services tax (GST). Debit notes and credit notes play pivotal roles among the various documents used. These notes allow businesses to rectify errors, make adjustments, and ensure accurate accounting. In this comprehensive guide, we will delve into the differences between a debit …
What Are the Differences Between the Debit Note and the Credit Note in GST? Read More »
In goods and services tax (GST), understanding the nuances of various documents and transactions is crucial for businesses to comply with regulations effectively. One such document that holds immense significance is the credit note under GST. So, keeping this in mind, let’s explore all about credit notes in the form of what a credit note …
Someone associated with a business in India should know about debit notes. Truth be told, it is an important aspect in the context of GST, or goods and services tax. Businesses use various documents and issue them under different circumstances. This is true, especially when a transaction includes GST. Such documents include the following: Tax …
A bill of supply may be issued by companies that have registered for GST instead of a tax invoice. Businesses that work with composition taxpayers and exempted goods use it. A registered supplier is required by law to give the purchaser a tax invoice for each supply of taxable goods or services. Along with the …
