A profit and loss statement is a vital financial document that offers deep and valuable insights into a company’s profitability and financial performance over a particular period. So, keeping this in mind, let’s explore all about income statements in terms of what an income statement is, its structure, and many more things in detail. What …
Income Statement – Definition, Structure, How to Read and Use it? Read More »
Accounting, also known as the language of business, plays an essential role in any organization. However, it helps companies keep track of their financial health, make strategic decisions, and ensure compliance with various regulations. Regarding this, the accounting process is a fundamental process that every business follows to record its financial transactions accurately. So, keeping …
Accounting is a crucial aspect of any business that offers deep insights into its financial health and overall performance. Regarding this, one fundamental concept in accounting that business owners and stakeholders need to comprehend is “drawings.” In this article, we will explore all about accounting drawing in terms of what are drawings, and many more …
Drawings in Accounting: Meaning, How Does It Work, and Its Importance Read More »
In our everyday lives, we often engage in various transactions, whether buying groceries, shopping online or paying bills. However, with these transactions comes a crucial piece of paper or digital record known as a payment receipt. So, let’s find all the receipting payments in detail. Receipt of Payment Meaning A payment receipt is a document …
While GST has created a unified tax structure, complexity persists regarding the applicability of rates, input tax credits, exemptions, and procedural compliance. There is a lack of clarity among developers, contractors, and consumers when it comes to calculating tax liability. This often leads to tax evasion, penalties, or increased costs for home buyers. This comprehensive …
The system of GST took over the tax procedures and prices in July 2017, when the GST website became live. All businesses in India began to modify the GST tax procedure. The process involved the GST filing method and registration. Depending on the global approach for dividing the item in foreign trade, the GST rates …
GST, or the Goods and Services Tax, is one of the most commonly discussed topics in the Indian tax world. Ever since its inception, GST and its evolving regulations have had a significant impact on various industries, including the insurance sectors in the nation. Particularly, the Goods and Services Tax also influenced some of the …
GST on Life Insurance Premiums: All you need to know Read More »
GSTR 2B, also known as ‘Goods & Service Tax Return 2B,’ is a document issued by the Goods and Services Tax Network (GSTN). It contains comprehensive information regarding the goods and services acquired from registered suppliers. This form holds significant importance for businesses as it aids in aligning their purchase records with their vendors. GSTR …
What is GSTR 2B? Objectives, characteristics, advantages, and how to file it Read More »
The GST Council enhanced the threshold limit in GST in response to demands made by MSMEs. These modifications were recommended on January 10, 2019, during the 32nd GST Council meeting. The CBIC subsequently informed it. It facilitates easier GST compliance. This article will describe the meaning of limits for GST registration in detail. Learn about …
Input Service Distributors are individuals responsible for distributing GST ITC or input tax credits. The ISD should maintain tax credits to any company’s branches with a distinct GSTIN or their GSTIN registered within the same PAN. In this post, you can learn about the meaning and benefits of an ISD in GST in detail. Who …
