When one rents a residential property for accommodation purposes, it is let off from goods and services tax. Any other category of lease or rent of an immovable asset for performing business shall require GST. It would need about 18% of GST. This is because it shall be considered a service supply. In this piece, …
GST on rent: Applicability, Provisions, Calculation and Payment Read More »
If you’re familiar with the GST idea, you may quickly discover a registered company’s GST number or GSTIN by searching for its name or Personal Identification Number (PAN). Through partnership with the national government, each state has access to a common database of GSTIN and business names, allowing you to do a GST search using …
The Indian Government has given each taxpayer access to an online site to streamline and facilitate the GST filing procedure. This official portal for GST simplifies the registration process. Registering your company is the initial stage, which may be done online by filling out an application. Getting your GSTIN (GST Identification Number) will take some …
The acronym GST stands for Goods and Services Tax, which serves as an indirect taxation system in India. This effectively succeeds various other indirect taxes within the country. GST operates as a consumption-oriented tax applicable to both goods and services throughout the nation. The primary objective of what is GST India is to streamline the …
What is GST in India? Meaning, Types, Features, and Their Impact on Business Read More »
Inflation accounting involves incorporating the escalating costs of goods worldwide into the financial statements of companies amid periods of inflation. This strategy entails adjusting costs based on figures reported by international companies, offering a more accurate depiction of the firm’s financial standing. Rather than relying solely on cost accounting principles, reported figures are adjusted using …
What is inflation accounting? Meaning, Methods, Objectives, and Their Benefits Read More »
Financial statements play an essential role in evaluating a business’s financial health and performance. However, among these, cash flow statements and fund flow statements are vital tools for financial analysis. While both offer deep insights into an organization’s liquidity, they have distinct purposes, methodologies, and interpretations. In this article, we will explore both statements in …
Difference Between Cash Flow Statement And Fund Flow Statement Read More »
Considering the growth potential and operational competency of businesses, working capital is an essential element. So, it becomes crucial for businesses to manage their efficacy to meet short-term needs and, at the same time, achieve future goals. Thus, it becomes significant for business owners to understand the concept of working capital. In simple words, there …
Permanent Working Capital – Everything You Need To Know Read More »
Payment and receipt accounts play a crucial role in the financial management of businesses and individuals. However, these accounts are fundamental components of accounting systems that offer a clear record of all business financial transactions. In this article, we will explore payment and receipt account in detail. What is Receipt and Payment Account? This account …
What is a receipt and payment account? Features, format, and how it is prepared Read More »
In finance and business, payment vouchers are essential in ensuring smooth transactions between parties. But before we delve into the details of payment vouchers, it is important to know what exactly is a payment voucher and why it is so important. So, let’s explore all about payment vouchers in detail through this post. Payment Voucher …
What is a payment voucher, its types, and its importance? Read More »
The intricate network of indirect taxes has been replaced with a single, unified system by the Goods and Services Tax (GST), completely changing the tax landscape in India. The GST bill, a document that is essential to the entire taxing procedure, is one important component of this system. We’ll go into the nuances of the …
