Running a business efficiently needs a lot of focus & dedication. As a business owner, you have to spend much time acquiring new clients, focusing on the quality of your products or services, and your business growth. Among all this chaos, Accounting and Bookkeeping is mostly ignored! But this can be a grave error of […]
If you are planning to start a new business, it’s crucial to have the right business structure. Everything from Taxation, Compliances, and Regulations that you will have to follow depends on it. When it comes to business structure in India, there are multiple options available as per the law. Every business is unique in its […]
Business transactions are one of the most crucial parts of your business. A smooth flow of precise financial information is critical to maintaining day-to-day business operations. You cannot afford to make mistakes in handling monetary records, or you are set to lose a big chunk of your profit. But, keeping track of all the financial […]
You might be aware that fake invoicing is one of the most significant issues faced by the tax authorities in India. Fake invoices are generated for tax theft and frauds. GST e-invoicing is a promising mechanism that might help put an end to this issue. In this piece of information, I’ll be talking about […]
The Input Tax credit, generally referred to as ITC, is an option available to reclaim credits on the Input tax paid for the purchase of some goods or services. This credit can be used to settle any outstanding output tax by the taxpayer. It is one of the most beneficial features of GST law that […]
Reconciliation is a vital part of GST compliance. Reconciliation means matching data on the supplier’s end with the data on the receiver’s end. This process is crucial to ensure that no data about sales or purchase is reported wrongly while filing returns. The process of reconciliation ensures that you don’t face any unnecessary issues while […]
Goods and Service Tax (GST) came into force on 1st July 2017. It is considered as one of the most crucial Tax Reforms in the nation. It is an indirect tax levied on multiple goods and services. The goal of GST is to eliminate the cascading effect of various taxes that existed before its introduction. […]
If you are brainstorming whether to choose the Composition Scheme or not, you are at the perfect place! In this article, I will be discussing the composition scheme to help you decide whether you should choose the composition Scheme under GST or not. What is the Composition Scheme under GST? GST mechanism might prove a […]