Difference Between a Debit Note and a Credit Note
Business owners might get confused about the difference between debit note and credit note. However, these two play contrasting roles. Debit note and credit note might appear to be fancy terms, but they help in the smooth finances of a business. Delve to know about debit note vs credit note. Maintaining accurate financial records is very important in business transactions. …
Continue Reading
Inventory Management with Barcode Scanner- All You Need to Know
As consumers, we see barcodes and scanners used all the time in purchasing from any retail store, renting a car, etc. Barcode scanners help businesses track inventory information, which, in turn, enhances the productivity and efficiency of business. You will upgrade your business processes by understanding how barcodes work and how to use them functionally in partnership with a quality …
Continue Reading
Integrated Goods and Services Tax: The Complete Guide
Unlike multiple taxes such as Central Excise, Service Tax, State VAT, etc., the GST introduces just one tax with three components- CGST, SGST, and IGST. Under the GST law, the central government will collect CGST, SGST, or IGST, depending on whether the transaction is intrastate or interstate. IGST: Full Form and Meaning The full form of IGST is Integrated Goods and …
Continue Reading
CGST Explained: Central Goods and Services Taxation Simplified
Central Goods and Services Taxation – An Introduction The government implemented Goods and Services Tax from 1/7/ 2017 onwards. The aim of bringing GST was to have a ‘One Nation One Tax.’ CGST is regulated by the GST Council. The full form of CGST is the Central Goods and Services Taxation , which includes all the taxes levied by the central government. For example, central …
Continue Reading
State Goods and Services Tax (SGST): Empowering State Economies
State Goods and Services Tax – An Introduction State Goods and Services Tax is an integral part of GST. Earlier, the taxation system in India consisted of various taxes like Central Excise, Service Tax, State VAT, etc. However, with GST implication, a single tax system has been introduced, which comprises SGST, CGST, and IGST. The full form of SGST is State Goods and …
Continue Reading
GST Demystified Your Comprehensive Guide to Goods and Services Tax
Goods and Services Tax – INTRODUCTION The full form of GST is Goods and services tax. It is a single rate of indirect taxation to apply in the country. It includes all the central and state taxes charged presently in the country into one single tax rate. In India, the GST Bill existed in 2014 through The Constitution 122nd Amendment Bill. Under the …
Continue Reading
Form 16A Demystified : Your Guide to Tax Deducted at Source (TDS)
FORM 16A Demystified – A COMPREHENSIVE GUIDE Form 16A Demystified : Form 16A is a Tax Deducted at Source that helps taxpayers conveniently compute and pay applicable taxes. To make the most of this particular document, taxpayers should be aware of its components, generation, and verification process, among others. This guide will give you an overview of Form 16A. WHAT …
Continue Reading
GSTR-9: Annual Return Filing for Regular Taxpayers
Introduction: All registered taxpayers must regularly file monthly, quarterly, Annual Return Filing or yearly GST returns, depending on their annual business income. These filing schedules have specific due dates between yearly and quarterly payment cycles. Therefore, staying well-informed about the primary GST return categories, potential extensions for annual return deadlines, and other pertinent details is crucial. As per GST regulations, …
Continue Reading
