Is the Requirement of an Original Invoice Under GST Mandatory? The Goods and Services Tax (GST) regime has introduced a comprehensive system of taxation in India, aiming to simplify and streamline tax compliance for businesses. One of the crucial aspects of GST compliance is the requirement for invoices. A common query among businesses is whether… Read More »
Direct and Indirect Expenses Direct and indirect expenses Difference DirectExpense Direct expense or income are those expenses or income that are directly related to the production or sale of goods or services. They are directly traceable to a specific product or service and can be allocated to it without any difficulty. Examples of direct expenses… Read More »
Difference Between Estimate and Invoice An estimate and an invoice are two important documents use in accounting and finance. An estimate is a document that provides a tentative cost or value for goods or services that are yet to be provide. It is an approximate calculation of the expect costs or charges for a particular… Read More »
Invoice management Invoice management: is the process of handling and tracking the creation, processing, and payment of invoices within a business or organization. It involves various tasks such as generating invoices, sending them to customers, recording payments, and reconciling accounts. Effective invoice helps businesses to streamline their billing and payment processes, reduce errors… Read More »
The definition of Invoice financing Invoice financing also known as invoice discounting, is a form of short-term financing in which a company sells its accounts receivable (invoices) to a financial institution, such as a bank or a non-banking financial company (NBFC), at a discount. The financial institution advances a percentage of the invoice value to… Read More »
Can I add a new HSN code addition after GST registration When a business registers under the Goods and Services Tax (GST) in India, it’s required to declare its goods and services using HSN (Harmonized System of Nomenclature) codes for goods and SAC (Services Accounting Codes) for services. These codes are critical for tax compliance… Read More »
Sales invoice voucher Website link Sales invoice voucher: A sales invoice voucher, also referred to as a sales invoice or sales receipt, is an essential accounting document utilized to document the sale of goods or services. This document encompasses pertinent information such as the names and addresses of both the buyer and the seller, the… Read More »
GST registration for multiple states GST registration can obtain a taxable person under GST in each of the State or Union Territory, from where the taxable supply of goods or services made. For example, if a restaurant operates in the States of Maharashtra and Delhi, then separate GSTIN would have to be obtained for Maharashtra… Read More »
ITR for business for tax savings ITR for business,To file your Income Tax Return (ITR) for a business and take advantage of tax savings, you should adhere to the following steps: 1.Maintain accurate books of accounts: It is important to maintain accurate books of accounts and financial statements of your business to calculate the… Read More »
Credit Note without GST Charges Credit note without GST charges, Yes, a supplier can issue a credits note without GST charge under certain circumstances. A credit note is typically issue to adjust or rectify an incorrect invoice or to provide a refund to the buyer. If the original invoice did not include Good and… Read More »
