Applicable GST GST extra as applicable” indicates that the price mentioned for a product or service does not include the Goods and Services Tax imposed by the government. The GST amount will add separately to the quoted price, and the final price will include in it. So the GST amount will add to the quoted… Read More »
Accrued expense definition Accrued expense definition, Accrued expense and outstanding expense are both terms relate to expenses that are incur but not yet paid. However, there is a difference between the two terms: Accrued expense An accrued expense is an expense that has been generate but not yet paid, and has not been record in… Read More »
Are Company registration and GST registration the same No, Company registration and GST (Goods and Services Tax) registration are not the same. While both registrations are important for doing business in India, they are distinct and serve different purposes. To visit: https://www.mca.gov.in Company registration refers to the procedure of establishing a company in accordance with… Read More »
Net Revenue and Gross profit Net revenue, also called net sales, refers to the total income a company generates from its operations after deducting certain items such as discounts, returns, and allowances. It represents the actual amount of money a business brings in from selling its goods or services. Formula for Net Revenue: Net Revenue=Gross Sales−Returns−Allowances−Discounts\text{Net Revenue}… Read More »
Definition of GST invoice Definition of GST invoice, A GST invoice is a crucial document issued by a supplier to the buyer, containing all the necessary details of the transaction in accordance with the Goods and Services Tax (GST) Act in India. It serves as proof of the supply of goods or services and… Read More »
GST Composition Scheme The GST composition scheme is an optional scheme designed for small taxpayers in India with an annual turnover of up to Rs. 1.5 crores. This scheme offers certain advantages, including lower tax rates, simplified compliance requirements, and reduced paperwork. The suitability of the composition scheme for retailers compared to the… Read More »
Deferred Revenue Expenditure Understanding : A Comprehensive Guide In the realm of accounting and financial management, understanding various types of expenditures is crucial for accurate financial reporting and decision-making. One such concept is “deferred revenue expenditure.” Although it may sound complex, grasping its essence is vital for managing a company’s finances effectively. 1.… Read More »
One Person Company One Person Company (OPC) is a type of company that can be formed with only one person as its member or shareholder. It introduce in the Companies Act, 2013 to encourage small business owners and entrepreneurs to start their own companies with limited liability protection. A OPC has a separate legal identity… Read More »
Clarification for the GST new registration After filing an application for Clarification for a new GST registration in India, the time taken to receive a response can vary depending on various factors such as the workload of the registration authority and the complexity of the application. To Visit https://www.gst.gov.in/ However, according to the GST Act,… Read More »
Convert regular GST to composition Convert regular GST to composition: To convert regular GST to composition scheme in India, you need to follow the below steps: 1. Log in to the GST portal (www.gst.gov.in. (http://www.gst.gov.in/)) using your registered credentials. 2. Go to the “Services” tab and select “Registration”. 3. Click on “Application to opt for… Read More »
