Set off in GST Set off in GST refers to the process of adjusting the tax liability of a registered person by utilizing the input tax credit (ITC) available to them. Input tax credit is the credit that a registered person can claim for the GST paid on their purchases, which can set off… Read More »
Two-way invoice matching process The 2-way invoice matching process is a method used in accounting to ensure that the invoice amount matches the purchase order amount and the goods receipt amount. This process involves comparing the invoice received from a supplier with the purchase order and the goods receipt and ensuring that all three documents… Read More »