GST for for Tour and Travel GST for for Tour and Travel, GST (Goods and Services Tax) is a comprehensive form of indirect taxation imposed on the provision of goods and services at every stage of their production or distribution. It has replaced multiple cascading taxes like VAT, service tax, and excise duty, streamlining… Read More »
Documents Required for Tax Audit In the tour and travel industry, specific financial documents required for tax audit typically include: 1. Income Statements: These documents provide a summary of the agency’s revenues, expenses, and profits over a specific period. They help auditors assess the accuracy of revenue recognition and expense categorization. 2. Balance Sheets:… Read More »
Accounting Records for Tax Audit Purposes Here are some point for how travel agencies maintain their Accounting Records for Tax Audit Purposes: 1. Digital Accounting Software: Many agencies use specialized accounting software to manage their financial transactions. These software solutions often have features tailored to the travel industry, allowing them to track bookings, payments,… Read More »