GST registration begins with a Temporary Reference Number. This number takes applicants through the beginning registration process. The TRN in GST Data entry, document uploading, OTP validation before final submission.…
The section 90 of Income Tax Act has been enacted to avail relief from double taxation for Indian resident based on income sources of income received among other countries. The…
The deferred revenue journal entry is a concept that is very essential for Indian businesses that receive payment before rendering goods or services. It is an obligation to provide products…
Accounting operates on clear principles which safeguard the clarity of businesses as well as lawfulness. One of these rules is the business entity concept in accounting. It mentions that a…
The debit and credits in accounting are the basis of proper financial record keeping. Every business dealings in India be it retail shop dealing in goods. A manufacturing unit that…
Business decisions are based on facts and not found upon assumptions. The inventory reports translate the activity in stock on daily basis into understandable business signals. Stock sitting on shelves,…
Inventory decisions determine the financial clarity of Indian enterprises for trading, manufacturing, and wholesale sectors. Inventory on Balance sheet is the stock for sale or production at a particular reporting…
Input tax credit is a fundamental benefit which operates as blocked credit under GST but there are certain restrictions to preserve the revenue and to prevent its misuse. Understanding blocked…
The section 17(5) of the CGST Act has a decisive role when it comes to understanding the applicability of input tax credit, i.e. whether it can be claimed or blocked.…
The DRC 01 in GST is an official notice issued by the tax authorities to the taxpayers in case any discrepancy is noticed in the GST filed, payment, or return.…
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