International Financial Reporting Standards (IFRS) is a set of accounting standards developed and maintained by the International Accounting Standards Board (IASB); these accounting standards or frameworks are accepted by India. In 2011, the Institute of Chartered Accountants of India released a concept paper on the strategy of adoption of IFRS in India. This move was… Continue reading International Financial Reporting Standards: Gateway to Foreign Investment
Bank Reconciliation Statement: Everything You Should Know!
Reconciling bank accounts is not just a financial task- It is a crucial process to find and fix discrepancies between bank receipts and fiscal records. But what are your thoughts on bank reconciliation statements? Here’s a complete guide for you! Let’s unravel the insights into the topics and get clarity into your financial journey! What… Continue reading Bank Reconciliation Statement: Everything You Should Know!
From Paper to Proof: Role of Cash Receipts in Accounting
Imagine this: Mr. A, owner of ABC Enterprise. It happened once; he remembered that a payment of Rs. 50,000 was pending from Mr X’s end (who happens to be Mr A’s client). He checked his bank account statement but could not find any credit entry from Mr X. Then he decided to follow up with… Continue reading From Paper to Proof: Role of Cash Receipts in Accounting
GSTR-2A and 2B: What is the Difference?
GSTR-2A and 2B sound confusing to taxpayers due to their overlapping compliance responsibilities. However, they have distinct roles that ensure report accuracy and seamless ITC reconciliation. Let’s check out what is GSTR-2A and 2B, along with their differences. What is GSTR-2A? GSTR-2A refers to a dynamic tax return on purchases made, and it is automatically… Continue reading GSTR-2A and 2B: What is the Difference?
Invoicing and Billing: The Twin Pillars of Business Finance
‘Invoicing’ and ‘billing’ are the widely used terminology in accounting. Normally, they are used interchangeably even in accounting practice, but the reality is that both the terms are distinctively different. This revelation might shock you, or you may think we are factually incorrect, right? Read this blog until the end and decide what is right… Continue reading Invoicing and Billing: The Twin Pillars of Business Finance
GSTR-9C: Everything a Taxpayer Should Know!
GSTR-9C is an annual GST reconciliation statement that certain taxpayers are required to file. It applies to registered taxpayers whose annual aggregate turnover exceeds ₹5 crore during a financial year. Here’s a detailed breakdown of GSTR-9C: What is GSTR-9C? GSTR-9C refers to the reconciliation that takes place between: GSTR-9 C includes gross and taxable turnover… Continue reading GSTR-9C: Everything a Taxpayer Should Know!
CMP-08 in GST: Due Date, Late Fees & How to File
Form CMP-08 in GST is an important quarterly form for those taxpayers who opted for the composition scheme. This scheme came into effect in the financial year 2019-2020 to simplify the tax filing process for micro and small businesses. Under this scheme, they have to declare turnover against which the tax liability is paid. If… Continue reading CMP-08 in GST: Due Date, Late Fees & How to File
GSTR-9A: A Detailed Guide for Composition Scheme Taxpayers
The 53rd GST council meeting announced taxpayers below annual turnover of Rs 2Cr to be exempted from GSTR-9A for FY 2023-24. Let’s take a quick walk through GSTR-9A meaning, its applicability, due date, turnover limit and more. What is GSTR-9A Annual Return? GSTR-9A has been discontinued for composition taxpayers for periods after FY 2018-19. Its… Continue reading GSTR-9A: A Detailed Guide for Composition Scheme Taxpayers
GSTR-7 Simplified: Filing Steps, Due Date & Late Fee
Compared to other GST returns, GSTR-7 is completely different. You have to deduct the TDS from the payment, keep a record of those deductions, and pay the return. Fortunately, it is not applicable to all taxpayers/businesses. This blog will make you understand everything you need to know about GSTR-7. GSTR-7 Meaning: What Exactly GSTR-7 Is? … Continue reading GSTR-7 Simplified: Filing Steps, Due Date & Late Fee
How to File GSTR-3B: A step-by-step Guide
GSTR-3B is a summary of sales, ITC claims, taxes paid, and refunds claimed. You can file GSTR-3B in two ways: through the GST portal or via a compliance service provider. Let’s take a quick look at how to file GSTR-3B using the GST Portal. How to File GSTR-3B through GST Portal? The GST portal serves… Continue reading How to File GSTR-3B: A step-by-step Guide