Category: News

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

‘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

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

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

Composition is an alternative to regular tax collection methods, enabling micro and small businesses to start and thrive without worrying about compliance issues. In this blog, we have addressed all the basic questions related to the composition scheme in GST.  What is the Composition Scheme in GST The GST Composition Scheme is an alternative to… Continue reading Composition Scheme in GST: Eligibility, Forms & Tax Rates

Have you filed GSTR-1 with inaccurate invoice data? Are you looking forward to revising the GSTR-1 but don’t know how? Don’t worry—we are here to help. This blog will discuss the GSTR-1 amendment process, the time limit, how to select a return filing period and much more.  How to Select Return Filing Period in GSTR-1… Continue reading GSTR-1 Amendment: Time Limit, Process & Limitations