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Stocktaking is the process of physically counting the inventory and comparing it with the books. It aids businesses in recognising overstocking, shortages, damage, expiry and theft, and recording mistakes. An...
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The MSME new rules affect the way Indian businesses handle MSME registration, invoice settlement, payment disputes and recovery. On 13 August 2026, the Micro, Small and Medium Enterprises Development (Amendment)...
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The actual hotel room rate per day will determine the GST to be paid. Accommodation valued up to ₹7500 per day is subject to 5% GST without ITC. If the...
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In India, the GST on car purchasing ranges from 5% to 40% depending on the vehicle’s fuel type, engine capacity and length. From 22 September 2025, small petrol, CNG, and...
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AI accounting software is equipped with artificial intelligence to handle repetitive accounting tasks and helps in understanding financial transactions. It is useful for India’s small and medium-scale businesses in invoicing,...
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Under the periodic inventory system, purchases are recorded throughout the accounting period, but inventory records are updated only after a physical stock count. The business then values closing stock and...
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