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The Goods and Services Tax (GST) has revolutionized India’s indirect tax system. One of its key features is the Input Tax Credit (ITC) mechanism, which has simplified the taxation process and reduced the tax burden on businesses. ITC allows registered taxpayers to offset the GST they pay on inputs against the GST they collect on […]
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Taxes and businesses use a lot of phrases, and it’s important to know what they mean to navigate the complex system. “SAC Codes” is the most important outline of the GST system in India. In this article, we will discuss What SAC Codes are and why it is important for businesses in India. How it […]
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Before Indian Accounting Standards, there were many different accounting standards in India. This made it difficult for investors and other stakeholders to compare the financial performance of different companies. Ind AS(Indian Accounting Standards) has unified the accounting standards in India, making it easier to compare companies. Ind AS also requires companies to report their financial […]
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In today’s competitive business world, businesses need to embrace digital transformation to stay ahead. One important aspect of this transformation is electronic invoicing, or e-invoicing, which has become essential for businesses of all sizes. Tally Prime is a leading accounting software that has integrated e-invoicing features to simplify operations. It improves accuracy and ensures compliance […]
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Under GST, implementation of the Reverse Charge Mechanism (RCM) is one of the most important changes. The RCM is a mechanism whereby the recipient of goods or services is liable to pay GST, rather Services provided by way of sponsorship to anybody corporate or partnership firm than the supplier. This is in contrast to the […]
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In this comprehensive guide, we will dive into the complexity of GST. Here we will explore its types, history, objectives, advantages, disadvantages, and the new compliance measures it introduced. The guide has framed all the GST basic concepts in one single platform for easy understanding. India’s introduction of the Goods and Services Tax (GST) on […]
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