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May 22nd, 2019 in Finance & Accounts

Sub Fields of Accounting

Accounting is a broad expression and includes many other subfields under it. However, the sub-fields consist of financial accounting, human resource accounting, cost accounting, management accounting and social responsibility accounting. Let us take them in brief: Financial Accounting Financial accounting to a great extent worries about the planning and elucidation of financial statements and records…

May 22nd, 2019 in Finance & Accounts

An Introduction to Debit and Credit in Accounting

The accounting system has been vigorously using the terms “debit” and “credit” for decades. Debit and credit are crucial to the accounting system most entities use today, i.e. the double-entry bookkeeping system. Below we have introduced debit and credit in accounting as simply as possible.   The following topics have been discussed in this article:…

May 22nd, 2019 in GST

DSC (Digital Signature Certificate) – How to get DSC, DSC Classes and Advantages

Filing Returns on GST portal requires registration through a few certificates. When it comes to businesses, the compliances tighten. One such compliance is the DSC which is required to file documents online on the GST portal. DSC is mandatory to electronically sign Enrolment Application by domestic and foreign companies, and domestic and foreign Limited Liability Partnerships…

May 21st, 2019 in GST

Input Tax Credit (ITC) on Employee Expenses

History Every registered taxpayer under GST who continues any business at wherever in India/State can avail Input tax credit (ITC). Moreover, the ITC amount allowable to him will be credited to his e-credit ledger. The ITC is permissible to the degree utilized in the course of business to the amount of supply. The credit is…

May 21st, 2019 in GST

Procedure to Return of Expired Drugs or Medicines under GST

When medicines are supplied by wholesalers to retailers in large quantities and the retailers are not able to sell all the supplies before their expiry date, the drugs are returned by them. Under GST, such expired medicines can be returned in the ways explained below. This article discusses the following topics: Return of Expired Goods…

May 20th, 2019 in GST

Powers of GST Officers

Every assessee must know about the powers of the GST officers as this will help them approach the right officer at the right time. Also, this will help to save their valuable time that they might lose by approaching the wrong GST officer including any wrongful exploitation by the GST officers. Here are some of…