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E-Way Bill under GST

Introduction E-way bill or Electronic-way bill is a document introduced under the GST regime that needs to be generated before transporting or shipping goods worth more than INR 50,000 within state or inter-state. The physical copy of e-way bill must be present with the transporter or the person in charge of the conveyance and should include information such as goods, recipient, consignor and transporter. The e-way bill was rolled out nationwide on 1st April 2018. Why has the e-way bill been preponed? The e-way bill GST provisions had primarily targeted a single national level e-way bill, which could be used by suppliers and transporters all across the country. E-way Bill FAQs What is GST E-Way Bill? Under GST, the process and procedural aspects for the movement of goods are prescribed in the e-way bill rules. When is the E-Way Bill applicable? It is applicable for any consignment value exceeding INR 50,000. When should the E-Way Bill be generated? What is the validity of E-Way Bill?

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GST Rate Introduction Ever since GST or Goods and Services Tax regime was announced, there has been a wide speculation about the GST rates bracket. The GST Council is the body that decides the rate slabs and the GST Council has been periodically revising the list of goods and services for each rate slab. It’s clear that the Government’s intentions are to have lower tax rate for goods and services which are essential needs and higher tax rates for goods and services that are considered as luxury supplies.

Bookkeeping and Accounting What is bookkeeping? Bookkeeping is a process of recording and organizing all the business transactions that have occurred in the course of the business. Bookkeeping is an integral part of accounting and largely focuses on recording day-to-day financial transaction of the business. GST Composition Scheme Rate What is composition scheme? Any taxable person whose aggregate turnover in the preceding financial year is less than Rs. 1.5 Crores and less than Rs. 75 lakhs for North Eastern States can opt for a simplified composition scheme where tax will payable at a concessional rate on the turnover in a state without the benefit of Input Tax credit. Who can opt for Composition Scheme? Businesses dealing only in goods can opt for composition schemeServices providers have been kept outside the scope of this schemeBut an exemption has been made in case of those service providers engaged in restaurant services, those taxpayers may also opt for the scheme All of this holds true if your annual turnover is below Rs. 1.5 Crores or below Rs. 75 lacs in the case of North Eastern States.

What is Cash Deposit What is Cash Deposit Slip? A cash deposit slip is a record of how much money will be/has been deposited into a bank account. In simple words, a cash deposit slip is a form that is used to itemize the cheques and cash being deposited into a bank account. Components and Format of Cash Deposit Slip The cash deposit form contains the following information: Accrual Basis of Accounting Introduction One of the fundamental accounting assumptions associated with the preparation and presentation of financial statements is the accrual basis of accounting. The following are three accounting foundations that are used by the business.

Time of Supply of Goods under GST Introduction For any taxation system, time of taxation or point of taxation is of crucial importance. Point of Taxation (POT) refers to the point in time when tax is required to be paid for a taxable event. This is a mechanism which is used to determine the point in time when the tax liability will arise. GST Suvidha Provider Introduction The Goods and Services Tax (GST) is now a reality. However, while the law has seen the light of day, the rollout of the GST Bill will be a collective effort of the Central and State Governments, the tax payers and the IT platform provider i.e. GSTN, CBEC and State Tax Departments. Besides these main participants there are going to be other stakeholders e.g. Central and States tax authorities, RBI, the banks, the tax professionals (tax return preparers, Chartered Accountants, Tax Advocates, STPs etc.), financial services providing companies like ERP and accounting software providers etc.

Company Balance Sheet Format Introduction to Balance Sheet Format Balance Sheet format includes assets on one side and liabilities on the other. For balance sheet to reflect the true picture, both sides should tally. Retail Inventory Management What is Retail Management? Why Retail Inventory Management? What is the scope of Retail Inventory Management? Features that are associated with Retail Inventory Management Pradhan Mantri Fasal Bima Yojna Pradhan Mantri Fasal Bima Yojna (PMFBY) was introduced in 2016, replacing all the existing yield insurance schemes in India. The scheme has extended coverage under localized risks, post-harvest losses etc. and aims at adoption of technology for yield estimation. Through increased farmer awareness and low farmer premium rates the scheme aims at increasing the crop insurance penetration in India.

Business Forecasting What is Business Forecasting? Every business’ prime motive is to make profits. Revenue generation is the only way a business can retain its position in the market, and it can be achieved through careful planning, analysis and quick decision-making techniques. Business forecasting is a method to predict the future, where it is narrowly defined by economic conditions.