How GST will impact a common man’s budget It has been more than 40 days since GST has been implemented in India. While the industry was very apprehensive, the GST transition has been smooth. The big question is how GST will impact a common man’s budget. Goods and services tax is stated to be one […]
GST impact on consignment sale Consignment sale is not new in the present business scenario. However, there are few consequences (pros and cons) on Consignment sale due to implementation of new indirect tax law i.e. GST. The author tried to explain the impact of GST on the consignment sale. This article written in question and […]
Few days are left to file your first GST return – How to do ? Filing of monthly returns, GSTR 1 and GSTR 2, has been deferred till September, but in the month of August you will have to file a simpler return in the form of GSTR-3B. The deadline to file GSTR-3B for the […]
Inventory Audit – Importance and procedures What is an Inventory Audit? Inventory audit also referred to as stock audit, refers to an accounting process which takes into account a company’s total stock of physical goods. This is especially needed in manufacturing companies where raw materials need to be converted to finished goods and is a […]
Steps in Classification of Goods – GST GST for goods has provided schedules in line with VAT but the principles are based on the customs classification (also adopted in central excise) The need to classify properly is understood by all as it may lead to payment of differential tax with credit in case of self-correction […]