We are giving the brief idea in case of GST in respect of import and export of goods as under:- IMPORT AND INPUT TAX CREDIT All the Importers/Exporters have to mandatorily declare GST Registration number (GSTIN) along with Import Export Code (IEC) in the bills of entry, Shipping bills and Courier forms. Provisional IDs issued […]
What is purchase discounts lost?
What is purchase discounts lost? The account Purchase Discounts Lost is found in the general ledger of a company that records vendors’ invoices using the net method. An amount is entered in Purchase Discounts Lost only when the company fails to pay an invoice within the vendor’s discount period.To illustrate the net method and Purchase […]
What is year over year (YOY)? Explained
What is year over year (YOY)? Explained In financial analysis and data analytics, YOY is the acronym for year over year. YOY indicates the change from the comparable amount reported in the same period one year earlier. Below are three examples of YOY.A retailer’s sales for the first 5 weeks of the current fiscal year […]
How to prepare a classified balance sheet
All balance sheets are normally classified: that is, different financial elements on a balance sheet are grouped into categories and presented under a common caption. This is a general practice that helps to compare balance sheets of different companies. You can see an example below. For instance, if there are two companies within different industries, […]
How to Accounts and Records Under GST
Accounts and Records Under GST The registered dealers are required to maintain their account and keep the records under GST Law as under:- Compliance verification in GST will be done through examination of accounts and records maintained, only if required. One tax, one type of record:- No need to maintain separate records for different type […]
