A bill of supply is a document of the transaction and is different from a tax invoice as it will not have any tax amount (as tax cannot be charged in the following cases of a bill of supply). Bill of supply is issued when: a registered person is a supplier…
HSN stands for Harmonized system of Nomenclature, it is an internationally accepted product coding system used for maintaining the uniformity in the classification of goods. Goods traded across the world are known by different names due to language differences. Similarly, in IT-enabled multinational trade, a unique code is given to each…
1. ACCOUNTS & RECORDS Accounts & Records maintained by an Organisation are a crucial and important part of the day to day business. They are relied upon at the time of financial reporting, proposals, audits, assessments, etc. The current GST laws prescribe the manner in which the books of accounts…
The main objective of GST is the eradication of multiplicity of taxes thereby reducing the complexity and removing the cascading effect of taxes. Present taxes levied on the sale of goods or services by either Central or State Government will be subsumed under the GST Regime. The subsumption of all…