Latest Articles By Ketan Agarwal

A provision in accounting is an amount recognised by a business to cover a future liability or expense that is probable but uncertain in its exact timing or amount at the time of recognition. Provisions are recorded as an expense in the Profit & Loss Account and as a liability on the Balance Sheet. Under Ind… Read more

A Memorandum Voucher is a temporary accounting record used to document transactions that are not immediately recorded in the books of accounts. It acts as a reminder or reference for financial events requiring further action or confirmation before being formally recorded. Unlike regular vouchers representing confirmed financial transactions, memorandum vouchers do not directly affect the company’s… Read more

Here are a few things to remember while transitioning to GST:

Introduction The Goods and Services Tax (GST) regime in India has undergone significant transformations to enhance tax compliance and streamline processes for taxpayers. One of the pivotal advancements in this domain is the introduction of the Invoice Management System (IMS). This system aims to simplify the invoicing process, ensuring accuracy and efficiency in tax compliance.

Sand is one of the most common materials used in construction, plastering, concrete, glass and many industrial processes. Traders sell sand as loose bulk material while factories may use it as a raw material for many products. To charge GST correctly and keep returns error free, it is important to know the correct sand HSN code… Read more