by Groflex | Feb 1, 2023 | Briefly explained
As per the notification issued by the GST authorities in October 2020, the HSN codes are now mandatory on all invoices. According to this new regulation, GST authorities mandated the HSN code on all tax invoices from 1st April 2021. The official statement made by the...
by Groflex | Feb 1, 2023 | Accounting Software
Accounting is a comprehensive process of recording transactions. It portrays financial data that help readers draw conclusions and make business decisions. Accounting procedures are incorporated with standardized guidelines for disciplined execution. These guidelines...
by Groflex | Feb 1, 2023 | Briefly explained
Invoicing is the preliminary step of receiving payment; an invoice is made for every product or service sold and supplied. The times when payments were processed mainly in cash and transactions were recorded in books are long gone. In order to combat error invoicing...
by Groflex | Feb 1, 2023 | Briefly explained
According to the Budget 2021, the non-filers of income tax for the last two fiscal years will be subject to a higher TDS (Tax Deducted at Source), and TCS (Tax Collected at Source) rate. It is in case the tax deduction was 50,000 INR or more in each of those two...
by Groflex | Feb 1, 2023 | Briefly explained
According to the double-entry system of bookkeeping, each transaction affects two particular accounts. The process of accounting can be defined as the process of recording every financial transaction in the system. This process starts with creating a journal that is...
