by Groflex | Feb 1, 2023 | Briefly explained
GST invoice is tax compliance issued on the supply of goods or services by a taxable business or person registered under the GST policies of India. GST invoice format is a sequential arrangement of information; the standardized format is followed by suppliers while...
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 | Accounting Software
Many reforms have been made in the Goods and Services Tax (GST) return filing system. There is an addition of GST ANX-1 and GST ANX-2. A person who used to fill the forms before the reforms, i.e., GST RET 1/RET-2/RET-3, are now supplemented with GST ANX-1 and GST...
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 | How to
Traditional organizations still consider invoicing as a manual back-end operation. However, manually processing the invoice results in accounting risks. It includes: Late payments Time-consumption, Labor expenses Endless filing ...
