Debit Note and Credit Note come into the picture whenever some error has been committed during a financial transaction. The mistake can be simple human or due to some mechanical fault. To neutralize the effect of this fault on the invoices, a Debit Note or a Credit Note may be issued. These documents are recognized and [...]
Credit note The credit note is an invoice monetary document circulate by a retailer to a customer. Credit notes function as a reference record for the Sales return journal. Basically, the credit note is proof of the decline in sales. A credit note also names as credit memorandum or memo. In layman's language, a note was given by [...]
What is GST? All you need to know about Good and Services Tax July 1, 2017 was a day that brought waves of change in the taxation system of India with the introduction of the Goods and Services Tax. Let' look at what GST is, and how it has changed the the way goods and services are taxed in India.
GST: A Brief History An idea to reform the tax structure in India took birth in the year 2000 with the efforts of an Empowered Committee(EC) under the Late Shri Atal Bihari Vajpayee. In accordance with this, a GST bill was introduced in the year 2009 but the UPA government at that point of time failed [...]