Managing Your Business

Key things to keep in mind with respect to accounting under GST

With every change in tax laws, there must be certain points which must consider while preparing the accounts or keeping our books and records. So, we are trying to highlight a few key areas & procedures one should know and must keep in mind while creating, maintaining & accounting records under GST 1.Invoicing: What should an invoice include? There is a prescribed format for an invoice under GST. Following things are essential: Your details – Trade name, GSTIN, Registered address. The customer’s details: Trade [...]

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Imports under GST

GST have subsumed the major indirect taxes, however, import duty such as Basic Customs duty, Education Cess, Anti-dumping duty, Safeguard duty etc. will continue. The additional duties of Customs i.e. the Countervailing Duty (CVD) and Special Additional duty of Customs (SAD), would be replaced with the levy of Integrated Goods and Services Tax(IGST). Duties at the time of import IGST and GST Compensation cess will be levied on imports, it would be levied on cargo that would arrive on or after 1st [...]

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All you need to know PAN (Permanent Account Number)

What is PAN? Permanent Account Number (PAN) is a ten-digit alphanumeric number, issued in the form of a laminated card, by the Income Tax Department, to any “person” who applies for it or to whom the department allots the number without an application. Registering for PAN makes you a user under the Income tax Act and it enables you to file your income tax return and other income tax services. PAN was introduced to facilitates linking of various documents, including payment of [...]

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How to register trademark for your brand in India?

As we have a name & a face by which we are recognised, our business too has a name & a face, we register the business as a company or any other form which is suitable to us, but how about its face? You must have a face or a “mark” under which you run your business proudly. But have you ever thought that anybody could use the mark until you register and keep it reserved for your business. Surely, [...]

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5 Benefits of using a Book keeping Service

How satisfied are you with the way accounting is done in your business? Have you ever come across the thought of engaging an external bookkeeping service for your business? Using an external bookkeeping service has many benefits over using an individual bookkeeper. While it is comfortable to keep an in-house bookkeeping team, there are various cons for it. As you go on reading this write-up you might feel the need to change, an alternative way to change could be keeping the in-house [...]

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8 Reasons you should avoid year end bookkeeping!

With Demonetization, GST, Digitalization & a swift spurge in electronic and cash less way of doing business, its high time that we leave behind the traditional old way of doing business. It is the time of change not only in the way you were doing your business but also in the way you were maintaining your accounts. A proactive business man will always sense the shift in the approach & intentions that current and upcoming events would bring and a smart [...]

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Know about TAN

What is TAN? Tax Deduction Account Number or Tax Collection Account Number is a 10 -digit alpha-numeric number issued by the Income-tax Department. TAN is to be obtained by all persons who are responsible fordeducting tax at source (TDS) or who are required to collect tax at source (TCS). Why do a Person require TAN? Any person who deducts tax at source need TAN to do so. Deducting tax at source cannot be done without TAN As per Section 203A of income tax act, [...]

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Digital Signature: Understanding you need

The way we work has become digital, most of the things that were done manually a decade ago is now being done electronically. On the same note our signatures have also become digital and we call them digital signature. What is a digital signature? A digital signature is an electronic form of a signature that can be used to authenticate the identity of the sender of a message or the signer of a document, and ensure that the original content of [...]

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All you need to know before starting your import/export business: IEC

As you think of starting a business wherein you need to export/import certain goods/services, first thing that comes into your mind would be: do I need to take some authorization for it? The answer is Yes. You need an Importer Exporter Code, without which you cannot start your import/export venture in India What is IEC number? IEC (importer Exporter Code) number is a 10-digit code number given to an exporter or importer by the regional office of the Director general of [...]

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Understanding Credit score: Relevance in loan approval and rejection, Errors and rectification.

What is a Credit Score? A Credit Score is a three-digit numeric summary of your credit history. The value ranges between 300-900. It indicates the ‘probability of default’ of a borrower based on their credit history. What role does a CIBIL score play in the loan application process? Your CIBIL Score is one of the first checks that a lender does when they are evaluating your loan application. It’s important to know that nearly 90% of the loans are granted for individuals [...]

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