*For travel by non-scheduled/chartered operations for religious pilgrimage which are facilitated by GoI under bi-lateral agreements. Others: -GST on the composite supply of goods attracting 5% GST rate where it is supplied along with the supply of construction services and other goods for solar power plant, is now levied as follows: 70% of value is considered as supply of goods and taxed at 5% GST. Remaining 30% of the EPC contract value is supply of service and attracts standard tax rate for service. -Rate of 5%/18% to be applied based on transaction value of footwear. -Uniform GST rate of 12% on Flexible Intermediate Bulk Container (FIBC) from existing 5%/12% (depending on the value). Goods recommended for exemption Supply of gold by Nominated Agencies to exporters of article of gold Jewellery. Proceeds received by Government from auction of gifts received by President, Prime Minister, Governor or Chief Minister of a State and public servants, the proceeds of which is used for public or charitable cause. Vehicles imported for temporary purposes under the Customs Convention on the Temporary importation of Private Road Vehicles (carnet de passages-en-douane) will be exempt from IGST and Compensation cess. Services recommended for exemption Services supplied by banks to Basic Saving Bank Deposit (BSBD) account holders under Pradhan Mantri Jan Dhan Yojana (PMJDY) Services supplied by rehabilitation professionals recognised under Rehabilitation Council of India Act, 1992 at hospitals, schools or rehabilitation centres established by Government or charitable institute registered under Section 12AA of The Income tax Act,1961. Loan guarantee services provided by Government to its undertakings and PSUs for bank loans.
What is GST?
GST is an Indirect Tax which has replaced many Indirect Taxes in India. The Goods and Service Tax Act was passed in the Parliament on 29th March 2017. The Act came into effect on 1st July 2017; Goods & Services Tax Law in India is a comprehensive, multi-stage, destination-based tax that is levied on every value addition. There are around 160 countries in the world that have GST in place. GST is a destination based taxed where the tax is collected by the State where goods are consumed. GST has been implemented in India from July 1, 2017 and it has adopted the Dual GST model in which both States and Central levies tax on Goods or Services or both.
SGST – State GST, collected by the State Govt.
CGST – Central GST, collected by the Central Govt.
IGST – Integrated GST, collected by the Central Govt.
UTGST – Union territory GST, collected by union territory government
What are the components of GST?
There are 3 taxes applicable under this system: CGST, SGST & IGST.
CGST: Collected by the Central Government on an intra-state sale (Eg: transaction happening within Maharashtra)
SGST: Collected by the State Government on an intra-state sale (Eg: transaction happening within Maharashtra)
IGST: Collected by the Central Government for inter-state sale (Eg: Maharashtra to Tamil Nadu)
In most cases, the tax structure under the new regime will be as follows:
Transaction New Regime OldRegime
Sale within the State CGST + SGST VAT + Central Excise/Service tax
Sale to another State IGST Central Sales Tax+ Excise/Service Tax
How to Register for GST Online
Every dealer whose Annual turnover exceeds Rs 20 lakh (for special states, the amount is Rs 10 lakh) has to register for GST.
Here is a step-by-step guide on how to complete registration process online on the GST Portal–
Step 1 – Go to GST portal. Click on Register Now under Taxpayers (Normal)
Step 2 – Enter the following details in Part A –
Select New Registration
In the drop-down under I am a – select Taxpayer
Select State and District from the drop down
Enter the Name of Business and PAN of the business
Key in the Email Address and Mobile Number. The registered email id and mobile number will receive the OTPs.
Click on Proceed
Step 3 – Enter the OTP received on the email and mobile. Click on Continue. If you have not received the OTP click on Resend OTP.
Step 4 – You will receive the Temporary Reference Number (TRN) now. This will also be sent to your email and mobile. Note down the TRN.
Step 5 – Once again go to GST portal. Click on Register Now.
Step 6 – Select Temporary Reference Number (TRN). Enter the TRN and the captcha code and click on Proceed.
Step 7 – You will receive an OTP on the registered mobile and email. Enter the OTP and click on Proceed
Step 8 -You will see that the status of the application is shown as drafts. Click on Edit Icon.
Step 9 – Part B has 10 sections. Fill in all the details and submit appropriate documents. Here is the list of documents you need to keep handy while applying for GST registration-
Constitution of the taxpayer
Proof for the place of business
Bank account details
Step 10 – Once all the details are filled in go to the Verification page. Tick on the declaration and submit the application using any of the following ways –Companies must submit application using DSC
Using e-Sign – OTP will be sent to Aadhaar registered number
Using EVC – OTP will be sent to the registered mobile
Step 11 – A success message is displayed and Application Reference Number(ARN) is sent to registered email and mobile.
You can check the ARN status for your registration by entering the ARN in GST Portal.
F12 Only Press F12
F12 Alt F12
F12 Ctrl F12
Print Alt P
Export Alt E
Create Ledger ALC
Alter Ledger ALA
To See Entries (ALL) DD (Display −−−> Daybook −−−> Select Period
To See One Ledger DAL (Display −−−> Account −−−> Book Ledger)
Important Shortcuts While Passing Entry
Make Ledger Alt C
Change Ledger Ctrl Enter
Enter Enter Ctrl A
Calculator Ctrl N
To Hide Ledger Alt R
To Unhide Ledger Alt U
F1 To select a company
To select the Accounts Button and Inventory buttons
F2 To change the menu period
F3 To select the company
F4 To select the Contra voucher
F5 To select the Payment voucher
F6 To select the Receipt voucher
F7 To select the Journal voucher
F8 To select the Sales voucher
F8 (CTRL+F8) To select the Credit Note voucher
F9 To select the Purchase voucher
F9 (CTRL+F9) To select the Debit Note voucher
F10 To select the Reversing Journal voucher
F10 To select the Memorandum voucher
F11 To select the Functions and Features screen
F12 To select the Configure screen
ALT + 2 To Duplicate a voucher
ALT + A To Add a voucher
ALT + C To create a master at a voucher screen (if it has not been already assigned a different function, as in reports like Balance Sheet, where it adds a new column to the report)
ALT + D To delete a voucher
To delete a master
(if it has not been already assigned a different function, as explained above)
ALT + E To export the report in ASCII, SDF, HTML OR XML format
ALT + I To insert a voucher
Alt+H Help Shortcut
ALT + O To upload the report at your website
Alt+I Insert a voucher / To toggle between Item and Accounting invoice
Alt+N To view the report in automatic columns (Multiple Columns at all reports, Trial Balance, Cash/bank books, Group Summary & Journal Reg
Alt+U Retrieve the last line which is deleted using Alt+R
Alt+Y Register Tally
ALT + M To Email the report
ALT + P To print the report
ALT + R To remove a line in a report
ALT + S To bring back a line you removed using ALT + R
ALT+ V From Invoice screen to bring Stock Journal screen
ALT + W To view the Tally Web browser.
ALT + X To cancel a voucher in Day Book/List of Vouchers
ALT + R To Register Tally
CTRL + A To accept a form – wherever you use this key combination, that screen or report gets accepted as it is.
Ctrl+Alt+B Check the Company Statutory details
Ctrl+M Switches to Main Area of Tally Screen
Ctrl+N Switches to Calculator / ODBC Section of Tally Screen
Ctrl+R Repeat narration in the same voucher type irrespective of Ledger Account
Ctrl+T Mark any voucher as Post Dated Voucher
Ctrl+Alt+C Copy the text from Tally (At creation and alternation screens)
Ctrl+Alt+V To paste the text from Tally (At creation and alternation screens)
Ctrl+F9 Select Debit Note Voucher
Ctrl+Alt+c (for copy) Ctrl+Alt+v (for paste) Duplicate narration in many Vouchers
Ctrl+F6 Rejection In
CTRL + B To select the Budget
CTRL + C To select the Cost Centre
To select the Cost Category
CTRL+ E To select the Currencies
CTRL + G To select the Group
CTRL + I To select the Stock Items
CTRL + L To select the Ledger
CTRL + O To select the Godowns
CTRL + Q To abandon a form – wherever you use this key combination, it quits that screen without making any changes to it.
CTRL + Alt + R Rewrite data for a Company
CTRL + S Allows you to alter Stock Item master
CTRL + U To select the Units
Ctrl + V To select the Voucher Types
ALT + F1 To close a company
To view detailed report
To explode a line into its details
ALT+ F2 To change the system period
ALT + F3 To select the company info menu
To create/alter/shut a Company
ALT + F4 To select the Purchase Order Voucher Type
ALT + F5 To select the Sales Order Voucher Type
To view monthly and quarterly report
ALT + F6 To select the Rejection Out Voucher Type
To change the Sales Order Voucher Type
ALT + F7 To select the Stock Journal Voucher Type
To accept all the Audit lists
ALT+ F8 To select the Delivery Note Voucher Type
To view the Columnar report
ALT + F9 To select the Receipt Note Voucher Type
ALT + F10 To select the Physical Stock Voucher Type
ALT + F12 To filter the information based on monetary value
CTRL + ALT + F12 Advanced Config
PgUp Display previous voucher during voucher entry/alter
PgDn Display next voucher during voucher entry/alter
ENTER To accept anything you type into a field.
To accept a voucher or master
To get a report with further details of an item in a report.
ESC To remove what you typed into a field
To come out of a screen
To indicate you do not want to accept a voucher or master.
SHIFT + ENTER Collapse next level details
SHIFT + ENTER To explode a line into its details
CTRL + ENTER To alter a master while making an entry or viewing a report
What is an Asset?
An asset is a resource with economic value that an individual, corporation or country owns or controls with the expectation that it will provide a future benefit. Assets are reported on a company's balance sheet and are bought or created to increase a firm's value or benefit the firm's operations. An asset can be thought of as something that, in the future, can generate cash flow, reduce expenses or improve sales, regardless of whether it's manufacturing equipment or a patent.
What are the different types of assets?
The following are a few major types of assets.
What are types of fixed assets?
Current Asset Fixed Asset Tangible Asset
Investments Building Building
Inventory Furniture Furniture
Stock Plant Plant
Receivables Machinery Machinery
What are the current assets list?
Current or liquid assets include items such as:
Work in Progress.
Finished Goods / Inventory.
A tangible asset is an asset that has a physical form. Tangible assets include both fixed assets, such as machinery, buildings and land, and current assets, such as inventory. The opposite of a tangible asset is an intangible asset.
What are examples of tangible assets?
Tangible assets include both fixed assets, such as machinery, buildings and land, and current assets, such as inventory. The opposite of a tangible asset is an intangible asset. Nonphysical assets, such as patents, trademarks, copyrights, goodwill and brand recognition, are all examples of intangible assets..
2.Intangible Assets :-
Intangible Assets are assets that have no physical presence. An intangible asset is an asset that is not physical in nature. Goodwill, brand recognition and intellectual property, such as patents, trademarks and copyrights, are all intangible assets
Which is an example of an intangible asset?
Examples of intangible assets include goodwill, brand recognition, copyrights, patents, trademarks, trade names, and customer lists. You can divide intangible assets into two categories: intellectual property and goodwill.
3. Financial Asset:-
A financial asset is a tangible liquid asset that gets its value from a contractual claim. Cash, stocks, bonds, bank deposits and the like are examples of financial assets. Unlike land, property, commodities or other tangible physical assets, financial assets do not necessarily have inherent physical worth.gnition, copyrights, patents, trademarks, trade names, and customer lists. You can divide intangible assets into two categories: intellectual property and goodwill.
4. Fixed Assets:-
assets which are purchased for long-term use and are not likely to be converted quickly into cash, such as land, buildings, and equipment.
What are the examples of fixed assets?
The term fixed assets generally refers to the long-term assets, tangible assets used in a business that are classified as property, plant and
equipment. Examples of fixed assets are land, buildings, manufacturing equipment, office equipment, furniture, fixtures, and vehicles.
5. Current Assets
cash and other assets that are expected to be converted to cash within a year.
What are examples of current assets?
Work in Progress.
Finished Goods / Inventory.
A bank reconciliation is the process of matching the balances in an entity's accounting records for a cash account to the corresponding information on a bank statement. The goal of this process is to ascertain the differences between the two, and to book changes to the accounting records as appropriate.
Who prepare bank reconciliation statement?
Bank reconciliation statement is generally prepared by the company accountant or the bookkeeper with the purpose to compare the bank's records with your own company records. It is done on monthly basis whenever bank statement arrives.
How do you reconcile a bank statement?
To reconcile a bank statement, follow these steps: At the end of the month, you will receive a bank statement from the bank, which itemizes all deposits made into your checking account, as well as all checks that cleared the bank, and a variety of other charges against the account, such as for account servicing fees.
Why are bank reconciliations so important?
A monthly reconciliation helps to catch and identify any unusual transactions that might be caused by fraud or accounting errors, especially if your business uses more than one bank account.
What are the steps to reconcile a bank statement?
To preform a proper bank statement reconciliation,
follow these nine steps:
Add Deposits. ...
Outstanding Checks. ...
Bank Errors. ...
Check Register Reconciliation. ...
Interest Earned. ...
Check Register Errors. ...
What is Depreciation ?
In accounting terms, depreciation is defined as the reduction of recorded cost of a fixed asset in a systematic manner until the value of the asset becomes zero or negligible.The monetary value of an asset decreases over time due to use, wear and tear or obsolescence. This decrease is measured as depreciation.An example of fixed assets are buildings, furniture, office equipment, machinery etc.. A land is the only exception which cannot be depreciated as the value of land appreciates with time.
Why do we charge depreciation?
We charge depreciation because most of the long-lived assets used in abusiness have 1) a significant cost, and 2) they will be useful only for alimited number of years. The matching principle (a basic underlying accounting principle) requires that the actual cost of these assets be allocated to the accounting periods in which the company will benefit fromtheir use.
What Are the Main Types of Depreciation Methods?
1. Straight Line Depreciation
With the straight line depreciation method, the value of an asset is reduced uniformly over each period until it reaches its salvage value.Straight line depreciation is the most commonly used and straight forward depreciation method for allocating the cost of an asset. It is calculated by simply dividing the cost of an asset, less its salvage value, by the useful life ofthe asset.
Formula for Straight Line Depreciation Where:
Cost of the asset is the purchase price of the asset
Salvage value is the value of the asset at the end of its useful life
Useful life of asset represents the number of periods in which the asset is expected to be used by the company
Depreciation Expense = (Cost of the asset – Salvage value) / Useful life
Example:- Cost of the asset :- 100000
salvage value :- 20000
Life :- 5 years
(100000-20000)/5 = 16000
2. Written Down Value Method (WDV) Depreciation
It is also known as Reducing Balance or Reducing Installment Method or Diminishing Balance Method. Under this method, the depreciation is calculated at a certain fixed percentage each year on the decreasing book value commonly known as WDV of the asset (book value less depreciation).
DEPRECIATION RATES AS PER I.T ACT FOR MOST
Rates has been changed for financial year 2017-18 and onwards. Now the maximum rate of depreciation is 40%.
Sr.No. Asset Class Asset Type Rate of Depreciation
1. Building Residential buildings except 5% hotels and boarding houses
2. Building Hotels and boarding houses 10%
3. Furniture Furniture – Any furniture / fittings 10% including electrical fittings and air conditioners
4. Plant & Motor car, motor cycle,bike, scooter 15% Machinary other than those used in a business of running them on hire, Mobile phone
5. Plant & Motor buses/taxies/lorries used in a 30% Machinery business of running them on hire
6. Plant & Computers, Laptops, computer software, 40% Machinary Printer, Scanner, UPS and other peripheral devices (Related Case Law)
7. Intangible Know how, patents, copyright, trademark, 25% Assets license, franchise or any other business or commercial rights of similar nature
Most recent Update All States require to utilize e-path bills for within state development of products
E-way charge prerequisite for within State development of merchandise in Delhi started from sixteenth June 2018.
E-way charge activities are mandatory for within-state development of merchandise for all states aside from Delhi with impact from third June 2018
E-way charge activities are mandatory for within-state development of merchandise for Andaman and Nicobar, Chandigarh, Dadar and Nagar Haveli, Daman and Diu, Lakshadweep, Maharashtra and Manipur from 25th May 2018
e-way charge tasks are empowered on preliminary reason for the within-state development of merchandise for Odisha from 23rd May 2018
Take off of e Way Bill framework for intra-State development of merchandise in the States/Union Territory of Arunachal Pradesh, Madhya Pradesh, Meghalaya, Sikkim and Puducherry from 25 April 2018.