The 45-day MSME (Micro, Small, and Medium Enterprises) payment rule, also known as the TReDS (Trade Receivables Discounting System) rule, is a regulation that mandates large companies to make payments to MSMEs within 45 days of the confirmation of goods or services. This rule is significant because ...
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Indian Accounting Standards Indian Accounting Standards (Ind AS) are a set of accounting standards notified by the Ministry of Corporate Affairs (MCA), Government of India, in accordance with the Companies Act, 2013. These standards are largely converged with the International Financial...
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Important Things to do before financial Year End In India, the financial year is from April 1st to March 31st every year. As a result, the 31st of March is a critical deadline for meeting significant financial obligations. The mercantile system, also known as the accrual basis of Accountin...
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What is GSTR-1? Goods and Services Tax (GST) has revolutionized the taxation system in India by replacing multiple indirect taxes with a unified tax structure. Under the GST regime, businesses are required to file various returns to comply with tax regulations. One such crucial return is GSTR-1, ...
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A Guide to Tax Rates in the Old and New Regime The choice between the old tax regime and new tax regimes depends on various factors, including individual financial situations, income levels, and specific deductions or exemptions that a taxpayer can avail. Here are some key differences betwee...
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Introduction: Gumasta License, also known as Shops and Establishment Registration, is a mandatory requirement for all businesses operating in India. This license is issued by the respective state municipal corporations or local bodies and is intended to regulate and monitor commercial establishme...
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