It is mandatory to maintain records of sales and purchase under the new GST regime. Every registered person has to maintain GST Sales Register in order to calculate their Output tax and for GSTR-1. Section 35 of the CGST Act and “Accounts and Records” Rules (hereinafter referred to as rules) provide that every registered person […]
Under GST regime, registered taxpayers will have to maintain GST Purchase Register in order to calculate their Input Tax Credit and hence define their tax liability. As per the GST Law, a registered person is liable for ITC on the purchase of goods and services. Any money spent on capital goods in the form of […]
The process of identifying, measuring and communicating financial information to enable informed judgements and decisions.
Horizontal analysis is the technique of evaluating financial statements analysis to know the changes in the amounts of corresponding financial items over a period. Whereas in the Vertical Analysis each amount from all 3 major categories of accounts viz; assets, liabilities and shareholder’s equities are represented as the proportion of the total balance of the […]
Balance Sheet Vertical analysis means the vertical evaluation of Balance sheet and other financial statements in terms of relative percentage change in line items. While performing Balance sheet Vertical analysis, each amount from all 3 major categories of accounts in a balance sheet, viz; assets, liabilities and shareholder’s equities are represented as the proportion of […]