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Business and Accounting

Accounting: Supply Chain Management (SCM)

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Supply Chain Management refers to the coordination and management of all activities involved in sourcing, production, and delivery of goods and services. It includes planning, procurement, manufacturing, logistics, and customer service, ensuring that products reach end-users efficiently and cost-effectively. Key Components of SCM Planning: Determining demand, creating production schedules, and forecasting inventory needs. Sourcing: Selecting […]

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Accounting: Composition Scheme Under GST

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The Composition Scheme under GST (Goods and Services Tax) in India is a simplified taxation system designed to reduce the compliance burden for small businesses. It allows eligible taxpayers to pay GST at a lower rate with minimal paperwork, enabling them to focus more on their core business activities. In this post, we’ll explore the

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Accounting: E-invoicing

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The introduction of E-Invoicing in India under the GST regime is a revolutionary step towards digitizing the invoicing process for businesses. E-Invoicing ensures seamless integration with the GST system, reduces manual errors, and promotes transparency. This guide explores the concept, applicability, benefits, generation process, and practical examples of E-Invoicing. What is E-Invoicing? E-Invoicing, or electronic

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Accounting: Reverse Charge Mechanism

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Under the Goods and Services Tax (GST) in India, the Reverse Charge Mechanism (RCM) shifts the responsibility of paying GST from the supplier to the recipient of goods or services. This provision ensures tax compliance in cases where suppliers might not be registered or when the government deems it necessary. In this post, we’ll explore

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Accounting: Goods and Services Tax

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The Goods and Services Tax (GST) is a landmark reform in India’s taxation system, aimed at simplifying the indirect tax structure by consolidating multiple taxes into a single framework. Introduced on July 1, 2017, GST replaced various state and central taxes, transforming the way businesses operate in India. This post provides an in-depth understanding of

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Accounting: Heads of Income According to Income Tax

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In India, income tax is calculated based on the type of income earned. The Income Tax Act, 1961, categorizes income into five distinct heads. Understanding these categories is crucial for accurate tax filing and maximizing exemptions and deductions. This guide explores the five types of incomes recognized under Indian income tax laws, along with detailed

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Accounting: Income Tax

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Income Tax is a vital aspect of financial management in India. It’s a direct tax levied on the income of individuals, businesses, and other entities. Understanding income tax is essential for compliance and planning your finances effectively. This detailed guide explores the fundamentals, types, slabs, exemptions, and practical examples related to income tax in India.

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