Tally Solutions

Composition Scheme under GST is a scheme which offers comparatively lesser compliance activity, as well as a flat rate GST tax rate for small businesses.

Profit and Loss Account is a type of financial statement which reflects the outcome of business activities during an accounting period (i.e. Profit or loss).

The rule to prepare trial balance is that the total of the debit balances and credit balances extracted from the ledger must tally.

The trial balance was used as an accountant’s report to verify if debits and credits were of equal value. In totality, it helped to verify the proper recording of business transactions.

Add-ons in Tally is nothing but products that Tally offers for it’s customers through its centralized location that has a host of generic add ons (customised programs/extensions).

A payment made in advance or simply an advance is the part of a contractually due sum that is paid or received in advance for goods or services.

An account statement or bank statement is a summary of financial transactions which have occurred over a given period on a bank account held by a person or business with a financial institution.

Bank Reconciliation Statement is an explanation of the difference between bank balance as per cash book and bank balance as per Passbook (Bank statement).

The first thing in GST registration documents list is to get the PAN (Permanent Account Number) of the business and of the authorized signatories/applicant (Directors / Partners / Proprietor).

Getting an understanding as how service is defined under GST Act, we can per-see two instances of labour supply under GST.

Even if there were no invoices issued during a month, the taxpayer must log in to the GST Portal and submit a NIL return.

Every supplier effecting taxable supplies, subject to a threshold limit is liable to get his business registered with the tax authorities by obtaining a unique identification code (i.e. GSTIN).