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The GST is imposed at variable rates on variable items. The rate of GST is 18% for soaps and 28% on washing detergents. GST on movie tickets is based on slabs, with 18% GST for tickets that cost less than ₹100 and 28% GST on tickets costing more than ₹100 and 28% on commercial vehicle and private and 5% on readymade clothes. [33]
A general journal entry would typically include the date of the transaction (which may be dispensed with after the first entry of the day), the names of the accounts to be debited and credited (which should be the same as the name in the chart of accounts), the amount of each debit and credit, and a summary explanation of the transaction ...
CMA Logo for exclusive use by Indian CMAs. This is the primary qualification of the ICMAI following completion of up to three levels (Foundation, Intermediate, and Final) examinations [9] and three years of practical training [10] in areas like Management Accounting, Cost Accounting, Financial Accounting, Taxation, Cost audits, GST audits, Internal audit, Corporate laws, etc. and enables an ...
A dual GST module for the country has been proposed by the EC. This dual GST model has been accepted by centre. Under this model GST have two components viz. the Central GST to be levied and collected by the Centre and the State GST to be levied and collected by the respective States.
Special journals (in the field of accounting) are specialized lists of financial transaction records which accountants call journal entries. In contrast to a general journal, each special journal records transactions of a specific type, such as sales or purchases. For example, when a company purchases merchandise from a vendor, and then in turn ...
Two Indian chemical companies have been indicted for allegedly importing ingredients for the highly addictive opioid fentanyl into the United States and Mexico, the U.S. Department of Justice said ...
The accounting equation is a statement of equality between the debits and the credits. The rules of debit and credit depend on the nature of an account. For the purpose of the accounting equation approach, all the accounts are classified into the following five types: assets, capital, liabilities, revenues/incomes, or expenses/losses.
A Goldendoodle named Furby is fighting for his life. The puppy, who is roughly 1 month old and just 6 lbs., was dropped off at an Austin shelter in Texas and transferred to Austin Pets Alive! (APA ...