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Who pays GST buyer or seller?

GST is paid by the buyers or consumers at the time of purchasing the product or availing of the service.... View Article

France was the first country in the world which implemented the GST model. Now GST is followed in more than... View Article

The dual GST model refers to the GST being levied by both Central and State governments. Also read: MCQs on... View Article

The Indian GST model is based on the Canadian dual GST model. Also read: MCQs on GST Learn about more... View Article

The four types of GST are: CGST – Central Goods and Services Tax SGST – State Goods and Services Tax... View Article

India follows an accounting standard that is based on IFRS, it is known as Ind AS and is in use... View Article

It is mandatory for companies to follow accounting standards as it ensures uniformity in the accounting process and also makes... View Article

IFRS is issued by the International Accounting Standards Board (IASB). It is used as an accounting standard in more than... View Article

The difference between GAAP and IND AS is that GAAP is used in the United States of America and Ind... View Article

Ind AS is issued by the Accounting Standards Board (ASB). Also read: Difference Between Cash Basis and Accrual Basis of... View Article

Ind AS is a modified version of the IFRS which is relevant in the context of Indian companies, while the... View Article

In India, the accounting standards are regulated by the Accounting Standards Board (ASB) which is a part of the Institute... View Article

There are a total of 39 accounting standards that are applicable under IND AS. Also read: Difference Between Cash Basis... View Article

Ind AS stands for Indian accounting standards. It is the accounting standard that needs to be adopted by all those... View Article

Businesses that have an inventory must use accrual accounting as their preferred method while businesses that have an annual revenue... View Article

Accrual basis of accounting is used by most organisations except for small businesses and individuals that prefer the cash basis... View Article

One disadvantage of accrual accounting can be that it is very complicated and therefore requires considerable time and resources that... View Article

GAAP requires the accrual basis of accounting as it records sales at the time of their occurrence and therefore provides... View Article

Calculation on accrual basis can be done in the following ways: Calculate all earned revenue Calculate all incurred expenses Subtract... View Article

The following steps are required to convert from cash to accrual basis: Add all accrued expenses Subtract all cash payments... View Article