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GST Input Tax Credit  Ever since GST has been discussed across the country, input tax credit has been spoken about in the same breath. In essence ITC is the heart and soul of GST. One of the fundamental reasons, why GST is good for the nation, is, the seamless flow of input credit across the chain (right from the manufacture of goods till the end consumer) and across states, which earlier was not the case. Under the   Goods & Service Tax   regime, ITC can be availed by every registered taxable person on all inputs used or intended to be used in the course of or for furtherance of business – be it goods or services. Similarly, ITC will also be available on capital goods used in the course of business, except for a few exceptions. Conditions to avail GST Input Tax Credit In order to  avail Input Tax Credit under GST , a dealer needs to meet the following conditions – Must possess a Tax Invoice / Debit or Credit Note / Supplementary Invoice issue...

The format of the  balance sheet  consists of liabilities on one side and assets on the other sides. In some cases, the balance sheet is prepared in vertical format representing liabilities on top followed with assets. The visuals of balance sheet formats are given below for better understanding. Components of Balance Sheet As you can see in the balance sheet format, it consists of 2 broad components:  Assets and Liabilities  as discussed below: Assets Something that an entity has acquired or purchased and owned, regarded as having value and available to meet debts, commitments or legacies. Assets are further broadly classified as: Fixed Assets: Assets which are purchased for long-term use and are not likely to be converted quickly into cash, such as land, buildings, and equipment. Current Assets: A current asset is an item on an entity's balance sheet that is either cash, a cash equivalent, or which can be converted into cash within one year. Examp...

Shortcut Key Shortcut key function Where to use ESC : - To remove what has been typed into the data field while preparing a voucher. At all data entry or typing field ALT + D  : - To delete a voucher/ To delete a master All the reports screen which can be viewed in columnar format ALT + C : - To create a master At Voucher entry screen ALT + X : - To cancel a voucher From day book or list of vouchers CTRL + A : - To accept a form. Wherever you use this key combination, that screen or report gets accepted as it is. This is a quick save option. CTRL + V : - To toggle between invoice and voucher mode At creation of Sales/ Purchase Voucher screen ALT + I : - Insert a Voucher When you want to toggle between Item and Accounting Invoice ALT + 2 : - To duplicate a voucher At sales ledger/ day book/ Ledgers > Place the cursor on the entry and press this short cut key to duplicate a Voucher. CTRL + N : - To switch to calculator During all data entry

Shortcut Key What is the function Where to find F1 : - To select the company or to open the company. On Gateway of Tally CTRL + F1 : - To select payroll voucher from Inventory Voucher/Accounting Screen On Gateway of Tally > Inventory Voucher/Accounting Voucher > Payroll Voucher CTRL + F2 : - To select Sales Order Voucher from Accounting Voucher/ Inventory Voucher Screen On Gateway of Tally > Accounting Voucher/ Inventory Voucher > Sales Voucher CTRL + F4 : - To select Purchase Order Voucher from Accounting Voucher Screen On Gateway of Tally > Accounting Voucher / Inventory Voucher > Purchase Order Voucher CTRL + F10 : - To select memorandum voucher On Gateway of Tally > Accounting Voucher / Inventory Voucher > Memorandum Voucher CTRL + F9 : - To select  Debit Note Voucher On Gateway of Tally > Accounting Voucher  > Debit Note CTRL + F8 : - To select Credit Note Voucher On Gateway of Tally > Accounting Voucher  > Credit Note F8...