Found 15 Articles for GST(Goods and Services Tax)

Difference between Vendor and Contractor

Vineet Nanda
Updated on 16-Dec-2022 16:42:00
There are many different people/organizations involved in the success of a working firm. These organizations or individuals supply a company with a comprehensive range of resources, including financial assistance, the provision of goods and services, the recruitment and employment of personnel- even advisory services. Vendors and contractors are two common examples of such assistance oriented parties. They may be organized as companies, single proprietorships, or even partnerships, and their goal is to develop supply chains that are efficient and affordable. Vendors and contractors are sometimes mistaken for one another; nevertheless, there are a number of key distinctions between the two. ... Read More

Difference between Surplus and Deficit

Vineet Nanda
Updated on 16-Dec-2022 16:28:43
For a country's economy to remain stable, the surplus or deficit budgets for a particular fiscal year must balance out. However, a surplus or deficit is not uncommon in an economy, therefore this is not always the case. These factors have an effect on national spending plans and the whole economy, including production and monetary spending patterns. The pursuit of balance connects the two ideas. What is Surplus? When there is more of a good or service available than has been consumed, we say that there is a surplus. The term is commonly used to describe the situation that occurs ... Read More

Difference between Surplus and Shortage

Vineet Nanda
Updated on 16-Dec-2022 16:25:16
Supply and demand are affected by equilibrium, the state of balance or rest brought about by the equal activity of opposing variables. An excess or a deficit might emerge when the wheels of the economy aren't turning in unison. This causes disruptions in the market, which, if not addressed, might cause the market to become unstable. Supply at market-determined pricing creates a state of balance. In reality, surpluses and shortages are very common occurrences; thus, this is not always the case. What is Surplus? This is the amount of a resource that exists beyond current consumption. Profits, goods, taxes, ... Read More

Difference between Landlord and Owner

Vineet Nanda
Updated on 15-Dec-2022 16:05:24
Land and estate ownership, along with other kinds of private property, have come to be valued more highly due to industrialization and urbanization. Knowing the differences between sole ownership, joint ownership, community property, and tenancy in common is in everyone's best interest. Especially, when terms like "landlord" and "owner" are used interchangeably when they actually are designed for reference as per specific requirements here. Although the two names are frequently used interchangeably to mean the same thing, there are numerous important distinctions between them. Who is a Landlord? A landlord is a person who leases out or rents out their ... Read More

Difference between Job Costing and Batch Costing

Vineet Nanda
Updated on 15-Dec-2022 15:48:01
Operating a business is expensive because expenses pile up over time. Job costing refers to the procedure through which a company calculates the amount of money needed to produce a product or deliver a service. The smooth running of the business depends on this procedure. To calculate the cost per unit of production, it is necessary to keep track of all costs, categorize those costs, and assign both indirect and direct costs to individual products. A product's or process's cost per unit can be calculated in this way. It is possible to calculate the price of a service or an ... Read More

Difference between Treasurer and Financial Secretary

Vineet Nanda
Updated on 29-Nov-2022 11:16:42
Accurate financial reporting is crucial to the smooth running of any business. Capital expenditures, income data, balance sheets, and cash flow are only some of the financial records that any business must keep accurately, no matter its size. Accurate financial reporting aids businesses in being more honest about their finances, finding areas for growth and improvement, exploring new business opportunities, cutting down on costly mistakes, and outlining organizational structures. Depending on the organizational structure, several experts, including a treasurer and a financial secretary, facilitate this process. Despite their frequent synonymy, there is a difference between these two names. Who is ... Read More

Difference between Tax ID and EIN

Vineet Nanda
Updated on 29-Nov-2022 11:14:12
Because dealing with taxes is one of the most typical experiences we have throughout our lives, acquiring a taxpayer identification number (or TIN) is almost unavoidable for each of us. The Internal Revenue Service (IRS) makes use of a wide variety of acronyms in order to distinguish between the various categories of taxpayers. Because a variety of numbers may be used for reasons of tax identification, it is essential to have an awareness of each number and the distinctions between them. What is Tax Identification Number (TIN)? The term "Tax Identification Number, " or "TIN, " is used by the ... Read More

Difference between Tax Depreciation and Book Depreciation

Vineet Nanda
Updated on 29-Nov-2022 11:11:47
Organizations of every shape and size, from nonprofits to for−profits, need bookkeepers to keep their books. Most formerly successful businesses may have been saved with the use of fundamental bookkeeping procedures. To begin, you need a basic understanding of accounting, which is not basic at all for the vast majority of the population. First, we'll talk about depreciation. The depreciation of an asset over time is measured in this way, and it is used in the business sector as a technique to divide up the price of necessary assets. It is possible that a business will have to depreciate its ... Read More

Difference between Tax and Tariff

Vineet Nanda
Updated on 29-Nov-2022 11:10:07
The great majority of people have paid some sort of tax in their life, whether it is sales taxes, income taxes, or both. But only some people have paid tariffs out of their pocket. Tax and tariff are frequently used interchangeably by those in the know. Still, the two aren't identical. Tariffs are levied on the importation of goods, whereas taxes are levied on the taxable income of individuals and businesses. People and businesses alike contribute to the government by paying taxes. What is Tax? Businesses, like residents, must pay taxes to support the nation's administration. This may be happening ... Read More

Difference between Tax and Audit

Vineet Nanda
Updated on 29-Nov-2022 11:08:15
Are you torn between a career in auditing and taxation? This is, without a doubt, the central concern of any aspiring public accountant or accounting major. Although some may find the question easy to answer since they are confident in their actions, a sizable percentage of people experience anxiety whenever they are put in this position. We'll help you go through the many job options to help you choose the best one. What is Tax? In its broadest definition, "taxation" refers to the government's whole fiscal policy, which includes the system of taxes individuals are obligated to pay to assist ... Read More