Wednesday, 11 July 2018


What is accounting - Accounting courses in chandigarh | CBitss Technologies

What is accounting?

Articles and notations are combined with two words in the accounting accounting by writing the
 meaning of the article and by marking means the meanings. Accounting is an event sequence
 that is written in the digits.
In order to achieve a particular goal, the process of writing incidents in the digits is called accounting.
 Here, the meaning of the events involves all the actions in which exchange of money is done.


Many times the item is bought in a business, it is often sold. The expenses also continue to occur, 
the amount of money spent on it, the total amount spent, how many people have earned and how 
much profit or loss it is, in order to achieve all this information, the practitioner writes incidents in the 
same way lives . This type of writing is called accounting. So writing financial transactions of business
 is only accounting.
In the initial actions of accounting, the following three are included:

The action of writing the transaction for the first time is called recording. Recording is called daily,
 meaning journal is also called.
Classification (Classification):
The action of writing written items divided into different parts is called classification. Classification is 
also called an account (Ledger).
The action of classified items being written in one place is called condensation. The condensation is
 also called the trial balance.
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As well as increasing the size of the business in the modern era, the complexity of the business has
 also increased. Business relates to many customers, suppliers and employees and therefore there
 are hundreds, thousands or millions of transactions in the business world. All transactions happen.
 It is difficult and impossible to remember all the transactions in detail.We want to know the benefits
 of business and also want to know how much of its assets are, its liabilities or liabilities, its capital etc.
, etc. Information about all these things requires accounting.

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What are the features of accounting?

The following features of accounting are:

  • Accounting is the art of writing and classifying business deals.
  • The information of analysis and interpretation should be communicated to those people who 
    have to make conclusions or outcomes based on them or to make decisions.
  • This is the art of writing, analyzing and interpreting summaries.
  • Deals are expressed in currency.
  • These transactions are in full or partially financial nature.

What is the function of accounting?

The following six functions of accounting are:
  1. Recordative Function:
  2. This is the basic task of accounting. This work involves making a series of accounts in the
     initial books of the business, classifying them in the appropriate accounts i.e. the preparation
     of accounts from them and the work of making the plumbing. 
  3. Interpretative Function:
  4. This work involves analysis and interpretation of financial statements and reports for the parties
     who have interest in accounting information. This work of accounting has been considered
     important in terms of third parties and managers.
  5. Communicating Function:
  6. Accounting is called the language of business. Just as the main purpose of language is to act as
     a means of communication because only the expression of ideas speaks the language, in the
     same way the financial position of the accounting business and other information is provided to
     all the parties for whom it is necessary
  7. Meeting Legal Needs:
  8. It is emphasized to deposit various types of statements by various laws such as company, act, 
    income tax act, sales tax act etc. Such as - annual accounts, income tax recertions, sales tax
     returns etc. All these can be deposited if accounting is kept properly.
  9. Protecting Business Assets:
  10. An important task of accounting is to protect property assets. This is possible only if proper
     assets are kept for various properties.
  11. Facilitating Decision Making:
  12. Accounting provides important statistics, which facilitates the decision making process.

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Friday, 29 June 2018


GST or commodity and service tax - Tally training in chandigarh

GST or commodity and service tax: An easy explanation.
The item and service tax or GST is the new indirect tax system of the Government of India which
 is being implemented from 1st July, 2017. But what is GST and how will it improve the current tax 
structure? More importantly, why is India needed for a new tax system? We will answer these 
questions in this detailed article.
1. What is GST?
2. Why is the item and service tax so important?
3. How will GST work?
4. How will GST help India and the common man?
5. Do you need GST registration?
6. How to register for GST
7. Penalties for not being registered under GST
1. What is GST?
Goods and service tax or GST is a comprehensive, multi-level, destination-based tax that will be
 levied on each value added.

To understand this, we have to understand the words under this definition. Let's start with the word '
multi-level'. Any object passes through many steps from construction to final consumption. The first 
step is to buy raw materials. The second stage is produced or produced. Then, there is a provision for 
storing goods or putting them in the warehouse. After this, the product comes to the retailer or retailer. 
And in the last step, the retailer sells the final goods to you or to the final consumer.
If we look at an illustrated statement of various steps, then it will look like this:

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GST will be imposed in these stages, and this will be a multi-level tax. how? We will see soon, but
 before that, let's talk about 'Value Edition' before we come.
Suppose the manufacturer wants to make a shirt. For this, he has to buy thread. This thread will 
become a shirt after construction. So this means, when it is woven in a shirt, the value of the thread 
increases. Then, the manufacturer sells it to the warehousing agent, which adds the label and tag to 
each shirt. It turns into another culture of value.After this the distribution center pitches it to the retailer 
who bundles each shirt independently and puts resources into the showcasing of shirts.Thus, the 
cost of each shirt increases.

In this way monetary value is added in each stage which is basically value addition. GST will be 
installed on this value addition.
There is another word in the definition that we need to talk about - destination-based. GST will be 
levied on all transactions occurring during the entire manufacturing chain. Earlier, when a product
 was manufactured, the center used excise duty on manufacturing or excise duty In the next phase,
 when the item is sold, the state adds the VAT. Then there will be a VAT at the next level of sale.
So, the nature of the first tax levy was like this:

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2. Why is the item and service tax so important?
Now that we have understood the GST, we see that it will play an important role in changing the
current tax structure and the economy.

At present, the Indian tax structure is divided into two - direct and indirect taxes. Direct tax or direct
 tax is in which the liability can not be given to anyone else. One example of this is income tax where 
you earn income and only you are responsible for paying taxes on it.

In the case of indirect taxes, tax liability can be given to any other person. This means that when the 
shopkeeper gives VAT on his sale he can give his customer liability. That's why the customer pays the
 price of the item and the VAT so that the shopkeeper can submit the VAT to the government. Meaning 
the customer not only pays the price of the product, but also has to pay a tax liability, and therefore, 
when it buys an item, it costs more.

This happens because the shopkeeper had to pay the tax when he bought the item from a wholesaler.
 With the recovery of that amount, it gives the liability to its customer to compensate the government 
paid VAT, which has to pay the additional amount. There is no other way to claim refunds and therefore,
 there is no alternative except to pass the customer's liability.

3. How will GST work?

A countrywide tax reform can not work without strict instructions and provisions. The GST Council 
has prepared a method to implement this new tax system by dividing it into three categories. how does
 it work? Our specialists will tell you here in detail.
When GST will be implemented, then there will be three types of tax:
CGST: Where the income will be gathered by the Central Government

SGST: Revenue will be gathered by state governments available to be purchased in the state
IGST: Where the revenue will be collected by the central government for interstate sales
In most cases, the tax structure under the new rule will be as follows:

A trader in Maharashtra sold goods to the consumer in that state for Rs. 10,000. The GST rate is 18%
 in which the CGST is 9% and the 9% SGST rate is included. In such cases, the dealer deposits
 Rs 1800 and in this amount 900 rupees will go to the Central Government and Rs 900 will go to the 
Maharashtra government. So now the dealer will have to charge Rs 1800 as IGST. Now CGST and
 SGST will not be required to pay.
4. How will GST help India and the common man?
GST input tax credit value
The combination is based on a smooth flow of the series. In each stage of the manufacturing process,
 businesses will have the option of claiming the tax already paid in the previous transaction. It is
 important for businesses to understand this process. Here's a detailed explanation.
To understand this, first understand what is the input tax credit. This is the credit which the producer
receives for the tax given on the input used in the manufacture of the product. After that the balance 
will be deposited to the government.
We understand this with an imaginary numerical example.
A shirt maker pays Rs 100 to buy raw materials. If the rate of tax is fixed at 10%, and there is no profit 
or loss in it, then it will have to pay 10 rupees as tax. So, the final cost of the shirt now (100 + 10 =)
 becomes 100 rupees.
In the next phase, the wholesaler buys shirts from the manufacturer for 110 rupees, and adds the
 label to it. When he's adding a label, he's adding value. Therefore, its cost increases by 40 rupees
 (estimated). On top of this, he has to pay 10% tax, and the final cost is due (110 + 40 =) 150 + 10%
 tax = 165 rupees.

Now, retailer or retailer pays 165 rupees to buy shirts from the wholesaler because the tax liability 
came to him. She has to pack a shirt, and when she does this, she is adding value again. This time,
 suppose their value is an additional 30 rupees. Now when he sells shirts, he adds this value to the
 final cost (and VAT which he will have to give to the government). At the same time, he has to add 
the VAT payable to the Government. So, the cost of the shirt goes up to 214.5 rupees. 
Let's see a break up of this:

Cost = Rs165 + value plus = Rs 30 + 10% tax = Rs 195 + 19.5 = 214.5
Therefore, the customer pays Rs 214.5 for a shirt whose price was originally only 170 rupees
 (110 + 40 + 30 bucks). To do so, the tax liability was passed on every sale and the final obligation 
came to the customer. It is called the widespread impact of taxes where tax is paid over the tax and 
the value of the item increases every time.

In GST, there is a way of claiming credit for tax paid in getting input. In this, the person who has paid 
tax can claim credit for this tax while submitting his taxes.

In our example, when a wholesaler buys with the manufacturer, then he pays at 10% of his cost, 
because liability has been given to him. Then he added a value of 40 rupees at a cost of 100 rupees 
and it cost him 140 rupees. Now he will have to give 10% of the cost to the government as tax. 
But he has already paid a tax to the producer. But he has already paid a tax to the producer. So, 
what he does this time, instead of paying the government as tax (10% of 140% = 14), he reduces
 the amount already paid. Therefore, with the new liability of his 14 rupees, he deducts 10 rupees
 and only pays 4 rupees to the government. So 10 rupees his input gets credited.

When he pays Rs 4 to the government, he can give his liability to the retailer. After this, the retailer 
will pay her Rs.154 (140 + 14 =) to buy shirts. In the next phase, the retailer adds a price of 30 rupees
 to the cost of the cost.

Given and paid the government 10% tax on it. When that value adds up, its value becomes 170 rupees.
 Now, if he has to pay 10% tax on it, It passed the customer's obligation. But he has input credit
 because he has paid a wholesaler for Rs 14 in tax form. Therefore, now it reduces its tax liability
 (170% = 170) = 17 rupees by 14 rupees and the government only has to pay 3 rupees. And therefore,
now the customer has to pay this shirt (140 + 30 + 17 =) can be sold for Rs 187.

10% tax
Real liability
The total
Buy raw materials @ 100
Production @ 40
Add Value @ 30
The total


Finally, every time a person is able to claim an input tax credit, the sale price is reduced for that. 
And due to low tax liability on its product, the cost cost also decreases. The final value of the shirt 
also decreased from Rs 214.5 to Rs 187, thereby reducing the tax burden on the final customer.

Therefore, essentially, there is going to be two-way profit in goods and services tax. First, it will 
reduce the wider impact of taxes and second, by allowing input tax credit, this will reduce the tax
 burden and, hopefully, the prices will also be reduced.

5. Do you need GST registration?

GST will be applicable to all businesses.
Businesses include - business, commerce, construction, profession, business or any other similar
 action, despite its spread or probability. It includes the supply of goods / services to start or stop 

Services means nothing other than the object. It is likely that services and goods will have a different  
GST rate.

GST will be applicable to all individuals.
Individuals include - Individuals, HUF (Hindu Undivided Family), Company, Firm, LLP 
(Limited Liability Partnership), AOP, Cooperative Society, Society, Trust etc. However, GST will not be
 applicable to farmer experts.

Agriculture includes cultivation of flowers, horticulture, silk production, crops, grass or garden. 
But dairy farming is not included in poultry, stock reproduction (animal-rearing zone), fruit or marble or 
plant adherence.

When will the need for GST registration
Pan is mandatory to get GST registration. However, non-resident can obtain GST registration on the 
basis of other documents mandated by the government
A registration will be required for each state. Taxpayers can get separate registrations for their different 

business verticals (business vertical) in the state.

GST registration is mandatory in the following cases -
Turnover basis
GST will be collected and paid for your business limit exceeding Rs 20 lakh in the financial year. 
[The limit for some special category states is 10 lakh] This limit is applicable for GST payment.

"Total turnover" means to make all-the-cost supply, supply of freedoms, the export of goods and / or 
services and the inter-state supply of the person with the same pan, on all India basis and to include 
taxes ( If any) will be payable under CGS Act, SGST Act and IGST Act.
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