Clear, practical definitions of GST, TDS, ITC, and accounting terms — written for business owners and finance teams, not textbooks.
A report categorizing outstanding customer invoices by how long they have been unpaid, typically in 30-day buckets.
Read morearrow_forwardThe process of matching a company's internal accounting records with the bank statement to identify and resolve discrepancies.
Read morearrow_forwardThe movement of money in and out of a business, tracked through the Cash Flow Statement showing operating, investing, and financing activities.
Read morearrow_forwardA structured list of all accounts used in a business's general ledger, organized by category (assets, liabilities, income, expenses).
Read morearrow_forwardA financial metric measuring the average number of days a business takes to pay its suppliers after receiving an invoice.
Read morearrow_forwardA financial metric measuring the average number of days it takes a business to collect payment after a sale is made.
Read morearrow_forwardA system where B2B invoices are electronically authenticated by the GST Invoice Registration Portal (IRP) before being issued.
Read morearrow_forwardAn electronic document required for the movement of goods worth more than Rs. 50,000 within or across state borders under GST.
Read morearrow_forwardA unique 15-digit alphanumeric code assigned to every registered GST taxpayer in India.
Read morearrow_forwardAn auto-populated, dynamic return showing all inward supplies as reported by your suppliers in their GSTR-1.
Read morearrow_forwardA static, auto-generated ITC statement available on the 14th of each month, used as the primary basis for claiming Input Tax Credit.
Read morearrow_forwardA standardized international system for classifying traded goods, used in India for GST rate determination and invoice compliance.
Read morearrow_forwardThe mechanism under GST that allows businesses to reduce their tax liability by claiming credit for taxes paid on business inputs.
Read morearrow_forwardThe credit a business receives for GST paid on purchases, which can be set off against GST collected on sales.
Read morearrow_forwardA record of a financial transaction in the accounting system, following double-entry bookkeeping with equal debits and credits.
Read morearrow_forwardA GST mechanism where the recipient of goods or services is liable to pay the tax instead of the supplier.
Read morearrow_forwardA classification code used for services under GST in India, similar to HSN codes for goods, to determine applicable tax rates.
Read morearrow_forwardA tax collected by the seller from the buyer at the time of sale for specified goods and transactions, deposited with the government.
Read morearrow_forwardA system where the payer deducts a percentage of tax from payments like salaries, contractor fees, rent, and professional fees before paying the recipient.
Read morearrow_forwardA bookkeeping statement listing all ledger account balances (debit and credit) at a specific date to verify that total debits equal total credits.
Read morearrow_forwardReckOps automates GST reconciliation, TDS compliance, and expense management for Indian businesses. See it in action.
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