GST Definition–Aggregate Turnover

Statutory Meaning: “aggregate turnover” means the aggregate value of all taxable supplies (excluding the value of inward supplies on which tax is payable by a person on reverse charge basis), exempt supplies, exports of goods or services or both and inter-State supplies of persons having the same Permanent Account Number, to be computed on all…


ACCOUNTING POLICIES FOR SMALL BUSINESS ORGANISATIONS

A. SINGNIFICANT ACCOUNTING POLICIES: 1. Basic Assumptions: The Financial Statements are prepared on a going concern concept and as per the historical cost convention on accrual basis. 2. Revenue Recognition: (a) Sale is recognized on dispatch of goods to customers (b) Sale of service/commission is recognized as and when the right to receive arises (c)…