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GST shortfall may force government to borrow $22 billion

2. June 2021By amitmundra

Due to the Goods and Service Tax (GST) shortfall, the government of India may need to borrow more for the second year straight. This government will use this amount in compensating the states for their revenue loss during the shortfall.  The requirement in the amount to be borrowed is estimated to be Rs. 1.58 lakh … Read More

Importance of Team Collaboration feature

31. May 2021By amitmundra

Money is the most crucial aspect of a business, and accounting is the art of managing this aspect. The sphere of accounting has evolved over the decades. Now, especially with technology taking over, the revolution has been tremendous.  Businesses have started adapting to the technology of the future – cloud-based software. With cloud-based software, all … Read More

Why and How to Prepare a General Ledger?

31. May 2021By amitmundra

Accounting is the measurement, processing and communication of financial and non-financial transaction of business entities. Some also refer to it as the science and art of tracking monetary events. This measurement, processing and communication require numerous financial statements to be prepared from time to time for various purposes. It starts with preparing journal entries for … Read More

‘Accounting for E-Commerce entities’: ICAI issues guidance note

27. May 2021By amitmundra

Clearing the air, the Institute of Chartered Accountants of India (ICAI) has issued a guidance note for e-commerce businesses named ‘Accounting for E-Commerce entities’ over recognising the expenses and revenues in the financial statements.  E-commerce is simply buying and selling goods and services over the internet. The industry is taking over; stats suggest that in … Read More

Inventory Management Software: Advanced Features

23. May 2021By amitmundra

Inventory Management Software is the heart of a business, and its importance can never be undermined. Imprezz Inventory management uses advanced inventory management features to ensure seamless functioning of the supply chain through effective communication and clarity in analysing each and every step.  WHAT IS AN INVENTORY MANAGEMENT SYSTEM? An Inventory Management system helps a … Read More

E-invoice mandatory for businesses with turnover over 50 Cr

20. May 2021By amitmundra

  The central board of Indirect taxes and custom (CBIC) issued a notification and made it mandatory for businesses with turnover over 50 Cr in any fiscal year from FY 2017-18 onwards to issue e-invoice for all B2B transactions from April 1, 2021. It came in as the third level of implementation. Earlier, the GST … Read More

Finance Minister to hold GST Council meeting on May 28

20. May 2021By amitmundra

Finance Minister Nirmala Sitharaman announced that the next Goods and Service Tax Council meeting will be held on May 28, via Video Conferencing due to the current pandemic situation. The announcement was made by the finance minister in a Twitter post on Saturday. “Smt Nirmala Sitharaman will chair the 43rd GST council meeting via video … Read More


17. May 2021By amitmundra

The beginning of a supply chain starts with a purchase order. Imprezz helps in automation and speeding up Purchase Order. The efficiency of the purchasing team plays a vital role in the Inventory Management for the entire supply chain. The mistakes causing the firm to incur drastic losses can be significantly reduced by optimising the … Read More