Input Tax Credit (ITC)
Input tax credit allows businesses to claim credit for the GST paid on purchases used for business operations. It reduces the overall tax liability by offsetting input taxes against output tax. Proper ITC accounting ensures compliance and improves cash flow efficiency.
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Inventory Turnover Ratio
The inventory turnover ratio measures how efficiently a company manages its inventory by comparing cost of goods sold to average…
Intercompany Transactions
These are transactions that occur between entities within the same corporate group, such as sales, loans, or service charges. They…
Incurred Expense
An incurred expense is a cost that a business has become liable for, regardless of whether it has been paid…
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