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Direct expenses are costs that are directly involved in the production, manufacturing, or procurement of goods for resale. These are the essential expenses incurred to make goods ready for sale or bring purchased goods to the business premises. Without incurring…

Sales refer to the total value of goods or services sold by a business during a specific accounting period. It is the main source of income for most businesses and plays a crucial role in calculating gross profit. Sales can…

Purchase refers to the total cost of goods or raw materials bought by a business during an accounting year, mainly for the purpose of resale or production. Purchases can be made in cash or on credit, and they are a…

Opening stock refers to the value of unsold goods, raw materials, or inventory a business holds at the beginning of an accounting year. It is carried forward from the closing stock of the previous year and is essential in determining…

Capital refers to the money or assets brought into the business by the owner to start or operate it. It represents the owner’s financial share or claim in the business and is treated as a liability from the business’s perspective,…

Drawback is the refund, reduction or waiver in whole or in part of customs duties assessed or collected upon importation of an article or materials which are subsequently exported. The Duty Drawback provisions are described under Section 74 and Section…

MEIS was introduced in the Foreign Trade Policy (FTP) for the period 2015-2020. The MEIS was launched as an incentive scheme for the export of goods. The rewards are given by way of duty credit scrips to exporters. The MEIS…