Blogs & Articles

Accurate bookkeeping underpins reliable financial reporting. Two fundamental components of the accounting process are journal entries and ledger accounts. Although both are used to record financial transactions, they serve different purposes and are prepared at different stages of the accounting cycle. Understanding the difference between them can help business owners, students, and accounting professionals maintain organised books and identify errors more efficiently.

Accurate bookkeeping underpins reliable financial reporting. Two fundamental components of the accounting process are journal entries and ledger accounts. Although both are used to record financial transactions, they serve different purposes and are prepared at different stages of the accounting cycle. Understanding the difference between them can help business owners, students, and accounting professionals maintain organised books and identify errors more efficiently.

India’s Goods and Services Tax (GST) system has undergone a major transformation since its introduction in 2017. The latest phase of reforms, commonly referred to as GST 2.0, was introduced following the recommendations of the 56th GST Council meeting in September 2025. GST 2.0 focuses on simplifying tax rates, reducing the tax burden on several goods and services, improving compliance, and making GST processes easier for businesses. The revised rates for most goods and services became effective from 22 September 2025.