Accounting Baba Glossary

Accounting & Tax Terms, Explained Plainly

25 terms · Reviewed by CA Ketul Patel · Updated 2026-09-21

Short, plain-English definitions of the GST, practical accounting, and UAE VAT/corporate tax terms that come up most often for students, business owners, and companies hiring accountants in India and the UAE. Every entry is reviewed by a practising Chartered Accountant.

GST / Indian Tax Compliance

Reverse Charge Mechanism (GST) Input Tax Credit (ITC) GSTR-1 vs GSTR-3B E-Way Bill Composition Scheme (GST) TDS under GST (Section 51) HSN Code / SAC Code Nil Rated vs Zero Rated vs Exempt Supply GST Annual Return (GSTR-9) E-Invoicing under GST

Practical Accounting / Tally

Journal Entry vs Voucher Entry (Tally) MIS Report Bank Reconciliation Statement (BRS) TDS (Tax Deducted at Source) Debit Note vs Credit Note Trial Balance Accrual Basis vs Cash Basis Accounting Provisional vs Final Financial Statements

UAE VAT / Corporate Tax

UAE Corporate Tax Exempt Person UAE VAT Registration Threshold Reverse Charge Mechanism (UAE VAT) Free Zone Qualifying Income (UAE Corporate Tax) Tax Residency Certificate (UAE) Designated Zone (UAE VAT) Small Business Relief (UAE Corporate Tax)