Gratuity
A statutory lump-sum benefit payable to an employee on retirement, resignation after five years' service, or death, computed under the Payment of Gratuity Act and usually recognised using an actuarial valuation.
Related terms
- Going Concern
The assumption that an entity will continue to operate for the foreseeable future, without any intention or necessity of liquidation — the auditor evaluates whether this assumption remains appropriate.
- Goods Receipt Note (GRN)
A document recording that goods ordered were physically received, used to match a purchase order to the invoice that follows it.
- GST Credit Note / Debit Note
Documents issued to adjust a previously issued GST invoice — a credit note to reduce the taxable value or tax, a debit note to increase it.
- GSTIN
The 15-character Goods and Services Tax Identification Number assigned to every GST-registered entity in India.
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