Latest Articles By Apurva Maheshwari

Accounting for Leases: Operating vs. Finance Leases Leasing is a common way for businesses to use assets like property, machinery, or equipment without purchasing them outright. To record these agreements, accountants follow specific rules under lease accounting standards. The two main types of leases are finance leases and operating leases, each treated differently in financial

Break-Even Analysis: Understanding Profitability Every business aims to make profits, but before profits come, there is a stage where revenues exactly cover costs. This stage is called the break-even point, and the process of finding it is known as break-even analysis. It is a powerful tool that helps businesses measure when they will start earning

Accrual Accounting vs. Cash Accounting When it comes to managing finances, businesses must choose an accounting method that suits their size, operations, and compliance needs. The two primary methods are cash basis accounting and accrual basis accounting. Understanding the difference between cash and accrual basis of accounting is essential for making informed decisions, especially for

What is a TDS Challan and Its Types That You Should Know? When a taxpayer deducts TDS (Tax Deducted at Source), the amount must be deposited with the government through a TDS Challan . Without submitting the challan, the TDS payment is incomplete and may attract penalties. The Income Tax Department has prescribed specific challan

TDS on Fixed Deposits Fixed Deposits (FDs) are one of the most popular investment options in India, offering guaranteed returns and safety. However, the interest earned on an FD is subject to taxation. To ensure tax compliance, banks and financial institutions deduct Tax Deducted at Source (TDS) on FD interest when it exceeds certain limits.

What is Average Inventory? Average inventory is a metric that shows the average amount of stock a business holds during a specific period. It offers a balanced view of inventory levels, helping companies avoid both overstocking and stockouts while ensuring smoother operations This concept takes into account both the opening and closing inventory to find

Vendor-Managed Inventory (VMI) Enhancements Vendor-Managed Inventory (VMI) is a supply chain strategy where the supplier (vendor) takes responsibility for managing the inventory levels of their products at the buyer’s location. Instead of the buyer placing orders, the vendor monitors stock levels, forecasts demand, and replenishes inventory as needed. BOOK A FREE DEMO VMI in the

Managing Credit, Payments, and Inventory Together in SMBs Managing credit, payment flows, and inventory individually can lead to chaos in a small or medium-sized business. Integrating these areas isn’t just great; it’s a smart move that helps you stay in control, remain profitable, and grow smoothly. BOOK A FREE DEMO The Importance of Integrating Credit,

TDS Refund Process: How to Claim Your Refund Sometimes, more tax is deducted from your income than what you owe. This extra tax can be claimed back from the Income Tax Department as a refund. To understand how to claim TDS refund, this blog will guide you through the process step by step, including when

GST on Industrial Machinery: Slabs, ITC & MSME Effect Industrial machinery is a key part of manufacturing, production, and infrastructure development. From heavy equipment in factories to precision tools in small workshops, machines drive India’s industrial growth. But how are these machines taxed? In this blog, we’ll explore the GST on industrial machinery, applicable GST

GST on Online Education: Rate, Exemptions & EdTech Impact With digital learning becoming the new norm, many schools, coaching centers, and EdTech companies have moved their offerings online. But is education over the internet taxed? In this blog, we’ll explore the GST on online education, including the applicable tax rates, exemptions, HSN/SAC codes, and the

GST on Butter: From Dairy to Dining – What You Pay Butter is a kitchen essential used in homes, restaurants, and bakeries across India. Whether it’s spread on bread or used in rich curries and baked goods, butter is a high-demand dairy product. This blog explains the GST rate on butter, relevant HSN code, its

GST on Medical Equipment: Current Rates, Exemptions & Healthcare Impact Medical equipment plays a crucial role in saving lives and supporting healthcare systems. From surgical tools to life-saving machines, they’re used in hospitals, clinics, and even at home. But are they affordable? Understanding the GST on medical equipment is essential for doctors, healthcare institutions, and

GST on Printing Services: Billing, SAC Codes & Input Tax Printing services are widely used by businesses across industries whether for brochures, packaging, labels, books, or marketing materials. But how does GST apply to these services? The GST on printing services can be complex, depending on the nature of the job, the material used, and

What is GSTR-9A? Usage and Filing Requirements GSTR-9A was an annual return form specifically designed for taxpayers who opted for the Composition Scheme under GST. The scheme was meant to reduce the compliance burden for small businesses by allowing them to pay tax at a fixed percentage of their turnover, without availing input tax credit.

What is DRC-07 in GST? Tax Recovery and Assessment Under India’s Goods and Services Tax (GST) system, compliance and enforcement are governed by a structured process involving multiple forms and procedures. One critical element of this framework is Form DRC-07, which plays a key role in the determination and recovery of tax liabilities. It is

What is DRC-03, and When Should You File It Under GST? Under India’s Goods and Services Tax (GST) regime, compliance and accurate tax reporting are critical for businesses. One such compliance mechanism is Form DRC-03, which facilitates voluntary tax payments and correction of liabilities. DRC-03 is particularly significant for taxpayers who need to make voluntary

GST for Hotel Industry: Room Tariff Slabs and Food Services Tax The hotel industry plays a big role in India’s tourism and business ecosystem. But with different GST rates for room tariffs, food, and event services, understanding taxation is key for both hotel owners and customers. In this guide, we break down how GST applies

Coconut Broom GST Rate: Applicable GST for Eco-Friendly Cleaning Tools The humble coconut broom—also called coconut stick broom or kachra jhaadu—is a staple in Indian households and public spaces for outdoor sweeping. But how is it taxed under the Goods and Services Tax (GST)? Is it treated like regular cleaning items, or does it get

GST on Helmet and Safety Gear: Rates for ISI Certified Helmets Helmets are not just accessories—they’re life-saving safety equipment. Whether you’re riding a bike, working on a construction site, or managing industrial hazards, helmets play a crucial role. But do you know how much tax is applied when you buy one? In this guide, we’ll

Yarn GST Rate: Cotton, Synthetic, and Blends Yarn is the backbone of the textile and apparel industry—used in weaving, knitting, sewing, and embroidery. With GST applied across various textile stages, understanding the tax on yarn is important for manufacturers, exporters, and small weavers alike. This blog breaks down the yarn GST rate in India based

GST on Water Tanker Supply in India In many parts of India, water tanker services are a daily necessity. Whether it’s for residential, commercial, or industrial use, tankers play a key role in delivering water where municipal supply falls short. But is Goods and Services Tax (GST) applicable on this essential service? This blog breaks

Scissor GST Rate: Household and Industrial Use Scissors are used everywhere—from homes and schools to tailoring shops and industrial setups. But under GST, this simple item has a defined tax rate. Let’s understand the scissor gst rate based on usage, category, and classification under GST law. BOOK A FREE DEMO HSN Code and Classification for

GST on Soap: Bathing and Laundry Categories Soap is a staple in every Indian home—whether for personal hygiene or laundry. But under GST, not all soaps are taxed the same. The gst on soap depends on its type, packaging, and use. In this blog, we explain how different soaps—bar, liquid, or powder—are classified and taxed.

GST on Coffee: Tax Rate on Instant, Filter, and Roasted Coffee Coffee is more than just a beverage—it’s a habit, a business, and even a global commodity. In India, coffee lovers enjoy it in many forms: ground, roasted, filter, or instant. But do you know how much tax you’re paying on your daily cup? This

GST on Plastic Items: Packaging, Utensils, and More Plastic is everywhere—from carry bags to storage containers, bottles, packaging wraps, and utensils. If you’re a seller, manufacturer, or consumer, it’s important to know how GST applies to plastic goods. Let’s break down the gst on plastic items, their classification, and rates. BOOK A FREE DEMO GST

GST on Cameras in India: Consumer vs Professional Use Whether you’re a photography enthusiast, a security firm, or a business using surveillance equipment, understanding how GST applies to different camera types is important. From DSLRs to CCTV systems, this guide breaks down the gst on camera in India for both personal and commercial use. BOOK

GST for Tours and Travel Services in India Tourism is one of India’s fastest-growing sectors, offering everything from luxury holiday packages to local sightseeing tours. If you run a travel business or book travel services, understanding the gst for tours and travels is key to pricing and compliance. BOOK A FREE DEMO GST Applicability on

GST on Imported Goods in India: Customs and IGST Whether you’re importing electronics, apparel, or business supplies, imported goods in India are subject to taxes under both Customs Duty and Goods and Services Tax (GST). If you’re a buyer or a business dealing with global trade, understanding gst on import goods helps you avoid surprises

GST on Sugar: Raw vs Processed Tax Rates Sugar is a common ingredient in every Indian kitchen and a major component in food processing industries. But how does GST affect its pricing? Whether you’re a consumer, retailer, or in the food business, knowing the gst on sugar helps you stay informed and compliant. BOOK A

GST on Catering Services: Overview Catering services play an important role in weddings, events, offices, and institutions. If you’re a catering business owner or hiring a caterer, understanding the gst on catering services is essential to avoid confusion over billing and taxation. This blog breaks down GST rates, conditions, and compliance in simple terms. BOOK

GST on Labour Charges in India Labour plays a critical role in industries like construction, manufacturing, electrical works, fabrication, and more. Whether you’re hiring skilled or unskilled workers, it’s important to know how GST applies to labour services. In this blog, we explain the gst on labour charges, when it applies, and what the applicable

GST on UPI Transactions: What the Rules Say The GST rate on UPI transactions is a topic that often confuses people. With the rise of digital payments, UPI (Unified Payments Interface) has become one of the most popular ways to pay in India. But does it attract GST? Let’s break it down in simple terms

GST Rate for Refrigerators in India: HSN Code, Tax Slabs & ITC Rules Refrigerators are a key part of every Indian household, especially with growing demand for energy-efficient and smart cooling appliances. But when you buy a refrigerator, you’re not just paying for the product—you’re also paying a significant amount in tax. In this article,

GST on Washing Machines: Applicable Slabs & HSN Codes Washing machines are a household essential in modern homes, offering convenience and saving time. But how much tax do you pay when buying one? In this blog, we break down the gst on washing machine, including the applicable GST rate, HSN code, impact on pricing, and

GST on Silver in India: Ornaments, Coins, and Investment Bars Silver has always been a precious metal in Indian households—used for jewellery, gifting, religious items, and even investment purposes. But whether you’re buying silver ornaments, bars, or coins, it’s important to understand how GST affects the final price. Let’s break down the gst on silver

GST for Flat Purchase in India: Rates, Rules & Buyer Insights Buying a flat or apartment is one of the biggest investments in a person’s life. Whether it’s for personal use or investment, understanding the Goods and Services Tax (GST) on flat purchases is essential. While GST has simplified real estate taxation, many buyers still

GST on Medical Insurance in India: A Complete Guide Medical insurance is an important tool for protecting yourself and your family from high healthcare costs. But did you know that even insurance premiums are taxed under the Goods and Services Tax (GST)? In this article, we’ll explain the GST rate on medical insurance, the HSN

GST on Air Conditioners in India: Everything You Need to Know Air conditioners (ACs) are no longer just luxury appliances—they’re becoming a necessity in India’s scorching summers. But when buying an AC, have you considered how much tax you’re paying? This blog breaks down the GST (Goods and Services Tax) applicable on air conditioners, explains

GST on Cars in India: Tax Rate by Type and Segment Buying a car in India? Whether it’s a small hatchback or a luxury SUV, understanding the GST (Goods and Services Tax) structure is essential. This guide explains the GST rates on different car types, the relevant HSN code, and how the tax impacts pricing

Understanding GST Rates on Gold in India: A Comprehensive Guide Gold holds a special place in Indian culture, symbolizing wealth and prosperity. Understanding the Goods and Services Tax (GST) applicable to gold is essential for both buyers and sellers. This article simplifies the GST rates on various forms of gold, including jewellery, coins, and bars,

What Goods and Services Are Not Eligible for the GST Composition Scheme? The GST Composition Scheme is designed to simplify tax compliance for small businesses, but certain exclusions exist based on health concerns, tax policy, and fairness. Understanding these exclusions helps businesses determine if they qualify. This blog explores which goods and services are not

How TRAN Transforms Financial Processes: Key Insights and Benefits TRAN stands for Transitional in the context of GST. These forms, specifically TRAN 1 and TRAN 2, were crucial tools for businesses in India during the transition from the previous tax regime to the Goods and Services Tax (GST) system. They helped businesses reconcile their pre-GST

Why Real-Time Data is Crucial in Stock Management Software Real-time data is essential in stock management software for a business to operate efficiently and make informed decisions. By providing up-to-date information on inventory levels, sales, and demand, businesses can avoid stockouts, reduce carrying costs, and optimise their supply chain. Real-time data also enables proactive inventory

Perpetual Inventory System A perpetual inventory system tracks inventory levels in real-time by continuously updating records of all inventory transactions, ensuring that inventory is always at an optimal level. Under a perpetual inventory system, inventory records are updated every time a product is received or sold, allowing companies to have an up-to-date view of their

Complete Guide to Stock Control for Inventory Managers Effective inventory management is crucial for any business, ensuring that the right products are available in the right quantities when needed. Determining the optimal amount of inventory to keep on hand at any given time can be challenging. Too little can result in stockouts and lost sales,

Complete Guide to Supply Chain Management for Beginners Supply chain management (SCM) refers to coordinating and managing the various operations involved in manufacturing and distributing products and services. It encompasses everything from the procurement of raw materials through the production of finished goods, as well as storage, shipping, and, finally, the delivery of those goods

What Is Lead Time In Inventory Management? Lead time is the time between a company placing an order to receive goods as inventory and finally receiving the same goods. It is a crucial concept of effective inventory management. Effective control over lead time helps a business maintain optimal inventory levels, reduce stockout situations, and increase

Valuation Rule For Supply Under Goods and Services Tax Recently, GST valuation rules were implemented. According to the GST law, each supply must be valued using these guidelines. Read here to know more about the valuation rule. BOOK A FREE DEMO What Is Valuation Of Supply Under GST? The value of the supply made will

Quarterly Return with Monthly Payment (QRMP) Scheme Under GST The Indian government introduced the Quarterly GST Return with Monthly Payment (QRMP) Scheme to facilitate GST compliance among small taxpayers. This scheme aims to alleviate the compliance burden on small taxpayers with an annual turnover of up to Rs. 5 crores. Under this scheme, taxpayers are

Impact of GST on Healthcare The goods and services tax significantly covers the country’s economic core and peripheral areas. India is not only one of the top-performing countries for generic drugs but also experiencing a surge in medical tourism, which generates additional revenue for the healthcare sector. India’s pharmaceutical industry currently ranks third in volume

Document and Forms for Claiming ITC Under GST BOOK A FREE DEMO Under GST, the concept of an input tax credit is not new. It is equivalent to refusing under the current taxation system, but GST’s rules are entirely different. Input credit allows you to deduct the tax you already paid on inputs when you

Comparison of GSTR-3B Vs GSTR-1: Importance & Report BOOK A FREE DEMO GSTR3B Vs GSTR1 To file GSTR-3B, taxpayers must submit a monthly summary return by the 20th of the following month. They can also file by the 22nd or 24th of the following quarter. The return also includes a provision for paying taxes for

What is GSTR-3? GSTR-3 is a monthly return that needs to be filed by registered taxpayers under the GST Regime. It requires the details of all inward and outward supplies made during the month. It is a summary of all inward and outward supplies made during the tax period along with the input tax credit

How to File GSTR-2? *Important Note: GSTR-2 and GSTR-3 Returns are currently suspended. Taxpayers are required to file GSTR-3B instead.> After submitting GSTR-1 (details of outward supplies), taxpayers are required to submit GSTR-2. GSTR-2 is a return that includes information on all incoming supplies. A taxpayer can claim The Input Tax Credit that is established

Advantages and Disadvantages of GST In this article, we will explore the advantages and disadvantages of GST to understand its impact on Indian businesses. BOOK A FREE DEMO Advantages and Disadvantages of GST In this article, we will explore the advantages and disadvantages of GST to understand its impact on Indian businesses. Advantages of GST

What is the Penalty for Delayed or Non-Payment of GST Liability? Goods and Services Tax (GST) is a tax that has been implemented in India to bring about a unified taxation system. Businesses in India are required to comply with the GST regulations, including the payment of GST liabilities on time. However, there may be