Latest Articles By Apurva Maheshwari

The time, place and value of supply or transaction play a crucial role in determining the applicable tax rate under GST. Taxpayers must have a clear understanding of the relevant rates for CGST, SGST, and IGST to ensure compliance when preparing GST-compliant invoices. GST returns . By correctly capturing the tax rates in these invoices, taxpayers… Read more

As a business owner and taxpayer, it is crucial to understand the significance of filing GST returns accurately and timely. The Goods and Services Tax (GST) return is a document that encompasses all the essential details of your business transactions, including sales, purchases, output tax collected, and input tax paid. By filing GST returns, you fulfil… Read more

A company’s financial health depends on how well it manages its assets, liabilities, and equity. These three components of the balance sheet reveal whether a business is growing sustainably or moving toward financial stress.

In this article, we will explore the advantages and disadvantages of GST to understand its impact on Indian businesses.

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 obligated to file GSTR-3B , a summary return, on a… Read more

Cross-border income often faces a common challenge: the same income being taxed twice, first in the country where it is earned and again in the country where the taxpayer resides. To prevent this burden, India has signed multiple Double Taxation Avoidance Agreements (DTAA) with partner nations. Understanding these treaties is vital for residents earning overseas income… Read more

For any business, whether a small start-up or a large enterprise, financial planning is essential to ensure stability and growth. Two fundamental tools that guide financial planning are budgeting and forecasting. While both are closely related, they serve different purposes and together help businesses plan, control, and adapt to changing market conditions.

Accurate forecasting is critical for businesses to plan budgets, manage cash flow, and make strategic decisions. With markets becoming more volatile and data more complex, traditional methods are no longer enough. Modern forecasting tools powered by automation, AI, and real-time forecasting capabilities enable companies to predict outcomes faster and with greater accuracy.

Debt instruments like bonds, debentures, and commercial papers are crucial for businesses seeking capital and for investors looking for stable returns. Each serves a different purpose and carries unique features, risks, and tax implications. This guide explains these instruments in detail, helping you understand their structures and choose wisely.

Every growing business needs capital, whether for launching a new product, expanding operations, or covering day-to-day expenses. Business financing provides the funds required to achieve these goals. Understanding the meaning of business financing and the options available helps entrepreneurs secure the right funding and set their companies on a path to long-term success.

Interim financial statements are financial reports that cover a period shorter than a full fiscal year, most commonly a quarter or half-year. They give investors, management, and regulators an up-to-date picture of a company’s financial health between its annual reports.

The Conservatism Principle (also known as the Prudence Concept) is an accounting guideline that requires accountants to exercise caution when reporting financial information, especially in uncertain situations. In effect, losses (or liabilities/expenses) should be recognised as soon as they are reasonably expected, even if they are not entirely certain, and gains (or assets/revenues), on the other… Read more

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 to the end users. SCM is critical to the… Read more

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, while too much can tie up valuable capital and… Read more

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 inventory levels at any… Read more

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 management, ensuring that products are available when customers need them.… Read more

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 situations where businesses may not be able to pay their GST liabilities… Read more

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 eligible for the same.

Accurate calculation of Tax Deducted at Source (TDS) is essential to stay compliant with Indian tax laws. Whether you are an employer, a business owner, or an individual making specified payments, ensuring correct TDS deductions helps avoid penalties, delays in refunds, and unnecessary legal complications.

The Income Tax Department has simplified the process for taxpayers who file belated returns by removing earlier restrictions on claiming refunds. These changes allow individuals to recover excess taxes even if they miss the original return deadline. Here’s a detailed guide to understanding the new rules and how to benefit from them.

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 pay the output tax.

To address potential revenue losses for states during the initial years of GST rollout, the government implemented a mechanism known as CESS or Compensation Cess. It is a tax levied over and above the applicable GST rate on certain notified goods and services. The primary objective of this levy is to compensate states for the revenue… Read more

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.

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 customer satisfaction by providing them with products they… Read more

Inventory management can either be a hassle for businesses or lead to enormous savings. The lifeblood of a product-driven firm is inventory. It’s what keeps people buying from you and paying you money. Internal inventories are essential for service-based businesses relying on certain products to perform tasks. Inventory is a crucial component of any business in… Read more

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 availed and the tax… Read more

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 and fourteenth in esteem. As the… Read more

*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 based on this return.… Read more

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. GSTR-9A summarized all the quarterly returns (GSTR-4) filed… Read more

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 small and growing businesses.

The implementation of Goods and Services Tax (GST) is a significant tax reform in our country, generating extensive discussions. One crucial aspect of this tax system is the GST invoice bill, which we will briefly explain along with relevant guidelines.

Input Tax Credit (ITC) is a significant aspect of the Goods and Services Tax (GST) system. It allows taxable persons to claim a credit for the GST paid on purchases of goods and services used for business purposes. However, certain conditions must be met to avail of this credit. This article explores the concept of ITC,… Read more

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 profits and how changes in… Read more

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 forms like Challan 280, Challan 281, and Challan 282 for different types of… Read more

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.

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 statements. Understanding the difference is essential for proper… Read more

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 a middle value. By doing… Read more

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.

An Accounting Information System (AIS) is the backbone of modern finance operations. It collects, processes, and reports financial data, helping businesses manage accounts with speed, accuracy, and security. This guide covers what AIS is, how it works, and why it’s essential for every business.

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.

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 you can claim, what forms to use, and how… Read more

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, making it accessible for everyone.

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 the HSN code , and highlights how it impacts your final purchase… Read more

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 code used, how it impacts your premium, and what it… Read more

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.

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 rates are.

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.

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 at the border.

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 rates, HSN codes, input tax credit eligibility, and how the… Read more

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 impact of GST on the fast-growing EdTech sector in… Read more

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 so that anyone—even a 6th grader—can understand.

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.

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, we explain the gst on fridge in india , including the applicable rate, HSN… Read more

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 impact on pricing, and what dairy businesses and consumers need… Read more

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 whether businesses can claim input tax credit (ITC).

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 patients alike. This blog covers GST rates, exemptions, HSN code s,… Read more

Tax Deducted at Source (TDS) is one of the core mechanisms through which the Government of India ensures timely collection of income tax. Instead of waiting for the end of the financial year, TDS collects tax at the source of income itself—right when a payment such as salary, rent, or professional fee is made. Understanding how… Read more

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 the ownership of inputs. This blog simplifies the GST structure, SAC… Read more

Electronic items are a staple in modern households—from televisions and washing machines to smartphones and kitchen appliances. But how are these products taxed? This blog provides a complete overview of the GST on electronic items , including applicable rates, HSN codes, and how it affects both consumers and businesses. We’ll also highlight key insights on input… Read more

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 in India , covering ornaments, raw silver,… Read more

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 down the rules around gst on water tanker… Read more

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 on type: cotton, synthetic, silk, coir, and dyed… Read more

Thinking of buying or selling a used car? Whether you’re purchasing from a dealership or selling your old vehicle, understanding the GST (Goods and Services Tax) implications is crucial. The GST rules for used or second-hand vehicles are different from those on new cars. This article covers the tax rates, exemptions, HSN codes , and how… Read more

Diamonds are a symbol of luxury, beauty, and wealth. Whether you’re buying them for investment or adornment, understanding the taxes involved is crucial—especially under the Goods and Services Tax (GST) system. In this blog, we explore the GST on diamonds , applicable HSN codes, tax rates, and how it affects both buyers and businesses in India.

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 to the hotel industry in India, including room booking, dining, and service… Read more

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.

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.

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 blog breaks down the gst on coffee , covering everything from raw… Read more

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.

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 break down the gst on helmet and other safety gear, so you… Read more

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.

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 special benefits for being eco-friendly? Let’s take a closer look… Read more

The cost of goods sold (COGS) is one of the most fundamental metrics in accounting and financial analysis. It represents the direct costs a business incurs in producing or purchasing the goods it sells during a given period. Put simply, COGS tells you what it actually costs to generate revenue. Understanding the cost of goods sold… Read more

Inventory is one of the most important assets for any business, but not all stock remains valuable forever. Over time, some items lose relevance, demand, or utility and become difficult to sell. This unsold and outdated stock is known as obsolete inventory. If not managed properly, it can tie up working capital, increase storage costs, and… Read more

Tax Deducted at Source (TDS) is the backbone of India’s direct tax collection system. By collecting tax at the time income is generated, whether as salary, rent, professional fees, or interest, TDS provides the government with a steady inflow of revenue while ensuring that taxpayers meet their obligations gradually rather than in a single lump sum.… Read more

Many taxpayers end up paying more income tax than necessary because they forget or are unaware of valuable deductions. Under Chapter VI-A of the Income Tax Act, these deductions lower taxable income and can significantly increase refunds. Let’s explore the most common deductions, why they’re missed, and how to claim them.