Latest Articles By Hitesh Aggarwal

Wood is a widely used material in construction, furniture, and interior design. From raw timber to polished furniture, different types of wood products are taxed differently under the Goods and Services Tax (GST). This blog simplifies everything you need to know about the wood gst rate across various categories.

Vegetables are essential for every household, and they are sold in many forms—fresh, frozen, dehydrated, or canned. But how are they taxed under GST ? This blog simplifies the gst for vegetables so sellers, retailers, and consumers can understand what’s taxed and what’s not.

If you’re planning to buy a house or office space that’s still being built, it’s important to understand how GST affects the final cost. This blog will simplify everything about gst on under construction property , including how rates vary for different types of projects.

Television is a common household item in India, whether it’s for watching news, cricket matches, or streaming online content. But when you buy a TV, did you know you’re paying a considerable amount as tax? This blog breaks down the GST (Goods and Services Tax) rates on TVs in India, based on size and type, along… Read more

As organic farming and eco-friendly practices gain popularity, vermicompost—a natural fertilizer made from worm digestion—has become a staple for farmers, gardeners, and environmentalists alike. But is GST applicable to this green product? This guide explains the vermicompost GST rate in India , and how it’s treated under agricultural and compost-related taxation.

Transportation is the backbone of any economy—moving goods across states or commuting people within cities. With the implementation of the Goods and Services Tax (GST), various modes of transport now fall under unified tax rules. In this blog, we’ll explain the GST rates for transportation services in India, applicable HSN codes, input tax credit rules ,… Read more

Skincare products are an essential part of daily personal care for many people. From moisturizers and face washes to sunscreens and anti-aging creams, these products are widely used and heavily marketed. But have you ever wondered how much tax you’re paying on them? This blog explores the GST on skincare products, how it affects pricing, the… Read more

Sanitary pads are a basic necessity for women. But for a long time, they were taxed just like luxury goods under GST. After much public debate and demand, the government revised its stance. In this blog, we explain the current gst on sanitary pads , how it changed, and what it means for consumers and businesses.

Rice is a staple food in nearly every Indian household. Whether it’s plain white rice, basmati rice , or parboiled rice , this essential grain plays a major role in everyday consumption. But when it comes to GST, not all rice is taxed the same. In this article, we explain the gst for rice , how… Read more

Renting property is common across residential and commercial sectors in India. But when does GST apply to rent? Is there GST on house rent or only for commercial use? In this blog, we’ll break down the rent gst rate , when GST applies, and how it affects both landlords and tenants.

The Indian real estate sector has undergone major tax reforms with the introduction of the Goods and Services Tax (GST). Whether you’re buying a flat, constructing a building, or leasing commercial property, it’s crucial to understand how the gst on real estate works. In this blog, we’ll break down the gst rate on real estate ,… Read more

If you’ve bought a shirt from a retail store or a kurta from an online shop, you’ve already paid GST on it. But how is it calculated? This guide breaks down everything you need to know about gst on readymade clothes , including pricing slabs, fabric type, and applicable tax rates.

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 have questions about when it applies, how much is charged, and whether… Read more

Pesticides are essential for protecting crops from pests, diseases, and insects, helping farmers secure better yields. But how are they taxed under GST? While fertilizers enjoy concessional rates or exemptions, GST on pesticides is comparatively higher. In this blog, we’ll break down GST rates on pesticides, relevant HSN codes , input tax credits, and their overall… Read more

Packaging plays a vital role in almost every industry, from FMCG and pharmaceuticals to electronics and exports. Whether it’s cardboard boxes, plastic wraps, bottles, or tin containers, packaging materials are a key part of production and supply chains. But how are these materials taxed under GST ? In this blog, we break down the GST on… Read more

Goods and Services Tax (GST) is a unified tax system in India that has streamlined the taxation of goods and services, including mobile phones and their accessories. This article provides a comprehensive overview of the GST rates applicable to mobile phones, the corresponding Harmonized System of Nomenclature (HSN) codes, and answers to frequently asked questions.

Milk is one of the most essential items in every Indian household. But how does taxation affect this everyday product under the Goods and Services Tax (GST) system? In this blog, we’ll break down the GST on milk, including what’s exempt, what’s taxable, applicable HSN codes, and how businesses can deal with Input Tax Credit (ITC)… Read more

In the digital age, laptops have become essential for everyone—from students and professionals to business owners. But when buying a laptop, it’s not just the hardware cost that counts—there’s also GST (Goods and Services Tax) to factor in. In this blog, we’ll explain the GST rate on laptops in India, the relevant HSN code, how it… Read more

Loans are an essential part of financial planning — whether it’s a personal loan, home loan, or business loan. But when it comes to taxation, many people are unsure about the gst on loan . Is GST charged on interest? What about processing fees? Let’s clear up the confusion.

Kitchen utensils are used in every household, hotel, and food service business. Whether it’s a simple steel plate, a pressure cooker, or a non-stick frying pan, these items fall under different GST classifications. In this blog, we’ll explain the GST on kitchen utensils , including applicable tax rates, HSN codes , and how these taxes affect… Read more

Jaggery, known as Gur in many parts of India, is a natural sweetener made from sugarcane or palm sap. It’s widely used in rural households and traditional recipes. While it’s considered a staple in many kitchens, the GST on jaggery can sometimes be confusing due to varying tax rules for its different forms—solid, powdered, packaged, or… Read more

Booking a hotel room in India? Whether it’s for a vacation, a business trip, or a weekend getaway, it’s important to know how much of your bill goes to taxes. This guide explains the GST (Goods and Services Tax) rates applicable to hotel stays based on room tariffs and provides insights on HSN codes, input tax… Read more

Healthcare is a fundamental need, and the government has ensured that essential medical services remain affordable. But what about GST? Is it charged on hospital bills or doctors’ fees? Let’s break down the gst on healthcare services and understand which services are exempt and which are taxable under GST.

Online gaming in India has evolved rapidly—from casual mobile games to high-stake fantasy sports, esports tournaments, and casino apps. But with this growth comes complexity in taxation. Understanding the gst on online gaming helps developers, platform owners, and gamers navigate the legal landscape and pricing better.

Freight charges are a vital part of transporting goods across the country. Whether you’re a business owner or a logistics provider, understanding the gst on freight charges is essential for proper billing and tax compliance. In this blog, we’ll simplify how GST applies to goods transportation services and what rates are applicable.

Running a restaurant, café, cloud kitchen, or any kind of food business? Then knowing the correct GST rates and tax structure is crucial for pricing, billing, and compliance. Whether it’s dine-in, takeaway, or home delivery, the GST rates differ based on how food is served and where it’s sold from. Let’s explore the complete GST framework… Read more

From weddings and festivals to home décor and religious offerings, flowers are an inseparable part of Indian life. But are all types of flowers treated equally under GST? This blog explains the flowers GST rate in India —covering fresh, cut, artificial, and bouquet flowers—and how GST impacts both local sellers and large floral product businesses.

From cotton sarees to polyester blends, fabric plays a vital role in India’s textile and fashion industries. Whether you’re a manufacturer, retailer, or consumer, knowing how gst on fabric works is important for pricing, tax compliance, and business decisions.

Electrical items are an essential part of every home, office, and industrial setup. From wires to appliances, switches to lighting systems—understanding the gst for electrical items helps consumers, retailers, and builders manage costs better and stay GST-compliant.

As India pushes toward eco-friendly transportation, e-rickshaws have become a popular and affordable option for last-mile connectivity. But what GST benefits apply to these electric vehicles? And what about their parts and batteries? This blog explains the gst on e rickshaw , including the applicable tax rates on batteries and spare parts, helping buyers, sellers, and… Read more

Dustbins are basic but essential hygiene tools—used everywhere, from homes and offices to schools, hospitals, and public places. Whether you’re purchasing a small kitchen bin or a commercial steel garbage can, you’re paying GST on it. But how much? Let’s break down the dustbin GST rate in India based on material type—plastic or steel—so you can… Read more

Courier services are essential for businesses, especially in the age of e-commerce, same-day delivery, and global trade. But when it comes to billing and compliance, understanding the GST on courier services is crucial. Whether you’re a logistics provider, an online seller, or a customer receiving goods, knowing the applicable tax rates, HSN codes, and Input Tax… Read more

Dairy products are a part of everyday life — milk, cheese, butter, curd, and more. But when it comes to taxation, do all dairy items attract GST? The answer depends on the product and how it is processed or packaged. In this blog, we’ll break down the gst on dairy products , covering everyday items sold… Read more

Running a small business comes with plenty of challenges, and tax filing shouldn’t be one of them. That’s where the GST Composition Scheme comes in. It’s designed to help small businesses with simplified tax rates and reduced compliance. In this guide, we explain the gst rate for Composition Scheme , eligibility rules, and how it benefits… Read more

Renting out commercial spaces like offices, shops, and warehouses is a common business activity in India. But did you know that such rental income is taxable under GST? This blog explains everything you need to know about the gst on commercial rent, in a simple and clear manner.

Whether you’re buying a shop, renting office space, or leasing a warehouse, understanding the GST implications is crucial. Unlike residential properties, commercial properties are fully taxable under GST. This guide explains the gst rate on commercial property , its impact on buying, renting, and leasing, and how it differs from residential spaces.

The GST rate on cigarettes in India is among the highest across all goods and services. This is done to both boost government revenue and discourage the use of tobacco products due to serious health risks. Whether you’re a consumer, retailer, or manufacturer, understanding the GST on cigarettes is crucial for staying compliant and informed.

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 and the automotive industry.

Bricks are one of the oldest and most essential building materials used in construction. Whether you’re building a house, a factory, or a commercial property, understanding the GST rate for bricks and other related materials can help you plan your budget better. In this blog, we explain the gst on bricks , how the rates vary… Read more

Electric wires are used in almost every building, shop and factory for carrying electricity safely. Under GST, these products must be reported with the correct HSN code and GST rate so that invoices, returns and e way bills stay accurate. Knowing the correct electric wire HSN code also helps avoid unwanted notices and mismatches during assessments.… Read more

Footwear covers sandals, shoes, slippers and many other products used by men, women and children. Different kinds of footwear use different materials like leather, rubber, plastic and textiles. Under GST, all these items are grouped under the footwear chapter, but the exact footwear HSN code depends on the material, design and sale price of the product.… Read more

Fertilizers supply essential nutrients to crops and plants. Under GST, fertilizers are divided into organic fertilizers and mineral or chemical fertilizers. Correct fertilizer HSN code usage helps you apply the correct concessional GST rates and keep your pricing compliant.

Fasteners are essential components in construction, automotive, machinery, and furniture industries. Common types include nuts, bolts, screws, washers and rivets. Under GST, metal fasteners must be mapped to correct HSN codes so that purchase and sale entries are consistent. Traders of hardware, industrial supplies and engineering goods should understand fastener HSN codes clearly.

Discounts such as sales discounts, seasonal discounts and promotional schemes are very common in business. Under GST, a discount itself is not a separate good or service. Because of this, there is no independent HSN code only for discounts.

Dal or lentils are a core part of the Indian diet. Traders, millers, wholesalers and retailers deal in many types of dal like chana, masoor, moong, urad and arhar. Under GST, dal is usually treated as an agricultural produce with concessional or nil tax in many cases. Correct HSN classification for dal is essential to avail… Read more

Cartage refers to the short distance movement of goods within a city or industrial area, usually by tempo, truck or local transporter. Under GST, cartage, freight and cargo handling are treated as services, and you must use the correct service accounting code (SAC) when raising invoices. Correct cartage HSN code selection helps you apply the right… Read more

The E way bill, or Electronic Way Bill, is a crucial document introduced under the Goods and Services Tax (GST) system to track goods in transit. It is mandatory for a taxable person registered under GST, engaged in the transportation of goods valued over Rs. 50,000, to possess an E way bill generated through the GST… Read more

GST payments and appeals refer to the regular settlement of a firm’s outstanding Goods and Services Tax (GST) amount. Complying with GST requirements is crucial for companies, as it ensures adherence to tax regulations. The implementation of the GST regime by the Indian government in 2017 aimed to enhance transparency and standardize the tax system.

The concept of e-invoicing under GST, which refers to electronic invoicing, has gained significant importance among the business community since its approval by the GST council. In September 2019, during the council’s 37th meeting, the introduction of e-invoicing was approved with the main objective of ensuring the interoperability of e-invoices across the GST ecosystem. E-invoicing is… Read more

The Composition Scheme in GST is a simplified solution for small taxpayers. By opting for this scheme, taxpayers can avoid complex GST formalities and instead pay GST at a fixed rate based on their turnover. It is available to taxpayers with a turnover below Rs. 1.5 crore*. To check if a taxpayer has chosen this scheme,… Read more

The introduction of the Goods and Services Tax (GST) law in India has garnered significant attention. This proposed legislation aims to reform business practices and the taxation of goods and services across the country. While its potential impact on affordability remains uncertain, there is no denying that it will have a profound effect on our daily… Read more

Understanding the descriptions of offenses and corresponding penalties outlined in the GST law is crucial for business owners, chartered accountants (CAs), and tax professionals. Even a minor mistake can have serious consequences, making it essential to have a clear understanding of these provisions.

Switches control the flow of power and data in every building and network. Under GST, electrical switches, smart switches and network switches must be billed with the right HSN code so that GST rate and return reporting match the law. This guide explains how different types of switches are classified, how HSN code affects GST and… Read more

SS pipes are stainless steel pipes and tubes used in plumbing, process industries, structural work and many other applications. In GST classification they are treated as steel tubes and pipes or as seamless stainless steel tubes depending on their method of manufacture. Related fittings such as elbows, tees and flanges fall under the heading for tube… Read more

Namkeen refers to a wide variety of Indian savoury snacks such as bhujia, mixture, chiwda and similar products. These items are usually prepared from besan, pulses, rice, wheat or other cereals and then fried and seasoned with salt and spices. Under GST, most namkeen products are classified under prepared foods and snack items in the chapter… Read more

Hand gloves are used in many activities such as medical treatment, food handling, household work and industrial safety. Because gloves are made of different materials and used in different jobs, they are classified under different HSN codes. Choosing the correct code is important so that GST is calculated properly and reports stay accurate. Under GST, gloves… Read more

Switches are used in almost every type of installation. Shops, contractors and distributors deal in electric switches, network switches, pressure switches, float switches and many other control devices. To apply GST correctly, it is important to understand the switch HSN code, see how different switch types are grouped in the tariff and know how the present… Read more

Salt is a daily use item that is an important part of every Indian kitchen and many industrial processes. Understanding the salt HSN code and GST treatment helps traders, grocery stores and manufacturers bill correctly. This guide covers rock salt, common table salt and refined or iodised salt so that you can classify these products correctly… Read more

MS angles are widely used in construction, fabrication, tower work, sheds and machinery support structures. Traders, stockists and fabricators buy and sell different sizes and thicknesses of mild steel angles every day. To apply GST correctly on these supplies, it is important to know the correct MS angle HSN code, understand how steel angles are grouped… Read more

Ghee is an important dairy product in Indian households, sweet shops and food businesses. Understanding the correct ghee HSN code and GST rate helps manufacturers, traders and retailers raise compliant invoices and avoid confusion during GST assessment.

Diesel is an important fuel for transport, construction, agriculture and power backup. Businesses buy large quantities of diesel for trucks, generators, construction equipment and industrial use. Even though diesel is presently kept outside the main GST tax net, understanding the diesel HSN code and its treatment is important for correct reporting of non GST supplies and… Read more

Construction work uses many items like cement, steel, bricks, tiles and different types of equipment. Traders, contractors, builders and project owners must bill these items correctly for smooth GST compliance. Knowing the correct construction HSN code for building materials and equipment helps you apply the right GST rate, avoid notices and keep purchase, sale and project… Read more

Accounting software has become crucial for managing financials for all kinds of businesses. With stringent GST regulations, it has become more important than ever to have GST accounting software in place to avoid errors and file the GST accurately. There are now so many GST accounting software available in the market; thus, you have to make… Read more

TDS(Tax Deducted at Source) is a way to collect income tax in advance. One of the key TDS sections in India is Section 194J, which applies to payments made for professional and technical services. Whether you are a business owner, freelancer, or service provider, it’s important to understand how TDS under section 194J works.

In accounting, managing finances effectively is crucial for the success of any business. These two terms are significant in this process: Sundry Creditors and Sundry Debtors. These terms may sound technical, but they are simply part of the day-to-day financial operations of a business. Whether you’re a business owner, an accounting student, or someone looking to… Read more

Wheat is one of the most important food grains in India. It is supplied as whole grain, as wheat flour such as atta, maida or suji and as seed for sowing by farmers. To use the wheat HSN code correctly and charge GST without mistakes, traders, flour millers and seed dealers need to understand how wheat,… Read more

Oil seals are important spare parts used in engines, gearboxes, pumps and industrial machines to stop oil leakage and protect moving parts. They are common in the automotive sector as well as in factories, farms and workshops. To use the oil seal HSN code correctly and apply the right GST rate, traders, spare parts dealers and… Read more

Artificial jewellery is widely used in India for daily wear, office wear and weddings. It gives the look of gold, silver or diamond jewellery at a much lower cost, so it is popular with students, working professionals and homemakers. To use the artificial jewellery HSN code correctly and apply the right GST rate, traders, wholesalers and… Read more

Keyboards are common computer input devices. They are used with desktops, laptops, point of sale systems and many office setups. To use the keyboard HSN code correctly and apply the right GST rate, traders, resellers and service providers need to understand how keyboards and mouse sets are classified and how GST usually applies after the changes… Read more

Bags are used everywhere in daily life. People use cloth and jute bags for shopping, leather bags for travel and office use and plastic and paper bags for packing and delivery. To use the bag HSN code correctly and apply the right GST rate, traders, retailers and manufacturers need to understand how different types of bags… Read more

Bedsheets are common household textile products used in homes, hotels, hospitals and guest houses. They are made from cotton, blended fabrics or synthetic materials and are supplied as single pieces or as part of bed linen sets. To use the bedsheet HSN code correctly and charge GST without mistakes, traders, wholesalers and textile manufacturers need to… Read more

Installation services are common in daily business life. Examples include fitting air conditioners, installing CCTV cameras, setting up machines and wiring new equipment. Whenever a supplier charges installation fees, the correct installation charges HSN code must be used so that GST is applied properly. In this guide you will learn how installation services are classified under… Read more

In any business that extends credit to its customers, managing accounts receivable (AR) is vital. It represents the money that clients owe you after you’ve delivered goods or services but haven’t been paid yet. If not handled properly, delayed payments can affect cash flow , stall operations, and even impact long-term business stability.

The finance minister conducted a GST Council Meeting on June 28th and 29th, 2022. The council made several significant amendments in the meeting, ranging from GST return filings to GST rate changes. Below are highlights of the new GST amendments made in the discussion:

The Indian Income Tax Act contains multiple provisions for the deduction of tax at source (TDS) to ensure efficient tax collection. One such provision is Section 194NF , which was introduced to bring more transparency in the taxation of income distributed by business trusts and investment funds. This section applies specifically to the income earned by… Read more

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

There have been reports of fake GST number registrations in recent months. This is found to be performed by obtaining a GST registration using another person’s identification. Through such a GST Registration, the impostor conducts illegal business and acquires GST through made-up transactions. Authorities frequently pursue the person whose documents were used to obtain GST Registration… Read more

The supply of goods and services related to both movable and immovable property is also subject to the implementation of the e-invoicing system in stages. The National Informatics Center was the first designated invoice registration portal (IRP) for this (NIC). A trial version of einvoice1-trial.nic.in was made available to taxpayers so they could get accustomed to… Read more

In inventory management , when an input used in the production process has undergone some level of processing but has not yet been completely transformed into the final and finished product that is ready to be sold, it is known as a ‘work-in-progress’. In other words, the goods are partially finished, and ‘work’ is ‘in progress’… Read more

Inventory is a critical aspect of any retail business, but it can also be a source of significant financial loss. Deadstock, or unsold products accumulating over time, can harm a retailer’s bottom line. To maintain strong profit margins, it’s crucial to have effective inventory management methods in place. As eCommerce businesses continue to grow, inventory optimisation… Read more

Inventory optimization is the process of maintaining the right amount of stock at the right place and time to meet customer demand while minimizing costs. It involves balancing inventory levels to avoid both overstocking, which ties up capital, and understocking, which risks missed sales and dissatisfied customers.

Inventory control is the process of monitoring and managing a company’s stock levels to ensure the right products are available at the right time and in the right quantity. It focuses on minimizing waste, avoiding stockouts, and reducing excess inventory. Effective inventory control ensures a balance between meeting customer demand and controlling storage costs.

Handling production without delays or excess inventory is a big challenge for manufacturers, and that’s where material requirement planning, or MRP, comes in. It allows businesses to ensure the right materials are available at the right time and in the right quantity. In this guide, we will explore what MRP planning is, how it works, and… Read more

Managing stock and ensuring timely delivery are two important aspects of running a business. If you don’t plan well, you can end up with too much inventory, late deliveries, or unhappy customers. That’s why having the right inventory and supply chain management methods in place is important. Let’s walk through the basics and some commonly used… Read more

The FIFO method (First-In, First-Out) is one of the most popular inventory valuation and accounting approaches. It assumes that the oldest items purchased or produced are the first ones sold, while the most recent inventory remains in stock. This makes FIFO particularly suitable for businesses where goods are perishable or fast-moving. Definition of First-In First-Out (FIFO)… Read more

Finished goods inventory refers to the final products that a company has completed manufacturing and are ready for sale to customers. Unlike raw materials or work-in-progress, these goods require no further processing and can be shipped or sold directly. Tracking finished goods stock is crucial for businesses to meet customer demand while avoiding overproduction.

In today’s competitive business environment, efficient supply chain operations are critical to success. Companies cannot afford stockouts, overstocks, or miscommunication with vendors. This is where integrating inventory management with supplier management solutions comes into play. By connecting these systems, businesses gain real-time visibility, improve collaboration, and create a smooth flow of goods across the supply chain.

Inventory is at the heart of every business operation. Whether you manage a small shop, a growing e-commerce platform, or a multi-warehouse manufacturing unit, your ability to manage stock directly impacts sales, customer satisfaction, and profitability. Manual stock tracking is error-prone and inefficient, which is why more and more businesses are investing in inventory management apps… Read more

GSTR-2 is a crucial GST Return form that needs to be filed by registered taxpayers in India as part of the Goods and Services Tax (GST) system. It contains details of all the inward supplies of goods and services received by the taxpayer during a particular tax period. Filing GSTR-2 is important to claim input tax… Read more

The monthly return form GSTR-3B is essential for all registered taxpayers under India’s Goods and Services Tax (GST) regime. It is a comprehensive summary of all outward and inward supplies made during a particular tax period, including tax liability and input tax credit (ITC) claimed . The Interest Calculator GST tool within the GSTR-3B form is… Read more

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 tax liabilities and credits, ensuring a smooth transition to the… Read more

Imagine you’re finalizing a deal, but the goods or services haven’t been delivered yet. How do you provide a detailed cost breakdown? Enter the proforma invoice—a crucial tool under GST that offers clarity before finalizing the transaction. Let’s uncover what it is, how it works, and why it’s important for your business.

GST billing software is essential for businesses to comply with tax laws. It makes generating invoices easy, assists in keeping records accurate, and ensures the systematic application of GST rates. The software also helps generate GST returns , reduce manual errors, and save time. It helps companies keep up with changing rules to avoid penalties for… Read more

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 payments for underreported or unpaid taxes, interest, or penalties.

Finance Minister Nirmala Sitharaman presented the Union Budget 2025, marking her 8th consecutive budget and the first full budget of Prime Minister Narendra Modi’s third term. This budget comes at a critical time, with India’s economic growth at a four-year low and global challenges such as U.S. tariff policies and geopolitical tensions impacting businesses. The government… Read more

CMP-08 is a simplified quarterly return form for composition dealers under the GST Composition Scheme . This guide explains who should file CMP-08, due dates, the step-by-step process, penalties for late filing, and how accounting software can help.

Many GST return filers get the “Checksum Validation: Failed” problem when submitting GSTR-3B . When users click “Offsets Liability” in GSTR-3B, they encounter this problem. This problem causes the return filer’s inability to submit their GST Returns effectively. Get Here: Busywin Software Free Download

Under the Goods and Services Tax (GST) regime, a Casual Taxable Person (CTP) is an individual or business entity who occasionally supplies goods or services in a state or union territory where they do not have a fixed place of business. CTPs are not required to obtain a permanent GST registration but need to apply for… Read more

As per GST regulations, transporters must carry E-Way Bills while transporting goods amounting to more than Rs. 50,000 (depending on the state) within or between two states. Transporters must also have a copy of the E-Way Bill and invoice as evidence under the new GST law. As per the regulations, E-way bill generation has become crucial… Read more

A cash flow statement is one of the most important financial reports for any business. It shows how money moves in and out of your company over a specific period, helping you track liquidity and understand your business’s financial health.

A company’s financial strength isn’t just measured by its profits—it’s also reflected in its shareholders’ equity . This figure shows the net value of a company after deducting all liabilities from total assets. In simple terms, it tells you what the equity shareholders actually own in the business. Understanding shareholder equity is crucial for investors, analysts,… Read more

The objectivity concept is a fundamental accounting principle that requires financial records to be based on unbiased, verifiable evidence. It ensures that transactions are supported by reliable documentation, such as invoices, receipts, and contracts, so financial statements reflect true and fair information.

The dual aspect concept is the cornerstone of modern accounting. It states that every business transaction affects at least two accounts in a company’s books, ensuring that the accounting equation- Assets = Liabilities + Equity, always stays balanced. This principle is the foundation of the double-entry bookkeeping system used worldwide.

Accounting terms can feel confusing, but they are the building blocks of business records. This glossary explains common words in simple language so anyone on your team can follow. Use it when you raise invoices, record sales and costs, match bank entries, or file GST and income tax. It covers core ideas like assets, liabilities, revenue,… Read more

The Income Tax Act , 1961 has specific provisions for tax deduction at source (TDS) on certain types of income. One of these provisions is Section 194B , which deals with TDS on income earned through winnings from lotteries, crossword puzzles, game shows, card games, and other similar contests. This section ensures that taxes are collected… Read more

When Indian businesses or individuals make payments to non-residents, tax laws ensure that such payments are not left untaxed. Section 195 of the Income Tax Act, 1961, plays a crucial role here. It states that any payment made to a non-resident that is taxable in India must have Tax Deducted at Source (TDS) before remittance. This… Read more

Dividends are a common source of passive income for investors in shares and mutual funds. However, just like other types of income, dividends are also subject to taxation. To ensure tax compliance, companies and mutual funds deduct Tax Deducted at Source (TDS) on dividend payouts before crediting them to investors. In this blog, we’ll explain everything… Read more

The Indian government has strengthened tax compliance for digital transactions by introducing Tax Deducted at Source (TDS) rules for e-commerce and cryptocurrency trades. Sections 194O and 194S of the Income Tax Act lay down these provisions to track online payments and curb tax evasion.

Renting a property might seem like a simple transaction, but if the rent amount crosses a certain limit, tax rules step in. TDS on rent is governed by Section 194I of the Income Tax Act. This section makes it mandatory to deduct tax before making rent payments in specific cases. Let’s explore everything you need to… Read more

Understanding TDS on salary is essential for every salaried employee to manage taxes and avoid last-minute surprises. Since the introduction of the old vs new tax regime, taxpayers now have the choice to pay tax under the traditional system with exemptions or the simplified system with lower rates but fewer deductions.

Paying taxes is not just a legal duty but also a step toward building financial credibility. One of the most important parts of tax compliance is income tax reporting. It is the process where individuals, businesses, and professionals declare their income, expenses, and deductions to the Income Tax Department. Proper reporting ensures that the right amount… Read more

A trial balance is a summary of a company’s financial position at a specific point in time, typically at the end of an accounting period. It comprises a list of all the general ledger accounts and their respective balances. The primary purpose of the trial balance is to confirm that the total debits equal the total… Read more

In accounting, accuracy and clarity are vital, but without consistency, comparing financial data from one year to another would become impossible. That’s where the consistency concept in accounting comes into play. In this blog, we’ll explain what the consistency concept means, why it matters, and share simple examples to help you understand how it works in… Read more

Capital in accounting refers to the owner’s financial interest in a business. It represents the residual value of assets after deducting liabilities. In simple terms, capital is what the business owes to its owner. This concept is crucial for all forms of business, whether a sole proprietorship, partnership, or corporation, and it plays a key role… Read more

Understanding when to record income is crucial to maintain accurate financial records. The realisation concept, also known as the realisation principle, helps businesses know when to recognize revenue. This concept ensures that income is recorded only when earned, not when the money is received or when the order is placed.

The Profit and Loss Appropriation Account is an important component of a company’s financial statements, specifically designed to outline the distribution of profits among various stakeholders, such as partners or shareholders. This account provides transparency regarding how the net profits earned during a specific accounting period are allocated and distributed.

Personal accounts are crucial in tracking financial transactions with clients, vendors, and other business entities. They enable businesses to maintain accurate records of financial interactions, generate precise statements, and make data-driven decisions that support strategic goals.

A ledger account is essentially a detailed record-keeping tool for your finances. It’s a place where you document all the specific money-related actions within your business or personal financial life. Think of a ledger account as a categorised logbook. In this logbook, you create different accounts, each designated for a particular financial aspect. For instance, you… Read more

Restaurant-specific accounting software is a game-changer for food service businesses. It simplifies complex financial tasks, provides real-time insights, and boosts overall efficiency. In this blog, we will explore the key benefits of this software.

Indian Accounting Standards (Ind AS) are a set of accounting principles developed by the Ministry of Corporate Affairs (MCA), converging Indian norms with the globally recognized International Financial Reporting Standards (IFRS). These standards provide a consistent framework for preparing and presenting financial statements, enhancing transparency, comparability, and accountability. Ind AS applies to specific classes of companies… Read more

Managing the daily operations of a business is a difficult job. In addition, other responsibilities like managing equities can take a considerable amount of time and energy. This can indirectly hinder the efficiency of your business operations. However, you do not need to worry, as using accounting software can help you through it. In fact, various… Read more

Choosing the right accounting and billing software can streamline finances, improve accuracy, and save time. But with so many options, how do you decide? Consider your business size, industry needs, scalability, and integration capabilities. Look for automation, ease of use, security, and compliance features. Whether you’re a startup or an enterprise, selecting the best AI-driven or… Read more

A well-organised ledger ensures that all transactions are properly recorded, making tracking income, expenses, and tax liabilities easier. This not only simplifies the tax filing process but also helps in avoiding errors and potential penalties. By adapting your ledger formats to meet specific tax requirements, you can ensure compliance, save time, and gain better insights into… Read more

The accounting equation is a fundamental business principle that supports a company’s financial health. It states that a company’s assets must always equal its liabilities plus equity. This equation helps maintain the accuracy and consistency of a business’s financial statements.

Accounting software enhances productivity and allows businesses to generate and maintain financial records, record sales and expenses, and pay customer bills. It is less expensive to use accounting software to increase a business’s productivity as transactions are recorded automatically, accurately, and efficiently quickly, compared to repetitive manual tasks.

Businesses today face many financial risks—fluctuating currency rates, interest rate changes, and unstable commodity prices, to name a few. To protect themselves, companies use tools like derivatives and financial contracts. But how do these tools get recorded in financial statements? That’s where hedge accounting comes into the picture.

Every economic unit presents its financial information to all of its stakeholders. The information must be precise and to the point in the financial data of that particular unit. Since all the economic units are correlated to understand their financial status, there has to be precision in accounting. To bring precision and to accurately analyse all… Read more

Fund accounting is a specialized system used primarily by nonprofits and government entities to track financial resources based on specific restrictions or purposes. Unlike traditional accounting, which focuses on profits, fund accounting ensures accountability and transparency in resource management.

The word “equity” has diverse meanings, from property value to investments. In accounting, it can refer to an owner’s interest in a company after subtracting all liabilities. This overview delves into the specifics of equity in accounting and its calculation.

The double-entry bookkeeping system is the backbone of modern accounting. It ensures financial accuracy and integrity by recording each transaction in two accounts: one as a debit and the other as a credit. This approach provides a comprehensive view of a business’s financial position, supporting transparency, compliance, and error reduction in both small enterprises and large… Read more

Running a small business means making smart choices about your tools, and selecting the right accounting software is no exception. With both cloud-based and offline accounting options available, it’s important to understand how each can impact your workflow. Whether you value accessibility and scalability or prefer the reliability of offline systems, choosing the best software depends… Read more

The asset turnover ratio is a financial metric that shows how well a business is using its assets to generate revenue. It helps assess how efficiently investments in equipment, buildings, and inventory are contributing to sales. If the ratio is high, it means the company is generating strong returns on its assets. A low ratio, however,… Read more

Setting up accounting software is crucial for new businesses looking to streamline their financial processes. The right software can simplify bookkeeping, manage transactions, and generate accurate financial reports. This guide will help you understand your business needs, explore different software options, and ensure a smooth setup for optimal performance.

Accounting principles are based on set of guidelines and rules that dictate how financial accounting transactions should be recorded, reported, and interpreted. These principles form the foundation for the preparation of financial statements, ensuring consistency, comparability, and accuracy in financial reporting across different organisations.

Accounting policies are the rules and methods a business uses to record and show its financial information. These rules help make sure that all companies follow a similar way of reporting, so that their numbers are clear, accurate, and easy to understand. They play a crucial role while preparing financial reports such as P&L statements, balance… Read more